{"id":379865,"date":"2020-11-12T09:18:03","date_gmt":"2020-11-12T14:18:03","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=379865"},"modified":"2020-11-12T09:18:03","modified_gmt":"2020-11-12T14:18:03","slug":"astrotech-reports-first-quarter-of-fiscal-year-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/astrotech-reports-first-quarter-of-fiscal-year-2021-financial-results\/","title":{"rendered":"Astrotech Reports First Quarter of Fiscal Year 2021 Financial Results"},"content":{"rendered":"

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Astrotech Reports First Quarter of Fiscal Year 2021 Financial Results<\/b><\/p>\n

AUSTIN, Texas–(BUSINESS WIRE<\/a>)–
\nAstrotech Corporation (NASDAQ: ASTC) reported its financial results for the first quarter of fiscal year 2021, which ended September 30, 2020.\n<\/p>\n

\nIn October, we completed two strategic capital raises for a total of $24.2 million, strengthening our balance sheet for our future growth. The financings allow for continued operating expenses and working capital as we increase sales of our TRACER 1000\u2122 explosives trace detector (ETD) to DHL (Deutsche Post AG) and other customers in the security market, launch the AgLAB-1000-D2\u2122 into the hemp and cannabis industry, and develop, in partnership with Cleveland Clinic, the BreathTest-1000\u2122 to screen for volatile organic compound (VOC) metabolites found in a person\u2019s breath that could indicate they may have an infection, including Coronavirus Disease 2019 (\u201cCOVID-19\u201d) or the resulting disease, pneumonia.\n<\/p>\n

\nIn September, we announced the completion of non-detection testing with the US Transportation Security Administration (TSA), an important milestone that positions us well for detection testing, which is the final phase of TSA\u2019s Air Cargo Screening Technology Qualification Test (ACSQT). Once detection testing is completed successfully, we understand that the TRACER 1000\u2122 will be listed on the Air Cargo Screening Technology List (ACSTL) as an \u201capproved\u201d device and thereby approved for cargo sales in the United States. We also announced that we surpassed $1 million in purchase orders of our TRACER 1000 with an additional $1 million in future service and support commitments as we look to continue to gain market share in the domestic and international ETD markets.\n<\/p>\n

\n\u201cWe are excited to have passed the $1 million milestone for our TRACER 1000 in October. We believe we offer the most advanced ETD on the market and we are excited to be nearing completion of detection testing with the TSA,\u201d stated Thomas B. Pickens III, Chairman and Chief Executive Officer of Astrotech Corporation. \u201cWe are also thrilled to have entered into a partnership between BreathTech and Cleveland Clinic, one of the world\u2019s leading breath analysis institutions. Dr. Dweik and his colleagues at Cleveland Clinic have successfully led many clinical trials applying mass spectrometry to identify unique metabolites using breath samples. We believe that our technology has the potential to play an important role in providing a quick, non-invasive, easy-to-use screening device that can be utilized in numerous locations including hospitals, nursing homes, schools, and airports as we look to get all of our lives back to normal again.\u201d\n<\/p>\n

First Quarter Fiscal Year 2021 Financial Highlights<\/span><\/b><\/p>\n

Management continues efforts to optimize our resources while reducing cost and adding financial flexibility.<\/i><\/p>\n