DNMR - Why Danimer Scientific Stock Tumbled Today
Shares of Danimer Scientific (NYSE: DNMR) were falling today after the maker of biodegradable plastics reported disappointing third-quarter results, as revenue growth nearly ground to a halt. As a result, the stock was down 17.7% as of 1:05 p.m. EST.
Revenue in the quarter grew just 4.2% to $13.4 million, which was below the average of two analysts at $14.6 million. The company's product segment, which makes up the vast majority of sales, was up 10% to $12.4 million as it ramped up PHA production at its Kentucky facility. Services revenue, however, which includes things like contracted research and development and specialty projects, fell 61% to $972,000.
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Why Danimer Scientific Stock Tumbled Today