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Astrotech Corp (ASTC) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, June 30, 2022

Astrotech Corp

CIK: 1001907 Ticker: ASTC

EXHIBIT 99.1

 

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ASTROTECH REPORTS FISCAL YEAR 2022 FINANCIAL RESULTS

 

Austin, Texas September 14, 2022 – Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the fiscal year ended June 30, 2022.

 

Financial Highlights & Fiscal Year Developments 

 

 

Astrotech’s consolidated balance sheet remains strong with $52.6 million in cash and liquid investments which is anticipated to support our research and development, organic growth, and potential acquisition targets.

 

 

Our 1st Detect subsidiary’s commercial sales of the ECAC-certified TRACER 1000™ explosive trace detector (ETD) continued, leading to $869 thousand in total revenue year-over-year, an increase of 160%.

 

 

Gross margin doubled to 22% for the year compared to 11% in the prior period, as we have increased production and benefited from associated volume discounts.

 

 

We secured a landmark purchase order from a distributor who services the airport security checkpoint market. This key milestone represents our first TRACER-1000 systems sold and delivered for use in passenger screening.

 

 

While we have encountered supply chain challenges, we continue to take steps to mitigate these issues as they are identified and have sufficient inventory to meet immediate demand.

 

 

Our AgLAB Inc. subsidiary hired Joe Levinthal, a hemp and cannabis industry veteran and an expert in mass spectrometry, as its Chief Science Officer to help lead AgLAB’s product development team.

 

 

Our BreathTech Corporation subsidiary hired Dr. Karim Sirgi, MD, MBA and FCAP as its Chief Science Officer to help lead BreathTech’s product and research development as well as the partnership with Cleveland Clinic in the development of the BreathTest-1000™.

 

 

BreathTech expanded its agreement with Cleveland Clinic to include additional areas of focus. Ongoing work towards development of a rapid breath test for COVID-19 is now being broadened to screen for a variety of diseases spanning the entire body, including bloodstream infections, respiratory infections such as influenza types A and B and respiratory syncytial virus (RSV), carriage of Staphylococcus aureus, and Clostridioides difficile (C. diff) infections.

 

“Fiscal year 2022 saw continued traction for sales of our TRACER 1000 in our targeted markets of airport security and cargo facilities, with an increase in revenue of 160% over the last fiscal year,” stated Thomas B. Pickens, III, Astrotech’s Chairman and Chief Executive Officer.

 

“We are in the process of introducing the AgLAB-1000-D2™ to the nutraceutical processors market. The D2 will be used in high throughput biomass-to-oil applications designed to substantially increase THC and CBD yields, which we believe will have a directly proportional impact on customer revenues. At BreathTech, Dr. Karim Sirgi continues to collaborate with the Chairman of the Respiratory Institute at Cleveland Clinic and his team. Pre-clinical trials are underway to develop the BreathTest-1000, a rapid breath analysis tool that could indicate the presence of a bacterial or viral infection. Finally, we are well-capitalized to invest in the many opportunities across all aspects of the company, and we’re excited to share updates on our progress over the coming months,” 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 provide early detection of lung diseases. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.

 

 

The following information was filed by Astrotech Corp (ASTC) on Wednesday, September 14, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Astrotech Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statement Of Changes In Stockholders' Equity (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Loss
Consolidated Statements Of Operations And Comprehensive Loss (Parentheticals)
Note 1 - Description Of The Company And Operating Environment
Note 1 - Description Of The Company And Operating Environment (Details Textual)
Note 10 - Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans
Note 10 - Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans (Details Textual)
Note 10 - Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans (Tables)
Note 10 - Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans - Schedule Of Share-Based Compensation Fair Value (Details)
Note 10 - Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans - Stock Option Activity Summary (Details)
Note 10 - Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans - Stock Options Outstanding (Details)
Note 10 - Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans Compensation - Restricted Stock Activity (Details)
Note 11 - Income Taxes
Note 11 - Income Taxes (Details Textual)
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes - Rollforward Of Beginning And Ending Amount Of Unrecognized Tax Benefits (Details)
Note 11 - Income Taxes - Schedule Of Components Of Income Tax Benefit (Details)
Note 11 - Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Note 11 - Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Note 12 - Net Loss Per Share
Note 12 - Net Loss Per Share (Details Textual)
Note 12 - Net Loss Per Share (Tables)
Note 12 - Net Loss Per Share - Schedule Of Basic And Diluted Earnings Per Share (Details)
Note 13 - Employee Benefit Plans
Note 13 - Employee Benefit Plans (Details Textual)
Note 14 - Commitments And Contingencies
Note 15 - Segment Information
Note 16 - Impact Of Covid-19 Pandemic
Note 16 - Impact Of Covid-19 Pandemic (Details Textual)
Note 17 - Subsequent Events
Note 17 - Subsequent Events (Details Textual)
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (Details Textual)
Note 2 - Summary Of Significant Accounting Policies (Tables)
Note 2 - Summary Of Significant Accounting Policies - Summary Of Warranty Provision (Details)
Note 3 - Investments
Note 3 - Investments (Tables)
Note 3 - Investments - Schedule Of Investments (Details)
Note 4 - Leases
Note 4 - Leases (Details Textual)
Note 4 - Leases (Tables)
Note 4 - Leases - Schedule Of Balance Sheet Presentation Of Operating And Finance Leases (Details)
Note 4 - Leases - Schedule Of Future Minimum Lease Payments (Details)
Note 4 - Leases - Schedule Of Other Information (Details)
Note 5 - Property And Equipment, Net
Note 5 - Property And Equipment, Net (Details Textual)
Note 5 - Property And Equipment, Net (Tables)
Note 5 - Property And Equipment, Net - Schedule Of Property And Equipment (Details)
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurement (Tables)
Note 6 - Fair Value Measurement - Schedule Of Fair Value Measurement Of Financial Instruments (Details)
Note 7 - Debt
Note 7 - Debt (Details Textual)
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity (Details Textual)
Note 8 - Stockholders' Equity (Tables)
Note 8 - Stockholders' Equity - Schedule Of Warrant Activity (Details)
Note 9 - Business Risk And Credit Risk Concentration Involving Cash
Note 9 - Business Risk And Credit Risk Concentration Involving Cash (Details Textual)
Significant Accounting Policies (Policies)
Ticker: ASTC
CIK: 1001907
Form Type: 10-K Annual Report
Accession Number: 0001437749-22-022502
Submitted to the SEC: Thu Sep 15 2022 12:04:06 PM EST
Accepted by the SEC: Thu Sep 15 2022
Period: Thursday, June 30, 2022
Industry: Laboratory Analytical Instruments

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