Astrotech Corp Stock Price, News & Analysis

Astrotech Corporation (NASDAQ: ASTC) reported strong financial performance for the fiscal year ending June 30, 2022, with a notable revenue increase of 160%, reaching $869K, driven by sales of the TRACER 1000 explosive trace detector. The company maintains a robust balance sheet with $52.6 million in cash and liquid investments. Gross margins improved to 22%, doubling from the previous year. Key advancements include securing a significant purchase order for TRACER 1000 systems and leadership appointments in its subsidiaries to drive innovation in various product developments.

Astrotech Corporation (NASDAQ: ASTC) has announced its fiscal year 2022 annual meeting of stockholders, scheduled for November 15, 2022, at 9:00 a.m. Central Time, in Austin, Texas. Proxy materials will be sent to stockholders in September 2022. Due to a change in the meeting date, stockholders must submit proposals by September 3, 2022, for nominations or business proposals outside of Rule 14a-8, and by September 12, 2022, for proposals under Rule 14a-8. Detailed information will be provided in the forthcoming proxy statement.

Astrotech Corporation (NASDAQ: ASTC) has appointed Jim Becker to its Board of Directors. Mr. Becker brings extensive leadership experience in strategic market growth, business process improvements, and corporate management. He will serve on the compensation, corporate governance, and audit committees. Becker, founder and CEO of Becker Logistics, has a history of revenue growth and leadership roles in various organizations. His background in logistics and M&A is expected to aid Astrotech in scaling its mass spectrometer technology across multiple markets.

Astrotech Corporation's subsidiary, BreathTech Corporation, has amended its Joint Development and Option Agreement with Cleveland Clinic. The expanded agreement focuses on developing a rapid breath test for COVID-19 and other diseases using BreathTech’s mass spectrometry technology. New targets include bloodstream and respiratory infections, as well as pathogens like Staphylococcus aureus and Clostridioides difficile. CEO Thomas B. Pickens III and CSO Dr. Karim Sirgi emphasized the potential to enhance global medical diagnoses through this technology.

Astrotech Corporation (Nasdaq: ASTC) reported impressive financial results for Q3 FY 2022, ending March 31, with TRACER 1000 sales soaring 161% year-to-date to $845K. The TRACER 1000, certified by ECAC for air security, showed an 80% revenue increase compared to last year. Gross profit surged to 53%. The AgLAB-1000-D2 successfully completed field trials, enhancing THC and CBD oil yields. Additionally, pre-clinical trials for the BreathTest-1000, aimed at detecting lung infections, are set to begin at Cleveland Clinic, marking significant advancements for Astrotech.

Astrotech Corporation (ASTC) reported a significant revenue increase of 332% for its TRACER 1000 in Q2 FY2022, marking its best quarter since launch. The device is now operational in 13 countries and has secured its first airport security order. Additionally, the AgLAB-1000-D2 has completed successful cannabis field trials, enhancing THC and CBD yield. The company is set to begin COVID-19 pre-clinical trials with the BreathTest-1000, and plans to expand through strategic acquisitions. Astrotech holds $57 million in cash, supporting its growth initiatives.

Astrotech Corporation (NASDAQ: ASTC) has appointed Dr. Karim Sirgi as the Chief Science Officer of its subsidiary BreathTech Corporation. His expertise will support the BreathTest-1000™, aimed at rapid screening for COVID-19 during upcoming human trials with Cleveland Clinic. Dr. Sirgi, a seasoned pathologist, is expected to lead research, development, and regulatory efforts. The BreathTest-1000 is designed for quick results in under one minute, targeting areas needing efficient COVID-19 testing solutions.

Astrotech Corporation (NASDAQ: ASTC) plans to hold its 2021 Annual Meeting on March 25, 2022, at 9:00 A.M. Central Time in Austin, Texas. This meeting will take place at the AT&T Hotel and Conference Center. Proxy materials will be sent to stockholders in February 2022. Deadlines for stockholder proposals are set for January 16, 2022 for nominations for the Board, and January 21, 2022 for proposals to be included in proxy materials. The company is engaged in mass spectrometry, developing products in security, agriculture, and health sectors.

Astrotech Corporation (NASDAQ: ASTC) is now focusing on strategic acquisitions to enhance its business. Appointing Tom Wilkinson as Lead Independent Director, the company aims to identify opportunities that will complement its core technology and accelerate growth. Since his tenure on the board began in 2018, Wilkinson has proven experience in M&A, having previously led Xplore Technologies to a successful sale. The goal is to improve product deployment in various sectors, including medical and security, thereby increasing shareholder value.