Astrotech Corp Stock Price, News & Analysis

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.

Astrotech Corporation (Nasdaq: ASTC) reported strong Q1 FY2022 results, ending September 30, 2021. The TRACER 1000, a mass spectrometry-based explosives trace detector, saw commercial sales increase by 34% YoY, totaling $187,000. Notably, the company received its first order for the TRACER 1000 for airport security use. Operations have been consolidated in a new Austin facility, enhancing efficiency. Astrotech maintains a robust balance sheet with $59 million in cash. Upcoming developments include human trials for the BreathTest-1000, and AgLAB product launch is on the horizon.

Astrotech Corporation (Nasdaq: ASTC) reported a pivotal fiscal year 2021, raising $74.3 million in gross proceeds through equity offerings, strengthening its balance sheet. The company aims to enhance sales of its mass spectrometry instruments and engage in strategic growth opportunities. Its TRACER 1000™, the first certified mass spectrometry-based explosives trace detector, secured its initial order for international airport deployment. Revenue reached $334,000 in FY2021, alongside reduced operational costs by approximately $2.1 million after optimizing its real estate footprint.

Astrotech Corporation (NASDAQ: ASTC) announced a significant purchase order for its TRACER 1000 explosives trace detector, marking its first deployment at airport security checkpoints. The TRACER 1000, already used at cargo facilities, will now operate in 15 locations across 10 countries in Europe and Asia. This mass spectrometry-based technology offers advantages such as high sensitivity, low false alarms, and has received ECAC certification. CEO Thomas B. Pickens reported increased interest in the TRACER 1000 as air travel recovers post-COVID, potentially improving operational efficiency at airports.

Astrotech Corporation (NASDAQ: ASTC) has appointed Joe Levinthal as Chief Science Officer of its AgLAB Inc. subsidiary. Levinthal, a veteran in the hemp and cannabis industry, will lead the product development team. His expertise lies in mass spectrometry and scientific instrumentation applied to hemp and cannabis products. The company is focused on enhancing its AgLAB-1000-D2 technology, which optimizes distillation processes, promising higher yields and improved real-time information for processors. This strategic hire is expected to strengthen AgLAB’s innovative capacities and product offerings.