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Astrotech Reports Third Quarter of Fiscal Year 2022 Financial Results
AUSTIN, Texas--(BUSINESS WIRE)-- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the third quarter of
About this update from Astrotech Corporation
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nAstrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the third quarter of fiscal year 2022, which ended March 31, 2022.\n\nAstrotech's subsidiary 1st Detect continues sales of its TRACER 1000™ solution, the first and only mass spectrometry-based explosives trace detector (ETD) certified by the European Civil Aviation Conference (ECAC) for air and cargo security, with revenue related to the TRACER 1000 up 161% to $845 thousand for the nine months ended March 31, 2022, compared to the same period one year ago. The TRACER 1000’s near-zero false alarm rate leads to high desirability in the cargo security market, as an alarm can cause costly shutdowns at cargo facilities while the potential threat is investigated. Interest also remains high in the airport checkpoint security market after 1st Detect completed installation of eight TRACER 1000 systems in an airport in the Philippines earlier this year.\n\nAt AgLAB, recent successful field trials demonstrated that the AgLAB-1000-D2™ can be used in the distillation process to significantly boost the potency and weight yields of THC and CBD oil manufacturing. This development will allow us to launch a family of “process control” instruments, methods, and solutions that we believe will be very beneficial to many nutraceutical extraction and distillation laboratories.\n\nWe announced on February 2, 2022, that Dr. Karim Sirgi, MD, MBA and FCAP has joined BreathTech Corporation as its Chief Science Officer. Dr. Sirgi will help lead our research and development and regulatory efforts as BreathTech looks to commercialize the BreathTest-1000™ to help in the battle against lung infections, including COVID-19 and pneumonia. The BreathTest-1000 is designed to screen for volatile organic compound (VOC) metabolites found in a person’s breath indicating the presence of a lung infection.\n\n“1st Detect has delivered strong revenue growth with revenue up over 100% from last fiscal year, led by continued sales of our TRACER 1000 ETD to the cargo security and passenger checkpoint screening markets. We achieved a key milestone with our first systems installed in the Philippines earlier this year and we look forward to increasing our ability to service our growing list of customers,” stated Thomas B. Pickens III, Chairman a...