Astrotech Reports Second Quarter of Fiscal Year 2023 Financial Results
13 Febrero 2023 - 7:00AM
Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”)
reported its financial results for its second quarter of fiscal
year 2023, which ended December 31, 2022.
Financial Highlights & Recent
Developments
- Astrotech’s consolidated balance
sheet remains strong with $46.8 million in cash and liquid
investments.
- Year-to-date revenue totaled $301
thousand and was generated by sales of TRACER 1000™ explosive trace
detector (ETD), as well as recurring maintenance services and sales
of consumables for the TRACER 1000. The decrease in revenue from
the prior fiscal year is primarily the result of Astrotech shifting
focus from the volatile ETD market to commercialization and
marketing of the AgLAB 1000-D2.
- Year-to-date gross margin increased
to 38% from 18%, an increase of 111%, for fiscal year 2023,
compared to fiscal year 2022, due to the higher margins provided by
recurring maintenance services and consumables sales.
- Our AgLAB subsidiary launched the
AgLAB 1000-D2™ and the Maximum Value Processing (D2-MVP) control
system. D2-MVP is a ruggedized mass-spectrometer that is designed
for the cannabis and hemp processing lab and provides control over
the distillation processes through “selected-point” testing of the
processed oils. The D2-MVP control system has been designed to
improve ending-weight yields, potencies, and revenues by as much as
45% as compared to traditional distillation methods.
- Our BreathTech subsidiary determined
that, based on analysis of data from testing of breath samples
procured during our library development, the BreathTest-1000™ lung
disease screening instrument can clearly distinguish between
infected and healthy breath samples. The BreathTest-1000 is a
breath analysis tool designed to screen for volatile organic
compound metabolites found in a person’s breath that could indicate
they may have a bacterial or viral infection.
- Astrotech expanded the size of its
Board of Directors with the appointment of Bob McFarland as a
director on January 27, 2023. Mr. McFarland brings extensive
executive management experience with domestic and international
enterprises, with a focus on information technology and working
with and for the federal government.
- On December 5, 2022, the Company
effected a reverse stock split primarily intended to bring the
Company into compliance with the minimum bid price requirements for
maintaining its listing on The Nasdaq Stock Market LLC. On
December 19, 2022, the Company received written notice from the
Listing Qualifications Department of Nasdaq stating that the
Company had regained compliance with the
minimum bid price requirement of $1.00 per share for continued
listing on The Nasdaq Capital Market. Numbers presented in the
financial statements presented below have been adjusted to reflect
the reverse stock split.
- Astrotech’s Board of Directors
authorized a $1 million dollar share repurchase program, effective
November 17, 2022.
“We are very excited about introducing the D2-MVP to the
fast-growing hemp and cannabis industries. The D2-MVP has
demonstrated that our highly versatile ATI mass spectrometer
technology can significantly improve customer processing results in
many applications throughout the chemical manufacturing industry.
With our rugged mass-spec and automatic calibration-tuning, the
D2-MVP can be placed on the factory floor and typically produces
processing results in less than a minute. This technological
advancement makes it possible for the operator to perform many
adjustments throughout the batch process while fine tuning for
yields, color, and quality,” stated Thomas B. Pickens, III,
Astrotech’s Chairman, Chief Executive Officer and Chief Technical
Officer. “We are also excited to have determined that the
BreathTest-1000 can differentiate between healthy and infected
breath samples. We are continuing to collect additional diseased
and blank breath samples so that the artificial intelligence system
can learn to detect against diverse and challenging breath
backgrounds with the ultimate objective of the detection algorithm
being able to meet the criteria needed to obtain approval from the
U.S. Food and Drug Administration. Lastly, the Astrotech Board of
Directors is pleased to have Bob McFarland join the Board. We look
forward to Bob’s guidance and perspective as the Company continues
to pursue its goals in the mass-spec industry,” concluded Mr.
Pickens.
About Astrotech Corporation
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 screen for volatile organic compound metabolites
that that could indicate they may have a bacterial or
viral infection. Astrotech is headquartered in Austin, Texas.
For information, please visit www.astrotechcorp.com.
About the AgLAB 1000™ and the
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,
whether the market will accept our products and services and
whether we are successful in identifying, completing and
integrating acquisitions, 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.
Company Contact: Jaime
Hinojosa, Chief Financial Officer, Astrotech Corporation, (512)
485-9530
Tables follow
ASTROTECH
CORPORATIONCondensed Consolidated Statements of
Operations and Comprehensive Loss(In thousands, except per
share data)(Unaudited)
|
Three Months Ended |
|
|
Six Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
$ |
263 |
|
|
$ |
561 |
|
|
$ |
301 |
|
|
$ |
748 |
|
Cost of revenue |
|
155 |
|
|
|
441 |
|
|
|
187 |
|
|
|
616 |
|
Gross
profit |
|
108 |
|
|
|
120 |
|
|
|
114 |
|
|
|
132 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
1,558 |
|
|
|
1,728 |
|
|
|
3,200 |
|
|
|
3,154 |
|
Research and development |
|
1,364 |
|
|
|
652 |
|
|
|
2,492 |
|
|
|
1,291 |
|
Total operating
expenses |
|
2,922 |
|
|
|
2,380 |
|
|
|
5,692 |
|
|
|
4,445 |
|
Loss from
operations |
|
(2,814 |
) |
|
|
(2,260 |
) |
|
|
(5,578 |
) |
|
|
(4,313 |
) |
Other income and expense, net |
|
396 |
|
|
|
80 |
|
|
|
631 |
|
|
|
104 |
|
Loss from operations
before income taxes |
|
(2,418 |
) |
|
|
(2,180 |
) |
|
|
(4,947 |
) |
|
|
(4,209 |
) |
Income tax benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
$ |
(2,418 |
) |
|
$ |
(2,180 |
) |
|
$ |
(4,947 |
) |
|
$ |
(4,209 |
) |
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
1,613 |
|
|
|
1,583 |
|
|
|
1,613 |
|
|
|
1,582 |
|
Basic and diluted net
loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(1.50 |
) |
|
$ |
(1.38 |
) |
|
$ |
(3.07 |
) |
|
$ |
(2.66 |
) |
Other comprehensive
loss, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(2,418 |
) |
|
$ |
(2,180 |
) |
|
$ |
(4,947 |
) |
|
$ |
(4,209 |
) |
Available-for-sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized losses, net of zero tax expense |
|
(2 |
) |
|
|
(197 |
) |
|
|
(370 |
) |
|
|
(245 |
) |
Total comprehensive
loss |
$ |
(2,420 |
) |
|
$ |
(2,377 |
) |
|
$ |
(5,317 |
) |
|
$ |
(4,454 |
) |
ASTROTECH
CORPORATIONCondensed Consolidated Balance
Sheets(In thousands, except share and per share data)
|
December 31, |
|
|
June 30, |
|
|
2022 |
|
|
2022 |
|
|
(Unaudited) |
|
|
(Note) |
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
15,889 |
|
|
$ |
26,453 |
|
Short-term investments |
|
30,953 |
|
|
|
26,173 |
|
Accounts receivable |
|
112 |
|
|
|
56 |
|
Cost and estimated revenue in excess of billings |
|
4 |
|
|
|
2 |
|
Inventory, net: |
|
|
|
|
|
|
|
Raw materials |
|
1,012 |
|
|
|
864 |
|
Work-in-process |
|
167 |
|
|
|
136 |
|
Finished goods |
|
318 |
|
|
|
518 |
|
Prepaid expenses and other current assets |
|
979 |
|
|
|
748 |
|
Total current
assets |
|
49,434 |
|
|
|
54,950 |
|
Property and equipment, net |
|
1,554 |
|
|
|
1,098 |
|
Operating leases, right-of-use assets, net |
|
336 |
|
|
|
162 |
|
Other assets, net |
|
11 |
|
|
|
11 |
|
Total
assets |
$ |
51,335 |
|
|
$ |
56,221 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
301 |
|
|
|
169 |
|
Payroll related accruals |
|
711 |
|
|
|
816 |
|
Accrued expenses and other liabilities |
|
965 |
|
|
|
961 |
|
Income tax payable |
|
1 |
|
|
|
2 |
|
Term note payable - related party |
|
— |
|
|
|
500 |
|
Lease liabilities, current |
|
291 |
|
|
|
234 |
|
Total current
liabilities |
|
2,269 |
|
|
|
2,682 |
|
Lease liabilities, net of current portion |
|
356 |
|
|
|
303 |
|
Total
liabilities |
|
2,625 |
|
|
|
2,985 |
|
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
December 31, 2022 and June 30, 2022 |
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 250,000,000 shares authorized at
December 31, 2022 and June 30, 2022; 1,690,450 and 1,685,595 shares
issued and outstanding at December 31, 2022 and June 30, 2022,
respectively |
|
190,643 |
|
|
|
190,642 |
|
Additional paid-in capital |
|
80,295 |
|
|
|
79,505 |
|
Accumulated deficit |
|
(220,659 |
) |
|
|
(215,712 |
) |
Accumulated other comprehensive loss |
|
(1,569 |
) |
|
|
(1,199 |
) |
Total stockholders’
equity |
|
48,710 |
|
|
|
53,236 |
|
Total liabilities and
stockholders’ equity |
$ |
51,335 |
|
|
$ |
56,221 |
|
Note: The balance sheet at June 30, 2022, has
been derived from the audited consolidated financial statements at
that date but does not include all of the information and footnotes
required by the United States generally accepted accounting
principles for complete financial statements.
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