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

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

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