Danimer Scientific, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021
November 15, 2021 at 05:17 pm EST
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Danimer Scientific, Inc. reported earnings results for the third quarter and nine months ended September 30, 2021. For the third quarter, the company reported revenue was USD 13.37 million compared to USD 12.84 million a year ago. Net income was USD 7.83 million compared to net loss of USD 2.14 million a year ago. Basic earnings per share from continuing operations was USD 0.08 compared to basic loss per share from continuing operations of USD 0.07 a year ago. Diluted earnings per share from continuing operations was USD 0.08 compared to diluted loss per share from continuing operations of USD 0.07 a year ago.
For the nine months, revenue was USD 41.02 million compared to USD 35.31 million a year ago. Net loss was USD 47.66 million compared to USD 5.62 million a year ago. Basic loss per share from continuing operations was USD 0.53 compared to USD 0.2 a year ago. Diluted loss per share from continuing operations was USD 0.53 compared to USD 0.2 a year ago.
Danimer Scientific, Inc. is a performance polymer company. The Company specializes in bioplastic replacements for traditional petroleum-based plastics. Its technologies include Polyhydroxyalkanoate (PHA)-based Resins, Polylactic acid (PLA)-based Resins and Rinnovo. It harvests the PHA from the bacteria, then purifies and filters the bioplastic before forming the non-formulated PHA into pellets. Its PHA is a naturally occurring bioplastic that effectively biodegrades in both anaerobic environments, such as a waste treatment facility, and aerobic environments. It sells the PHA under its proprietary Nodax brand name. PLA is made from dextrose derived from corn, sugar beets and sugar cane, among other sources. Applications for biopolymers include additives, aqueous coatings, fibers, filaments, films, thermoforming, and injection-molded articles. The Company primarily markets its products to consumer packaging brand owners, converters and manufacturers in the plastics industry.