Danimer Scientific (DNMR) Misses Q1 EPS by $1.06, Revenues Beat
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Danimer Scientific (NYSE: DNMR) reported Q1 EPS of ($1.12), $1.06 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $13.2 million versus the consensus estimate of $12 million.
First Quarter 2021 Financial Highlights
- Revenues increased 24% to $13.2 million, compared to the first quarter of 2020, driven by stronger demand and additional PHA production at the Company’s Winchester, Kentucky Phase 1 facility brought on line in 2020. PHA-based products represented 29% of total revenue compared to 2% in the first quarter of 2020.
- Gross profit of $1.5 million, compared to $3.2 million in the first quarter of 2020. Adjusted gross profit1 was $3.9 million, compared to $4.1 million in the first quarter of 2020. Adjusted gross margin was 29.2%, compared to 38.6% in the first quarter of 2020, primarily attributable to product mix. In both periods, the average cost per pound of PHA-based products sold was significantly higher than PLA-based products sold and we had only limited PHA manufacturing activities in early 2020 at the Kentucky facility. The average cost per unit sold is expected to improve as PHA production continues to increase and efficiency measures are implemented. Adjusted gross profit excludes stock-based compensation, depreciation and amortization, as well as rent expense.
- Net loss of $94.7 million included an $80.7 million loss related to the revaluation of the Company’s private warrants.
- Adjusted EBITDA1 loss of $2.3 million, compared to break even in the first quarter of 2020, primarily due to higher operating expenses attributable to an increase in headcount and salaries to support R&D efforts and future expansion plans. The first quarter 2021 also included public company expenses of approximately $1.0 million.
- Adjusted EBITDAR1, which additionally excludes rent expense primarily associated with the Company’s Kentucky facility and Georgia production operations, was a loss of $1.6 million, compared to income of $0.7 million in the prior year.
“Danimer Scientific remains at the forefront of the bioplastics industry as the premier supplier of PHA biopolymers to blue-chip multinational corporations that are committed to reducing single-use plastic waste,” commented Stephen E. Croskrey, Chief Executive Officer of Danimer. “In the first quarter 2021, we continued to make progress on our facility expansions, customer application developments and other investments in our operational infrastructure in order to serve the current and long-term demand for our next generation Nodax® technology. We are excited to have announced a multi-year partnership with Mars Wrigley to develop innovative compostable packaging. Looking ahead, we continue to expect that our expansion of production capacity, contracted revenue streams and future efficiencies will collectively fuel the path forward to fulfilling our goal of profitably transforming the bioplastics industry on a global scale.”
For earnings history and earnings-related data on Danimer Scientific (DNMR) click here.
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