Astrotech Corporation (Nasdaq: ASTC) reported its financial
results for the first quarter of fiscal year 2022, which ended
September 30, 2021.
The first quarter of fiscal year 2022 saw a continued increase
in commercial sales of 1st Detect’s TRACER 1000™, the first and
only mass spectrometry-based explosives trace detector (ETD)
certified for air and cargo security. This quarter, 1st Detect
achieved a significant milestone whereby we received our first
purchase order for the TRACER 1000 to be deployed at an
international airport security checkpoint for passenger screening.
Following installation, the TRACER 1000 will now be operating in
twenty locations in thirteen countries throughout Europe and
Asia.
This quarter, Astrotech completed the build-out of its new
research and development facility in Austin, Texas, consolidating
our operations into a single facility. We also completed production
of our first batch of TRACER 1000 instruments with Sanmina, a
leading global contract manufacturer. Sanmina has already helped us
reduce cost of the TRACER 1000 and we have leveraged their
expertise to improve manufacturability and reliability of our
systems. Together, we continue to look for additional opportunities
for further improvements.
Meanwhile, the market for the AgLAB-1000™ series of instruments
continues to show promise while development accelerates with the
hiring of hemp and cannabis industry veteran and mass spectrometry
expert, Joe Levinthal, as AgLAB’s Chief Science Officer. Our recent
attendance at MJBizcon, one of the hemp and cannabis industry’s
premier events, has furthered our expectation that there is
opportunity to enhance the efficiency of hemp and cannabis
production, and to provide self-managed compliance testing in real
time for processors.
Finally, BreathTech is expecting to begin human trials of its
BreathTest-1000™ with the Cleveland Clinic in the first calendar
quarter, taking us one step closer to entering the battle against
COVID-19.
“Now that we have completed the consolidation of our operations
in Austin, Texas and fully transitioned manufacturing to Sanmina,
we are in a good position to focus on our growth. The air cargo
market continues to expand, we are beginning to get interest from
the checkpoint market as air travel continues to rebound, we are
nearing a product launch at AgLAB, and we are beginning human
trials at BreathTech in the near-term. With development of our core
technology complete and a strong balance sheet to capitalize on our
promising existing and future market opportunities, we are excited
about the prospects for the company,” stated Thomas B. Pickens III,
Chairman and Chief Executive Officer of Astrotech Corporation.
First Quarter Fiscal Year 2022
Highlights
Management continues efforts to accelerate growth and optimize
our resources.
- Astrotech’s balance sheet remains strong for our expected
future growth with $59 million in cash and liquid investments.
- For the first quarter fiscal year 2022, commercial sales
related to the TRACER 1000 are up to $187 thousand, representing an
increase of 34% from one year ago.
- We recently announced our first purchase order for the
TRACER-1000 to be deployed at an airport security checkpoint.
- We continue to garner interest from the cargo security
marketplace as it continues to expand compared to pre-COVID-19
levels.
- We are nearing the launch of our first commercial AgLAB
instrument.
- Production of our Tracer 1000 has been fully transitioned to
Sanmina.
- We completed the consolidation of all operations to our new
research facility in Austin, Texas, optimizing our staff and real
estate footprint while significantly reducing our real estate
cost.
About Astrotech
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.
Astrotech is headquartered in Austin, Texas. For information,
please visit www.astrotechcorp.com.
About AgLAB-1000™ and BreathTest-1000™
This press release contains information about our new products
under development, AgLAB-1000 and BreathTest-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.
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks, trends, and uncertainties that
could cause actual results to be materially different from the
forward-looking statement. These factors include, but are not
limited to, the severity and duration of the COVID-19 pandemic and
its impact on the U.S. and worldwide economy, the timing, scope and
effect of further U.S. and international governmental, regulatory,
fiscal, monetary and public health responses to the COVID-19
pandemic, the Company’s use of proceeds from the common stock
offerings, whether we can successfully complete the development of
our new products and proprietary technologies, whether we can
obtain the FDA and other regulatory approvals required to market
our products under development in the United States or abroad, and
whether the market will accept our products and services, as well
as other risk factors and business considerations described in the
Company’s Securities and Exchange Commission filings including the
Company’s most recent Annual Report on Form 10-K. Any
forward-looking statements in this document should be evaluated in
light of these important risk factors. Although the Company
believes the expectations reflected in its forward-looking
statements are reasonable and are based on reasonable assumptions,
no assurance can be given that these assumptions are accurate or
that any of these expectations will be achieved (in full or at all)
or will prove to have been correct. Moreover, such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the Company, which may cause
actual results to differ materially from those implied or expressed
by the forward-looking statements. In addition, any forward-looking
statements included in this press release represent the Company’s
views only as of the date of its publication and should not be
relied upon as representing its views as of any subsequent date.
The Company assumes no obligation to correct or update these
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
Tables follow
ASTROTECH CORPORATION
Consolidated Statements of
Operations and Comprehensive Loss
(In thousands, except per share
data)
Three Months Ended September
30,
2021
2020
Revenue
$
187
$
140
Cost of revenue
175
113
Gross profit
12
27
Operating expenses:
Selling, general and administrative
1,426
926
Research and development
639
609
Disposal of corporate lease
—
544
Total operating expenses
2,065
2,079
Loss from operations
(2,053
)
(2,052
)
Interest and other expense, net
24
(59
)
Loss from operations before income
taxes
(2,029
)
(2,111
)
Income tax benefit
—
—
Net loss
$
(2,029
)
$
(2,111
)
Weighted average common shares
outstanding:
Basic and diluted
47,428
7,719
Basic and diluted net loss per common
share:
Net loss
$
(0.04
)
$
(0.27
)
Other comprehensive loss, net of
tax:
Net loss
$
(2,029
)
$
(2,111
)
Available-for-sale securities:
Net unrealized loss
(48
)
—
Total comprehensive loss
$
(2,077
)
$
(2,111
)
ASTROTECH CORPORATION
Consolidated Balance Sheets
(In thousands, except share
data)
September 30, 2021
June 30, 2021
(Unaudited)
(Note)
Assets
Current assets
Cash and cash equivalents
$
31,650
$
35,936
Short-term investments
27,302
27,351
Accounts receivable
206
5
Inventory, net:
Raw materials
1,348
1,056
Work-in-process
80
147
Finished goods
267
297
Prepaid expenses and other current
assets
164
318
Total current assets
61,017
65,110
Property and equipment, net
343
263
Operating leases, right-of-use assets,
net
228
249
Other assets
11
11
Total assets
$
61,599
$
65,633
Liabilities and stockholders’
equity
Current liabilities
Accounts payable
114
396
Payroll related accruals
517
344
Accrued expenses and other liabilities
688
888
Income tax payable
2
2
Term note payable - related party
500
2,500
Lease liabilities
100
81
Total current liabilities
1,921
4,211
Lease liabilities, net of current
portion
189
215
Total liabilities
2,110
4,426
Commitments and contingencies
Stockholders’ equity
Convertible preferred stock, $0.001 par
value, 2,500,000 shares authorized; 280,898 shares of Series D
issued and outstanding at September 30, 2021 and June 30, 2021
—
—
Common stock, $0.001 par value, 50,000,000
shares authorized; 49,450,558 shares issued and outstanding at
September 30, 2021 and June 30, 2021
190,641
190,641
Additional paid-in capital
78,330
77,971
Accumulated deficit
(209,411
)
(207,382
)
Accumulated other comprehensive loss
(71
)
(23
)
Total stockholders’ equity
59,489
61,207
Total liabilities and stockholders’
equity
$
61,599
$
65,633
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211112005703/en/
Eric Stober, Chief Financial Officer, Astrotech Corporation,
(512) 485-9530
Astrotech (NASDAQ:ASTC)
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