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Astrotech Reports Third Quarter of Fiscal Year 2023 Financial Results
AUSTIN, Texas, May 11, 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, May 11, 2023 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for its third quarter of fiscal year 2023, which ended March 31, 2023. Financial Highlights & Recent Developments Astrotech’s consolidated balance sheet remains strong with $44.1 million in cash and liquid investments.Year-to-date revenue totaled $336 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 the long sales cycle for many of the ETD orders.Year-to-date gross margin increased to 37% from 22%, an increase of 68%, for fiscal year 2023, compared to fiscal year 2022, due to the higher margins provided by recurring maintenance services and consumables sales.Our 1st Detect subsidiary recently announced that it secured a 17-unit order for its TRACER 1000™ explosives trace detector, which represents the largest single order to date for the TRACER 1000 and is expected to expand 1st Detect’s footprint to 22 sites across 14 countries in Europe and Asia. The systems are scheduled to be delivered over the remainder of this calendar year.Our AgLAB subsidiary released results from the ongoing field trials of the AgLAB Maximum Value Process™ method (AgLAB MVP), which uses the Company’s proprietary AgLAB 1000-D2™ mass spectrometer to improve distillation oil yields and profitability for cannabis and hemp producers. During our field trials, we were able to improve ending-weight yields by an average of 30%.Our BreathTech subsidiary continues to collect breath samples from both COVID-19 positive and negative patients as part of the ongoing development of the library for the BreathTest-1000™ lung disease screening instrument. The BreathTest-1000 is a breath analysis tool designed to screen for volatile organic compounds found in a person’s breath that could indicate bodily infections and critical conditions.On December 5, 2022, the Company effected a reverse stock split primarily intended to bring the Company into compliance with the minimum bid price requirements for maintaining its listing on The Nasdaq Stock Market LLC. On December 19, 2022, the Company received written notice from the Listing Quali...