Astrotech Corporation (NASDAQ: ASTC) reported its financial
results for the first quarter of fiscal year 2020, which ended
September 30, 2019.
The beginning of fiscal 2020 has been pivotal for the Company’s
development of its mass spectrometry technology. 1st Detect
completed numerous domestic and international product
demonstrations and field trials where the TRACER 1000™ outperformed
antiquated ion mobility spectrometry (IMS) based explosives trace
detectors (ETDs). Among these demonstrations was a field trial with
Finavia, one of the world’s leading airport operators. The Finavia
case study is available on our website at
https://www.1stdetect.com/finavia-cs/ and further demonstrates that
the TRACER 1000 outperforms IMS-ETDs. The TRACER 1000 does not
confuse common household products with explosives, has a virtually
unlimited threat library, and delivers near 100% up-time. IMS-ETDs,
in contrast, are hampered by high false alarms, have a limited
threat library, and exhibit significant down-time.
The Company also launched Agriculture Technology Corporation
(AG-TECH) and introduced the AG-LAB-1000™ series of mass
spectrometers to address the needs of the agriculture market. With
minimal additional R&D required, this introduction was largely
in response to a growing concern in the hemp and cannabis market
regarding the detection of pesticides in the field or greenhouse.
We believe there are currently no other ruggedized instruments that
can detect pesticides in the field at parts per billion (ppb) in
real-time.
First Quarter Fiscal Year 2020
Financial Highlights
Management continues efforts to optimize our resources while
reducing cost and adding financial flexibility.
- Operating expenses decreased $190 thousand, or 8.5%, during the
first quarter of fiscal 2020, compared to the first quarter of
fiscal 2019, due to an ongoing emphasis on cost reduction.
- Monthly cash burn for this quarter has been reduced to
approximately $610 thousand, an 19.9% reduction from our cash burn
rate in the first quarter of fiscal year 2019.
- In September 2019, Astrotech completed an investment from its
Chairman and CEO of a $1.5 million secured promissory note.
About Astrotech
Astrotech (NASDAQ: ASTC) is a science and technology development
and commercialization company that launches, manages, and builds
scalable companies based on innovative technology in order to
maximize shareholder value. 1st Detect develops,
manufactures, and sells trace detectors for use in the security and
detection market. AG-TECH develops, manufactures, and sells
chemical analyzers for use in the agriculture market. Astrotech is
headquartered in Austin, Texas. For information, please visit
www.astrotechcorp.com.
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 Company’s use of proceeds from the private
placement transaction, whether we can successfully develop our
proprietary technologies and whether the market will accept our
products and services, as well as other risk factors and business
considerations described in the Company’s Securities and Exchange
Commission filings including the annual report on Form 10-K. Any
forward-looking statements in this document should be evaluated in
light of these important risk factors. 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 update these
forward-looking statements.
Tables follow
ASTROTECH CORPORATION
Consolidated Statements of
Operations and Comprehensive Loss
(In thousands, except per share
data)
(Unaudited)
Three Months Ended
September 30,
2019
2018
Revenue
$
1
$
33
Cost of revenue
—
11
Gross profit
1
22
Operating expenses:
Selling, general and administrative
1,202
1,144
Research and development
855
1,103
Total operating expenses
2,057
2,247
Loss from operations
(2,056
)
(2,225
)
Interest and other expense, net
(12
)
(13
)
Loss from operations before income
taxes
(2,068
)
(2,238
)
Income tax benefit
—
—
Net loss
$
(2,068
)
$
(2,238
)
Weighted average common shares
outstanding:
Basic and diluted
5,591
4,073
Basic and diluted net loss per common
share:
Net loss
$
(0.37
)
$
(0.55
)
Other comprehensive loss, net of
tax:
Net loss
$
(2,068
)
$
(2,238
)
Available-for-sale securities:
Reclassification adjustment for realized
loss
—
31
Total comprehensive loss
$
(2,068
)
$
(2,207
)
ASTROTECH CORPORATION
Consolidated Balance Sheets
(In thousands, except share
data)
September 30,
2019
June 30,
2019
(Unaudited)
(Note)
Assets
Current assets
Cash and cash equivalents
$
1,579
$
1,588
Accounts receivable
3
3
Inventory:
'Raw materials
121
150
'Work-in-process
209
181
Income tax receivable
643
429
Prepaid expenses and other current
assets
338
371
Total current assets
2,893
2,722
Property and equipment, net
409
469
Operating leases, right-of-use assets
1,527
—
Long-term tax receivable
214
429
Other assets
72
72
Total assets
$
5,115
$
3,692
Liabilities and stockholders’
equity
Current liabilities
Accounts payable
99
160
Payroll related accruals
388
319
Accrued expenses and other liabilities
290
357
Income tax payable
2
2
Term note payable - related party
1,500
—
Operating lease liabilities - current
237
—
Total current liabilities
2,516
838
Operating lease liabilities, non -
current
1,304
—
Other liabilities
—
146
Total liabilities
3,820
984
Commitments and contingencies
Stockholders’ equity
Convertible preferred stock, $0.001 par
value, 2,500,000 shares authorized; 280,898 shares of Series C and
280,898 shares of Series D issued and outstanding at September 30,
2019 and June 30, 2019, respectively
—
—
Common stock, $0.001 par value, 15,000,000
shares authorized; 6,188,198 and 6,184,698 shares issued at
September 30, 2019 and June 30, 2019, respectively; 5,926,137 and
5,775,171 shares outstanding at September 30, 2019 and June 30,
2019, respectively
190,597
190,571
Treasury stock, 399,916 shares at cost at
September 30, 2019 and June 30, 2019, respectively
(4,129
)
(4,129
)
Additional paid-in capital
8,363
7,964
Accumulated deficit
(193,536
)
(191,698
)
Total stockholders’ equity
1,295
2,708
Total liabilities and stockholders’
equity
$
5,115
$
3,692
Note: The balance sheet at June 30, 2019, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191113005271/en/
Eric Stober, Chief Financial Officer, Astrotech Corporation,
(512) 485-9530
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