Guess why Applied UV (AUVI) stock gained 60% on Thursday?

Published on June 09, 2022 10:46 AM PDT

Guess why Applied UV (AUVI) stock gained 60% on Thursday? — Image source: © Edufoto | Megapixl.com

Highlights:

Applied UV (NASDAQ: AUVI) develops infection-control technology.

It announced a new distribution partner to supply air purifiers in Pakistan.

The company has a market capitalization of US$37.33 million.

The New York-based Applied UV, Inc. (NASDAQ: AUVI) stock rose 60.73% to US$2.845 at 11:55 am ET on Thursday after announcing a new distribution partner for supplying its Airocide air purification systems in Pakistan.

Applied UV has picked M/S Novatek Pakistan to supply its air purifiers at government hospitals. Novatek had previously won a government tender to install 657 air purifiers.

The US company develops infection-control technology products for various clients, including hospitality, healthcare, commercial and municipal markets.

The stock rallied after it awarded the contract to M/S Novatek Pakistan. Airocide is an FDA Class II medical device.

Commenting on the contract, Munawwar Zahid, CEO of M/S Novatek Pakistan, said in a press note: Airocide is the “best in the class” air purification solution used globally to protect against covid and “harmful air-borne pathogens too small to be filtered.”

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He said Airocide is a filter-less, environment-friendly technology, adding, “We see a massive demand for Airocide in the coming year.”

Applied UV CEO John Andrews said: “We are extremely confident that our air purification solutions will help them achieve their stated goals.”

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Applied UV has two wholly-owned subsidiaries: SteriLumen, Inc. and Munn Works, LLC.

Applied UV’s current market capitalization is US$37.33 million, with 12.96 shares outstanding. The company brought its IPO in 2020.

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Financials:

The company reported net sales of US$3.36 million for Q1 ended March 31, 2022, compared to US$2.32 million a year ago. Its net loss rose by more than half to US$1.65 million from a net loss of US$1.03 million in the year-ago quarter.

The EPS diluted increased to US$0.16 in Q1, 2022, from US$0.12 in Q1, 2021.

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Bottom line:

The AUVI stock traded between US$12.15 and US$0.87 in one year and closed at US$1.77 on June 8, 2022. The stock fell 81.77% in a year.

Versha Jain

Author

Versha Jain - Financial Journalist
648 Posts
Versha is a post-graduate in finance and has vast experience in the retail banking and education sectors. She also holds a keen interest in development work. At Kalkine, she writes on stock markets, companies, equities, and IPOs, etc....
Sanjeeb Baruah

Editor

Sanjeeb Baruah - Financial Journalist
368 Posts
Sanjeeb is a senior journalist who has been in the media for nearly two decades. He wrote on various topics, from politics, international relations, business to wildlife. At Kalkine, he writes on stock markets, companies, equities, and IPOs, etc....

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