Applied UV, Inc. [AUVI] Q3 2022 Earnings Conference Call November 15, 2022 9:00 AM ET
Company Participants
John Andrews - CEO
Mike Riccio - CFO
Max Munn - Founder, President & CEO of MunnWorks
Brett Maas - Hayden IR
Conference Call Participants
Chip Moore - EF Hutton
Operator
Good morning, ladies and gentlemen, and welcome to the Applied UV 3Q 2022 financial results conference call. At this time, all participants have been placed on a listen-only mode. And we will open the floor for your questions and comments after the presentation.
It is now my pleasure to turn the floor over to your host, Brett Maas. Sir, the floor is yours.
Brett Maas
Thank you. Once again, welcome to Applied UV’s third quarter 2022 earnings call. With me on the call today are John Andrews, Chief Executive Officer; Mike Riccio, Chief Financial Officer; and Max Munn, Founder and President, Applied UV, CEO of MunnWorks. As a reminder, all materials for today’s live presentation are available on the company’s Investor Relations website at applieduv.com
Before we begin, please take a moment to read the forward-looking statements in our earnings press release. During today’s call, we will make certain predictive statements that reflect our current views about future performance and financial results. We make these statements and certain assumptions and expectations on future events that are subject to risks and uncertainties. Our most recent Form 10-K lists some of the most important risk factors that could cause actual results to differ from our predictions.
With that, I will turn the call over to John Andrews. John, the floor is yours.
John Andrews
Thank you, Brett, and good morning, everyone. It's a pleasure to be with you today to review the results of our third quarter and provide an update on our business. Our financial results for the third quarter include revenue of $5.9 million, roughly in line with prior quarter and up 65% year-over-year, primarily as a result of our acquisition of the factory operations of a 100,000 square foot manufacturing facility in Brooklyn, New York. We expect our operating margins to improve as we move beyond certain onetime expenses and continue take advantage of synergies and cost reduction measures. We continue to invest in marketing, sales, and other growth initiatives, while at the same time following a disciplined capital allocation process. Companywide, our pipeline of qualified opportunities continues to increase, and is considerably higher than it was just a quarter ago, indicating a strong foundation for future growth in both the Disinfection and Hospitality segments. The Hospitality segment alone has new purchase orders already on hand for shipment in first half of 2023 exceeding $10 million. As a reminder, the Disinfection segment includes the design, manufacture, assembly, and distribution of air purification and pathogen elimination systems for use in food and beverage, agricultural, education, government, healthcare, and the consumer market. The Hospitality segment includes the manufacturer of fine mirrors and furniture specifically for the hospitality industry.