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ASTROTECH CORP (ASTC) : 8.14
52w: 7 – 15.11
Shares Outstanding 5 1.7M
Float 1.21M
Total Cash Per Share (mrq) 22.03
Total Debt (mrq) 540k
Book Value Per Share (mrq) 25.82
AUSTIN, Texas, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the second quarter of fiscal year 2024, which ended December 31, 2023.
Financial Highlights & Recent Developments
• Year-to-date revenue totaled $1,540 thousand compared to $301 thousand in the comparative period in the prior year. This represents an increase of 512%. The growth was predominantly due to the Company successfully delivering on two previously announced purchase orders for TRACER 1000™ explosive trace detectors (ETDs) to customers in Romania.
• Astrotech’s consolidated balance sheet remains strong with $37 million in cash and liquid investments, which are anticipated to support our research and development, organic growth, and potential acquisition targets.
• Year-to-date fiscal year 2024 gross margin increased to 46% from 38% during the comparative period in the prior year, as we continue to benefit from the further refining and ruggedizing of our equipment.
• After the end of the quarter, 1st Detect reentered detection and non-detection testing with the U.S. Transportation Security Administration (TSA) for cargo security. Successful completion of TSA cargo detection testing is the final step to be listed on the Air Cargo Screening Technology List as an “approved” device. If approved, we believe the TRACER 1000 will be approved for cargo security screening sales in the United States.
• Pro-Control, Inc (Pro-Control) was launched December 12, 2023, and is focused on applying the Astrotech Mass Spectrometer Technology™ (AMS Technology) in chemical manufacturing process control applications developed by AgLAB. The Pro-Control Maximum Value Process™ and the Pro-Control-1000™ mass spectrometer are designed to test, measure and increase potency, purity and weight yields in the chemical manufacturing processes.
• Production and sales efforts continue for the AgLAB 1000-D2™, which utilizes the Maximum Value Process™. We exhibited it at this year’s MJ BizCon held late in the second quarter of fiscal year 2024.
“Fiscal year 2024 continued with strong sales at 1st Detect as we successfully fulfilled our two significant Tracer 1000 orders,” stated Thomas B. Pickens, III, Astrotech’s Chairman, Chief Executive Officer, and Chief Technology Officer. “We are gaining traction with the checkpoint market, especially with those customers looking to the future, by bringing the world’s first ECAC approved mass spectrometer ETD to their airports. Our ruggedized ETD brings the selectivity of a mass spectrometer to the checkpoint, and our customers have reported less false alarms while using our ETD compared to traditional IMS machines. This requires little to no additional training normally associated with using a traditional mass spectrometer. Further, the Pro-Control subsidiary was launched late this quarter and we look forward to introducing Pro-Control to chemical manufacturers who are using vacuum distillation,” stated Thomas B. Pickens, III.
About Astrotech Corporation
Astrotech (Nasdaq: ASTC) is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Pro-Control is developing the mass spectrometry technology for use in chemical manufacturing processes. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.
About the AgLAB-1000™, the BreathTest-1000™ and the Pro-Control-1000™
This press release contains information about our new products under development, AgLAB-1000, BreathTest-1000 and Pro-Control-1000. Product development involves a high degree of risk and uncertainty, and there can be no assurance that our new products will be successfully developed, achieve their intended benefits, receive full market authorization, or be commercially successful. In addition, FDA approval will be required to market BreathTest-1000 in the United States. Obtaining FDA approval is a complex and lengthy process, and there can be no assurance that FDA approval for BreathTest-1000 will be granted on a timely basis or at all.
