DNMR - Danimer Scientific pre-announces annual results

2023-03-20 07:24:48 ET

• Danimer Scientific ( NYSE: DNMR ) has pre-announced its full-year 2022 financial results that were in line with its own estimates.
• The bioplastics company expects to report revenues of $53.2M for 2022 ($58.7M in 2021) when it releases the results on March 28, 2023. PHA-related sales grew by 34% Y/Y, representing majority (53%) of 2022 revenue. PLA-based product sales declined $9.9M from the prior year.
• Full-year 2022 net loss were $180M, which included a $63M goodwill impairment charge in the third quarter. Adjusted EBITDA was a loss of $45M but in line with the firm's guidance range.
• In addition, Danimer Scientific ( DNMR ) has closed a new senior secured term loan of $130M to improve its near-term liquidity position. The loan, arranged by Jefferies, bears interest at an annual rate of 14.4% and will mature on the earlier of March 17, 2027, or September 15, 2026, if more than $100M principal amount of the company's current convertible notes remains outstanding at such date.

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