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Astrotech Reports Second Quarter of Fiscal Year 2023 Financial Results
AUSTIN, Texas, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for its
About this update from Astrotech Corporation
[{"type":"text","content":"AUSTIN, Texas, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for its second quarter of fiscal year 2023, which ended December 31, 2022. Financial Highlights & Recent Developments Astrotech’s consolidated balance sheet remains strong with $46.8 million in cash and liquid investments.Year-to-date revenue totaled $301 thousand and was generated by sales of TRACER 1000™ explosive trace detector (ETD), as well as recurring maintenance services and sales of consumables for the TRACER 1000. The decrease in revenue from the prior fiscal year is primarily the result of Astrotech shifting focus from the volatile ETD market to commercialization and marketing of the AgLAB 1000-D2.Year-to-date gross margin increased to 38% from 18%, an increase of 111%, for fiscal year 2023, compared to fiscal year 2022, due to the higher margins provided by recurring maintenance services and consumables sales.Our AgLAB subsidiary launched the AgLAB 1000-D2™ and the Maximum Value Processing (D2-MVP) control system. D2-MVP is a ruggedized mass-spectrometer that is designed for the cannabis and hemp processing lab and provides control over the distillation processes through “selected-point” testing of the processed oils. The D2-MVP control system has been designed to improve ending-weight yields, potencies, and revenues by as much as 45% as compared to traditional distillation methods.Our BreathTech subsidiary determined that, based on analysis of data from testing of breath samples procured during our library development, the BreathTest-1000™ lung disease screening instrument can clearly distinguish between infected and healthy breath samples. The BreathTest-1000 is a breath analysis tool designed to screen for volatile organic compound metabolites found in a person’s breath that could indicate they may have a bacterial or viral infection.Astrotech expanded the size of its Board of Directors with the appointment of Bob McFarland as a director on January 27, 2023. Mr. McFarland brings extensive executive management experience with domestic and international enterprises, with a focus on information technology and working with and for the federal government.On December 5, 2022, the Company effected a reverse stock split primarily intended to bring the Company into compliance w...