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  "documentTitle": "Danimer Scientific (DNMR)",
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  "authorName": "Carson Block",
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  "presentationDate": "2021-09-15 00:00:00",
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  "notes": "Includes a table calculating production volume based on sales, inventory build, and assumed PHA content.",
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      "text": "To the extent our estimate is accurate, this anemic production supports our view that DNMR PHA compounds are in low demand, and DNMR is incapable of producing PHA compounds that would be in high demand.",
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      "text": "Utilization: 28.4%",
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      "text": "Our Q1 and Q2 average price per pound for PHA compounds are the prices DNMR provided across its PLA and PHA compounds... We estimate that the PHA compounds contain 70% neat PHA... If we were to use a 62% PHA content assumption, utilization would drop.",
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      "text": "Using company favorable assumptions, we estimate that DNMR produced less than 1.5 million pounds of neat PHA of in each of Q1 and Q2, implying a miss of approximately 40%. The estimate supports our view that demand for DNMR PHA compounds is poor.",
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      "text": "To the extent our estimate is accurate, this anemic production supports our view that DNMR PHA compounds are in low demand, and DNMR is incapable of producing PHA compounds that would be in high demand. These conclusions stand in stark contrast to DNMR's statements.",
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      "kind": "quote",
      "text": "the average cost per pound of PHA-based products sold was significantly higher than PLA based products sold — DNMR 1Q21 earnings call",
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      "text": "Footnotes 11-17 detailing data sources and methodology.",
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      "kind": "table",
      "text": "PHA Compound Sales, Finished Goods Build, Price/Pound, Compound Pounds Produced, Neat PHA Pounds Produced, Utilization",
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      "text": "DNMR Seems to Have Fallen Short of PHA Production Goals, Indicating Weak Demand",
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