AUSTIN, Texas - Astrotech (NASDAQ:ASTC) Corporation (NASDAQ:ASTC), a mass spectrometry company, announced a substantial increase in its year-to-date revenue, which climbed to $1.54 million, marking a 512% rise compared to the same period last year. The company attributed this growth primarily to the successful fulfillment of two large orders for its TRACER 1000™ explosive trace detectors (ETDs) in Romania.
The financial results for the second quarter of fiscal year 2024, ending December 31, 2023, also revealed an improved gross margin, which increased from 38% to 46%. Astrotech's consolidated balance sheet shows a strong position with $37 million in cash and liquid investments, anticipated to support ongoing research and development, organic growth, and potential acquisition targets.
Astrotech's subsidiary, 1st Detect, has reentered testing with the U.S. Transportation Security Administration (TSA) for cargo security after the quarter ended. The TRACER 1000 is undergoing approval processes to be listed as an approved device for cargo screening in the United States.
Additionally, Astrotech launched a new subsidiary, Pro-Control, Inc., on December 12, 2023, which applies the company's mass spectrometry technology to chemical manufacturing process control. The Pro-Control-1000™ mass spectrometer is designed to test and enhance potency, purity, and yields in chemical manufacturing processes.
The company's AgLAB division continues production and sales efforts for the AgLAB 1000-D2™, which was showcased at the MJ BizCon event held in the second quarter of fiscal year 2024. Thomas B. Pickens III, Chairman and CEO of Astrotech, expressed optimism about the traction gained in the checkpoint market and the positive feedback from customers regarding the TRACER 1000's performance.
Astrotech emphasized that while product development carries inherent risks and uncertainties, it is progressing with its new products, including the AgLAB-1000, BreathTest-1000, and Pro-Control-1000. However, it noted that FDA approval is required for the BreathTest-1000, and there can be no assurance of a successful or timely approval.
The financial results presented are based on a press release statement from Astrotech Corporation. The company operates through its subsidiaries, developing and commercializing technology for security, detection, agriculture, and chemical process control markets.
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