Astrotech Corp Stock Price, News & Analysis

Astrotech Corporation (Nasdaq: ASTC) announced its Q2 fiscal 2023 results, ending December 31, 2022, reporting a total revenue of $301,000, primarily from its TRACER 1000™ explosive trace detector and related services. The company’s gross margin improved to 38%, up from 18% in the previous year, attributed to higher-margin services. Key developments include the launch of the AgLAB 1000-D2™ for the cannabis industry, which could boost revenues by 45%, and the BreathTest-1000™, which can differentiate between infected and healthy breath samples. Astrotech’s cash and liquid investments stand at $46.8 million, and it successfully regained Nasdaq listing compliance.

Astrotech Corporation (Nasdaq: ASTC) has appointed Thomas B. Pickens III as Chief Technology Officer, complementing his role as CEO. This dual role highlights Pickens' expertise in advancing the company’s proprietary Astrotech Mass Spectrometer Technology (AMS Technology). Since 2017, he has played a crucial role in developing products such as the BreathTest-1000 for COVID-19 detection. Additionally, he is leading initiatives in essential oils distillation using AMS Technology. The company anticipates that this leadership change will enhance commercial value, although it faces uncertainties regarding FDA approvals for its products.

Astrotech Corporation (Nasdaq: ASTC) announced an expansion of its Board of Directors from four to five members, appointing Bob McFarland as a new director. McFarland brings extensive executive management experience, particularly in information technology, having served at the Department of Veterans Affairs as Chief Information Officer. His experience includes significant roles at Dell, where he managed government relations. The Board welcomes McFarland's expertise, particularly as Astrotech develops its mass-spectrometry technologies, including the BreathTest-1000, and navigates FDA approval processes.

Astrotech Corporation (Nasdaq: ASTC) announced the adoption of a limited-duration stockholder rights plan effective immediately, aimed at protecting the interests of all stockholders. This plan responds to significant accumulations of common stock, ensuring fair treatment and reducing the risk of hostile takeovers. The plan is set to last for 364 days, expiring on December 20, 2023, and is triggered if a person or group acquires 15% or more of the shares. The rights will be distributed to stockholders of record by January 5, 2023.

Astrotech Corporation (Nasdaq: ASTC) announced on December 21, 2022, that it has regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share. This achievement enables the company to maintain its listing on the Nasdaq Capital Market, as confirmed by Nasdaq. Astrotech focuses on mass spectrometry technology through its subsidiaries, including 1st Detect for security detection, AgLAB for agricultural chemical analysis, and BreathTech for early lung disease detection.