Applied UV Shares Drop On Missing Q2 Estimates

Applied UV Inc AUVI reported second-quarter sales growth of 11.1% year-over-year to $1.88 million, missing the consensus of $2.55 million.
The company said it faced customer shipment delays during the quarter due to supply chain and logistics constraints.
Loss per share of $(0.23) missed the consensus of $(0.09).
The gross margin contracted by 205 bps to 28.3%.
The operating loss expanded to $(2.17) million.
The company had a cash balance of ~$7.02 million as of June 30, 2021.
"Based on our pipeline of existing opportunities for our infection control products, the expansion of distribution globally and the improvement in demand for our MunnWorks subsidiary, we remain optimistic about our growth prospects in the second half of the year," stated Q Saeed, Chief Executive Officer.
Price Action: AUVI shares are trading lower by 18.9% at $5.91 on the last check Tuesday.