Connect with us

Cannabis

Astrotech Reports Third Quarter of Fiscal Year 2023 Financial Results

Published

on

<!– Name:DistributionId Value:8836825 –> <!– Name:EnableQuoteCarouselOnPnr Value:False –> <!– Name:IcbCode Value: –> <!– Name:CustomerId Value:500108099 –> <!– Name:HasMediaSnippet Value:false –> <!– Name:AnalyticsTrackingId Value:23447af8-f6a2-48cc-8d35-981391f9f5cf –>

AUSTIN, Texas, May 11, 2023 (GLOBE NEWSWIRE) — Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for its third quarter of fiscal year 2023, which ended March 31, 2023.

Financial Highlights & Recent Developments 

  • Astrotech’s consolidated balance sheet remains strong with $44.1 million in cash and liquid investments.
  • Year-to-date revenue totaled $336 thousand and was generated by sales of TRACER 1000™ explosive trace detector (ETD), as well as recurring maintenance services and sales of consumables for the TRACER 1000. The decrease in revenue from the prior fiscal year is primarily the result of the long sales cycle for many of the ETD orders.
  • Year-to-date gross margin increased to 37% from 22%, an increase of 68%, for fiscal year 2023, compared to fiscal year 2022, due to the higher margins provided by recurring maintenance services and consumables sales.
  • Our 1st Detect subsidiary recently announced that it secured a 17-unit order for its TRACER 1000™ explosives trace detector, which represents the largest single order to date for the TRACER 1000 and is expected to expand 1st Detect’s footprint to 22 sites across 14 countries in Europe and Asia. The systems are scheduled to be delivered over the remainder of this calendar year.
  • Our AgLAB subsidiary released results from the ongoing field trials of the AgLAB Maximum Value Process™ method (AgLAB MVP), which uses the Company’s proprietary AgLAB 1000-D2™ mass spectrometer to improve distillation oil yields and profitability for cannabis and hemp producers. During our field trials, we were able to improve ending-weight yields by an average of 30%.
  • Our BreathTech subsidiary continues to collect breath samples from both COVID-19 positive and negative patients as part of the ongoing development of the library for the BreathTest-1000™ lung disease screening instrument. The BreathTest-1000 is a breath analysis tool designed to screen for volatile organic compounds found in a person’s breath that could indicate bodily infections and critical conditions.
  • On December 5, 2022, the Company effected a reverse stock split primarily intended to bring the Company into compliance with the minimum bid price requirements for maintaining its listing on The Nasdaq Stock Market LLC. On December 19, 2022, the Company received written notice from the Listing Qualifications Department of Nasdaq stating that the Company had regained compliance with the minimum bid price requirement of $1.00 per share for continued listing on The Nasdaq Capital Market. Numbers presented in the financial statements presented below have been adjusted to reflect the reverse stock split.

“We are thrilled to further expand into the airport security checkpoint market in Europe with receipt of a purchase order for 17 TRACER 1000 systems. We believe that mass spectrometry-based ETDs are a superior technology for the detection of explosives, providing benefits to both airports and travelers. In addition, our AgLAB 1000-D2 field trials with potential customers have shown that the AgLAB MVP solution is an effective tool to improve potency yields and ending-weights for cannabis and hemp oil processors. This technology has the ability to increase customer profitability,” stated Thomas B. Pickens, III, Astrotech’s Chairman, Chief Executive Officer and Chief Technical Officer.

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 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 critical conditions. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.

About the AgLAB 1000 and the BreathTest-1000

This press release contains information about our new products under development, AgLAB 1000 and BreathTest-1000. Product development involves a high degree of risk and uncertainty, and there can be no assurance that our new products will be successfully developed, achieve their intended benefits, receive full market authorization, or be commercially successful. In addition, FDA approval will be required to market BreathTest-1000 in the United States. Obtaining FDA approval is a complex and lengthy process, and there can be no assurance that FDA approval for BreathTest-1000 will be granted on a timely basis or at all. 

Forward-Looking Statements

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 adverse impact of recent inflationary pressures, including significant increases in fuel costs, global economic conditions and events related to these conditions, including the ongoing war in Ukraine and the COVID-19 pandemic, the Companys use of proceeds from the common stock offerings, whether we can successfully complete the development of our new products and proprietary technologies, whether we can obtain the FDA and other regulatory approvals required to market our products under development in the United States or abroad, whether the market will accept our products and services and whether we are successful in identifying, completing and integrating acquisitions, as well as other risk factors and business considerations described in the Companys Securities and Exchange Commission filings including the Companys most recent Annual Report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. In addition, any forward-looking statements included in this press release represent the Companys 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 correct or update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Company Contact: Jaime Hinojosa, Chief Financial Officer, Astrotech Corporation, (512) 485-9530

Tables follow 

ASTROTECH CORPORATION
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share data)
(Unaudited)

  Three Months Ended   Nine Months Ended
  March 31,   March 31,
  2023   2022   2023   2022
Revenue $ 35     $ 97     $ 336     $ 845  
Cost of revenue   24       46       211       662  
Gross profit   11       51       125       183  
Operating expenses:                              
Selling, general and administrative   1,406       1,476       4,606       4,630  
Research and development   1,355       722       3,847       2,013  
Total operating expenses   2,761       2,198       8,453       6,643  
Loss from operations   (2,750 )     (2,147 )     (8,328 )     (6,460 )
Other income and expense, net   375       47       1,006       151  
Net loss $ (2,375 )   $ (2,100 )   $ (7,322 )   $ (6,309 )
Weighted average common shares outstanding:                              
Basic and diluted   1,616       1,587       1,614       1,584  
Basic and diluted net loss per common share:                              
Net loss per common share $ (1.47 )   $ (1.32 )   $ (4.54 )   $ (3.98 )
Other comprehensive loss, net of tax:                              
Net loss $ (2,375 )   $ (2,100 )   $ (7,322 )   $ (6,309 )
Available-for-sale securities:                              
Net unrealized gain/(losses)   181       (524 )     (189 )     (769 )
Total comprehensive loss $ (2,194 )   $ (2,624 )   $ (7,511 )   $ (7,078 )
                               

ASTROTECH CORPORATION
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
  

    March 31,   June 30,
    2023   2022
    (Unaudited)   (Note)
Assets                
Current assets                
Cash and cash equivalents   $ 14,435     $ 26,453  
Short-term investments     29,714       26,173  
Accounts receivable     74       56  
Cost and estimated revenue in excess of billings           2  
Inventory, net:                
Raw materials     1,242       864  
Work-in-process     63       136  
Finished goods     452       518  
Prepaid expenses and other current assets     929       748  
Total current assets     46,909       54,950  
Property and equipment, net     2,170       1,098  
Operating leases, right-of-use assets, net     299       162  
Other assets, net     30       11  
Total assets   $ 49,408     $ 56,221  
Liabilities and stockholders’ equity                
Current liabilities                
Accounts payable     274       169  
Payroll related accruals     922       816  
Accrued expenses and other liabilities     833       961  
Income tax payable           2  
Term note payable – related party           500  
Lease liabilities, current     295       234  
Total current liabilities     2,324       2,682  
Lease liabilities, net of current portion     281       303  
Total liabilities     2,605       2,985  
Commitments and contingencies                
Stockholders’ equity                
Convertible preferred stock, $0.001 par value, 2,500,000 shares authorized; 280,898 shares of Series D issued and outstanding at March 31, 2023 and June 30, 2022            
Common stock, $0.001 par value, 250,000,000 shares authorized at March 31, 2023 and June 30, 2022; 1,692,600 and 1,685,595 shares issued at March 31, 2023 and June 30, 2022, respectively; 1,686,723 and 1,685,595 outstanding at March 31, 2023 and June 30, 2022, respectively     190,643       190,642  
Treasury stock, 5,821 and no shares at March 31, 2023 and June 30, 2022, respectively     (69 )      
Additional paid-in capital     80,651       79,505  
Accumulated deficit     (223,034 )     (215,712 )
Accumulated other comprehensive loss     (1,388 )     (1,199 )
Total stockholders’ equity     46,803       53,236  
Total liabilities and stockholders’ equity   $ 49,408     $ 56,221  
                 

Note: The balance sheet at June 30, 2022, 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.

Cannabis

Cannabis Testing Market Worth $4.0 billion | MarketsandMarkets™

Published

on

cannabis-testing-market-worth-$4.0-billion-|-marketsandmarkets™

CHICAGO, May 23, 2024 /PRNewswire/ — Cannabis Testing Market in terms of revenue was estimated to be worth $1.8 billion in 2024 and is poised to reach $4.0 billion by 2029, growing at a CAGR of 17.2% from 2024 to 2029 according to a new report by MarketsandMarkets™.

The important factors impacting market growth are legalization trends and rising medical applications for cannabis. Rising approvals for medical and recreational cannabis drive the regulations requiring product safety testing which in turn fuel the need for cannabis testing services. Additionally, the rise in the number of cannabis testing labs due to legalization is propelling the demand for analytical instruments is likely to uplift market growth in coming years.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=46932450

Browse in-depth TOC on “Cannabis Testing Market”
439 – Tables
52 – Figures
378 – Pages

Cannabis Testing Market Scope:

Report Coverage

Details

Market Revenue in 2024

$1.8 billion

Estimated Value by 2029

$4.0 billion

Growth Rate

Poised to grow at a CAGR of 17.2%

Market Size Available for

2022–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Product & Software, By Service & By End User

Geographies Covered

North America, Europe, the Asia Pacific, Latin America and the Middle East & Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Untapped markets in emerging economies

Key Market Drivers

Increasing legalization of medical and recreational cannabis

Products segment held the highest estimated share of the cannabis testing market.

Based on product & software, the cannabis testing market is segmented into products (analytical instruments {chromatography instruments [liquid chromatography, gas chromatography & other chromatography instruments], spectroscopy instruments [mass spectrometry instruments & atomic spectroscopy instruments] & other analytical instruments} and consumables {chromatography columns, standards and CRMS, sample preparation products and other consumables) and software. The product segment accounted for the largest share of the cannabis testing market in 2023. Market growth is driven by technological advancements providing sophisticated tools for precise analysis, ensuring compliance and quality control, and the expanding legalization of cannabis products. Additionally, increasing requirements for potency labeling and pesticide screening fuel the demand for specialized consumables, further propelling growth in the cannabis testing market. For example, Thermo Fisher Scientific Inc. launched the Thermo Scientific SureSTART consumables portfolio consisting of vials, well plates, caps, inserts, kits, and mats to improve analytical performance and sample security for chromatography and mass spectrometry users in routine and research labs in clinical, food, pharma, biopharma, environmental, and academic sectors.

High growth of services segment attributed to potency testing services.

Based on service, the cannabis testing market is broadly segmented into terpene profiling, microbial analysis, residual solvent analysis, potency testing, heavy metal testing, pesticide screening, and other services. In 2023, potency testing accounted for the largest share of the cannabis testing services market. The high growth of this segment is due to stringent regulatory requirements ensuring accurate THC and CBD levels. This is crucial for product labeling, consumer safety, and compliance, driving demand from producers and dispensaries seeking to meet legal standards and provide reliable, high-quality products.

Services take away the largest estimated share of the end-user segment.

Based on end users, the cannabis testing market is classified into segmented into product & software end users (cannabis testing laboratories {small-scale laboratories, medium-scale laboratories, large-scale laboratories} and research institutes) and service end users (cannabis drug manufacturers & dispensaries, cannabis cultivators/growers). In 2023, the service end users’ segment was predicted to account for the highest share of the global cannabis testing market. The large share of this end user segment is due to the rising consumer awareness of quality and safety, rising legalization of cannabis, stringent regulatory standards, and technological advancements in cannabis testing.

During the forecast period, North America displayed lucrative market growth.

North America accounted for the largest share of 65.5% of the cannabis testing market in 2023. The North American market is projected to reach a value of USD 2.6 billion by 2029 from an estimated value of USD 1.2 million in 2024, at a CAGR of 17.3% during the forecast period. The region leads the cannabis testing market due to stringent regulatory standards, robust infrastructure, and widespread legalization of cannabis for medical and recreational purposes. Additionally, North America’s advanced R&D capabilities and evolving consumer demand for quality assurance drive its prominence in this growing sector.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=46932450

Cannabis Testing Market Dynamics:

Drivers:

  1. Increasing legalization of medical and recreational cannabis
  2. Increasing use of cannabis for medicinal applications
  3. Technological advancements in testing technologies

Restraints:

  1. Lack of standardization
  2. Investment risks due to regularization

Opportunities:

  1. Untapped markets in emerging economies
  2. Research collaborations

Challenge:

  1. High setup costs

Key Market Players of Cannabis Testing Industry:

The global cannabis testing market comprises many key market players competing for markets shares like Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Waters Corporation (US), Restek Corporation (US), SGS SA (Switzerland), Merck KGaA (Germany), PerkinElmer, Inc. (US), Hamilton Company (US), Sigma Analytical Services (Canada), SC Labs (US), PharmLabs LLC (US), MCS, Inc. (US), ProVerde Laboratories (US), and Eurofins Scientific (Luxembourg).

The primary interviews conducted for this report can be categorized as follows:

  • By Respondent: Supply Side- 70%, and Demand Side – 30%
  • By Designation (Supply Side): Managers – 45%, CXOs & Directors – 30%, Executives- 25%
  • By Region: North America -40%, Europe -25%, Asia-Pacific -20%, Latin America -10%, MEA- 5%

Recent Developments:

  • In September 2023, Shimadzu Corporation launched the Brevis GC-2050 gas chromatograph used in various applications including cannabis testing.
  • In April 2023, SC Labs, one of the leading cannabis testing companies, acquired C4 Laboratories, one of the first Arizona cannabis labs, thus allowing it to be licensed and accredited in five states: California, Colorado, Michigan, Oregon, and Arizona.
  • In June 2022, Shimadzu Corporation launched the AA-7800 series atomic absorption spectrophotometers. The AA-7800 series is used for quality control in the raw material, food, and for inspecting water quality and hazardous substances in soil thus presenting an advantage in heavy metal testing of cannabis.

Get 10% Free Customization on this Report:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=46932450

Cannabis Testing Market – Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall cannabis testing market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers: 

  • Analysis of key drivers (increasing legalization of medical and recreational cannabis, increasing use of cannabis for medicinal applications and technological advancements in testing technologies), restraints (lack of standardization and investment risks due to regularization), opportunities (untapped markets in emerging economies and research collaborations) and challenges (high setup costs) are influencing the growth of cannabis testing market.
  • Product Development/Innovation: Detailed insights on newly launched products of the cannabis testing market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the cannabis testing market across varied regions.
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the cannabis testing market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players include Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Waters Corporation (US), Restek Corporation (US), SGS SA (Switzerland), Merck KGaA (Germany), PerkinElmer, Inc. (US), Hamilton Company (US), Sigma Analytical Services (Canada), SC Labs (US), PharmLabs LLC (US), MCS, Inc. (US), ProVerde Laboratories (US), and Eurofins Scientific (Luxembourg) among others in the cannabis testing market.

Related Reports:

Drug Screening Market – Global Forecasts to 2029

Laboratory Proficiency Testing Market – Global Forecasts to 2028

Life Science Instrumentation Market – Global Forecasts to 2028

Digital PCR Market – Global Forecasts to 2028

Flow Cytometry Market – Global Forecasts to 2028

Get access to the latest updates on Cannabis Testing Companies and Cannabis Testing Industry Growth

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com/

Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/cannabis-testing-market-worth-4-0-billion–marketsandmarkets-302154066.html

Continue Reading

Cannabis

Solei Brand Introduces New Cannabis-Infused ‘Warming Deep Tissue Stick’

Published

on

Continue Reading

Cannabis

Medical Cannabis Market Report 2024-2030: Asia-Pacific Set to Witness Robust Growth, Driven by R&D Discovery Initiatives

Published

on

Continue Reading

Trending on Grassnews

GrassNews.net: Your premier portal for the latest developments in the cannabis industry. We provide timely news, insightful analysis, and in-depth features on everything from legislation changes and business trends, to scientific research and lifestyle topics. Stay informed and navigate the rapidly evolving cannabis landscape with GrassNews.net..

Contact us: [email protected]

Editorial / PR Submissions

Copyright © 2007 - 2024 Hipther Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania