Astrotech Reports First Quarter of Fiscal Year 2022 Financial Results

CANNANNEW REPORT

AUSTIN, Texas–(BUSINESS WIRE)–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…

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Source : Astrotech Reports First Quarter of Fiscal Year 2022 Financial Results

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