RE:QTR results outRevenues for the six months ended June 30, 2022 and 2021 were $3,153 and $3,132 respectively.
Although, the Company had planned 10% organic growth in 2022 over 2021 based on the key customer’s commitment, the COVID-19 related shutdown faced by customers significantly affected the revenue. The revenue increase by .7% compared to the previous year. The decrease in planned organic growth in revenue is primarily due to the slow down and subsequent shut down of the Company’s key customer’s made according to the local and federal regulations to control the COVID-19 pandemic. The customers that were faced with slow down or shut down rescheduled their open orders to subsequent months. The duration of such customer slow down or shut down are still unknown to the Company. As part of the “Essential Critical Infrastructure”, the Company is continuing its manufacturing operations and product shipment to the customers under the strict guidance of local government and healthcare professionals. The Company expects revenue to grow once the shutdown is fully lifted and the customers come back to their normal work routine.