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Danimer Scientific reports Q4 2022 results; revenue declines 13.6% YoY
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Danimer Scientific reported revenue of USD 15.3 million in Q4 2022, down 13.6% YoY from Q4 2021 and slightly below the consensus estimate of USD 15.6 million. The full-year revenue for FY2022 was down 9.4% YoY at USD 53.2 million, marginally missing the consensus estimate of USD 53.8 million.
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The Q4 2022 product revenue dropped (-9.5% YoY) due to a shift in Polyhydroxyalkanoates (PHA)-based resin sales and lower Polylactic acid (PLA)-based resin sales from the cessation of shipments to conflict-affected customers in Ukraine. Services revenue also dropped (-52.5% YoY) during the same period because of the completion of long-term funded R&D projects over the years.
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In Q4 2022, the adjusted gross profit increased to USD 2.6 million, 5.5x higher than in Q4 2021, driven by a favorable shift in sales mix that helped to offset the impact of reduced revenue. Resultantly, the company's adjusted EBITDA in Q4 2022 improved to a loss of USD 8.6 million compared to a loss of USD 10.2 million in Q4 2021. The company generated a loss of USD 45 million for FY2022, in line with their guidance (between the loss of USD 45 million and the loss of USD 40 million).
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Danimer’s guidance for the fiscal year 2023 expects adjusted EBITDA to be between a loss of USD 23 million and a loss of USD 31 million. The improvement is expected to come primarily from revenue growth in PHA-based resins and related benefits of scale from the company's Kentucky manufacturing operations.
Other key operational highlights:
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The Kentucky facility has successfully tested and commissioned all major processes and production equipment and expects to achieve an annual production capacity of about 32.5 million pounds of neat PHA, which would result in nearly 65 million pounds of finished resin for shipment to customers.
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Danimer has applied for the US Department of Energy (DOE) Title XVII Loan Guarantee Program for its new manufacturing facility in Bainbridge, Georgia. The facility is expected to support around USD 400 million of revenue from PHA-based formulated resins.
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