Business
Astrotech Reports Third Quarter of Fiscal Year 2020 Financial Results
AUSTIN, TX / ACCESSWIRE / May 13, 2020 / Astrotech Corporation (NASDAQ:ASTC) reported its financial results for the third quarter of fiscal year 2020, which
About this update from Astrotech Corporation
[{"type":"text","content":"AUSTIN, TX / ACCESSWIRE / May 13, 2020 / Astrotech Corporation (NASDAQ:ASTC) reported its financial results for the third quarter of fiscal year 2020, which ended March 31, 2020.This quarter was pivotal for the Company, as we continued to generate interest for our new AgLAB-1000™ product that is being designed for process control and pesticide detection in the hemp and cannabis industries. In addition, our 1st Detect subsidiary continued its sales of the TRACER 1000TM explosives trace detector (ETD) to a global shipping and logistics company. Although the COVID-19 pandemic has caused some near-term uncertainty for the travel industry, global shipping has been less impacted and this is where we see continued demand for our product. Finally, we also launched a new company, BreathTech Corporation, to focus on the breath analysis market to potentially aid in the battle against COVID-19 and pneumonia.\"With both our hemp and cannabis product, the AgLAB-1000™, and our breath analysis product, the BreathTest-1000™, we believe we will be offering highly differentiated solutions compared to other currently available options,\" stated Thomas B. Pickens, Chairman and Chief Executive Officer of Astrotech Corporation. \"Regarding the BreathTest-1000, many current COVID-19 tests require either a saliva or blood sample to be sent to a laboratory for testing, which can take days to get the results, or require a long swab to be inserted deep into the nasal cavity, which is uncomfortable and not practical for every day testing. We are hopeful that, once fully developed and approved, this could help make available regular mass testing for factories, cruise lines, air travel, sports or other domains where people congregate in crowded spaces.\"No assurances can be given that we will be able to successfully develop the BreathTest-1000 or the AgLAB-1000. The governmental approval process could be lengthy, time consuming and is inherently unpredictable, and we cannot guarantee that these products will ever be approved for sale and marketing.During the third quarter, the Company raised approximately $5.5 million in equity offerings and borrowings as it looks to expand into the agriculture and breath analysis markets.Third Quarter Fiscal Year 2020 Financial HighlightsManagement continues efforts to optimize our resources while reducing cost and adding fi...