Astrotech (NASDAQ: ASTC), an innovative science and technology company, is reporting its financial results for the third quarter of fiscal year 2024, for the period ended March 31, 2024. Highlights of the report include the company’s strong consolidated balance sheet showing $34.7 million in cash and liquid investments; revenue for the year-to-date coming in at $1.6 million; year-to-date gross margin increased to 45% from 37% through the third quarter of fiscal year 2024; the company’s subsidiary, 1st Detect, accepting orders for the TRACER 1000 Narcotics Trace Detector (“NTD”); the TRACER 1000 being listed in the U.S. General Services Administration (“GSA”) IT Schedule 70, meaning it can be purchased by the U.S. federal government, one of the largest buyers of goods and services in the world; the formation of a wholly owned subsidiary Pro-Control Inc., which offers the proprietary Pro-Control Maximum Value Processing and the PRO-CONTROL-1000(TM) mass spectrometer, which is designed to test, measure and increase potency, purity and weight yields in the chemical manufacturing space; and First Detect exhibiting TRACER 1000 NTD and ETD at the International Security Conference and Exposition in Las Vegas, Nevada. “We believe mass spectrometry continues to be the best technology for the detection of explosives,” said Astrotech chair, CEO and chief technology officer Thomas B. Pickens III in the press release. “We are continually expanding the product line for new applications and market channels. The introduction of the TRACER 1000 NTD, a narcotics detection instrument, is expected to extend our product into more markets including military, law enforcement and security. Also, having the 1st Detect TRACER 1000 product added to the GSA list will create even more traction for our technology in the U.S. by making it very easy for government entities to purchase our product without the lengthy budget approval needed for most procurement events. We are expanding the sales department and ramping up sales and marketing efforts in the fourth quarter, which should help maintain the momentum built in fiscal year 2024 into fiscal year 2025.”
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About Astrotech Corp.
Astrotech 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 develops and sells chemical analyzers for use in the agriculture market. BreathTech is developing a breath-analysis tool to screen for volatile organic compounds that could indicate bodily infections and compromised conditions. Pro-Control is developing the mass spectrometry technology for use in chemical manufacturing processes. Astrotech is headquartered in Austin, Texas. For more information, please visit www.AstrotechCorp.com.
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