US-based bioplastics company Danimer Scientific has reported positive second-quarter results, with revenues up by 22% to $14.5m compared with the same period of last year.
The company’s revenues were driven by an increase in polyhydroxyalkanoate (PHA) production for Phase I of its facility in Winchester, Kentucky.
Danimer also benefitted from a $1.8m increase in revenue from research and development projects.
During the quarter, the company’s gross profit came to $2.0m, a decrease from $3.4m in the same period of last year.
Adjusted gross profit stood at $4.1m, down from $4.5m in the prior-year period.
Net income was $39.2m and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were down by $2.7m in the quarter.
Danimer CEO Stephen Croskrey said: “During the second quarter, we made further inroads in our mission to create consumer packaging and other biodegradable products that address the global plastic waste crisis.
“Our team completed the Kentucky debottlenecking initiative to improve our production efficiency for Nodax based resins, and we substantially strengthened our capital resources to further propel our growth.”
Danimer expects its second-half results to be weighted towards the fourth quarter and its full-year capital expenditures to be between $125m and $150m.
Earlier this month, the company closed its previously announced acquisition of biodegradable polymer producer Novomer for $152m.
Mr Croskrey said: “We believe this transaction will accelerate our ability to deliver our proprietary packaging products to leading consumer product clients and is a milestone transaction for Danimer.
“This transaction is expected to create important efficiencies in our manufacturing of biodegradable polymers.
“As a result, we expect to continue to build on our industry-leading capabilities in application development.”
Danimer holds more than 390 granted patents and pending patent applications for manufacturing processes and biopolymer formulations across more than 20 countries.