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  "docSlug": "c358888161f0",
  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "The slide uses strong, emotive language ('dumpster fire', 'scams', 'games being played') typical of activist short-seller reports.",
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      "text": "A Capital IQ search for healthcare companies globally >$100MM revenue and >$500MM market cap yielded about 500 results – and only 2 companies with margins worse than Ginkgo.",
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      "text": "Operating margin: -155.8%",
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      "componentId": "019dd953-2b62-723f-b689-c3907c222deb",
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      "kind": "paragraph",
      "text": "We were struck by two other red flags. First, the losses and cash burn are so unusually high and margins are so shockingly negative - even for the genre of scams and promotes - that we asked, isn't there SOME cash coming in to dampen this dumpster fire? Second, we noticed discrepancies between cash flows and income, typically a sign of games being played. A Capital IQ search for healthcare companies globally >$100MM revenue and >$500MM market cap yielded about 500 results - and only 2 companies with margins worse than Ginkgo.",
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      "kind": "source-note",
      "text": "Source: Capital IQ data and screens; Scorpion Capital analysis and estimates; Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates; https://www.linkedin.com/company/motif-ingredients/insights/",
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      "kind": "table",
      "text": "Financial table showing Revenue, R&D, Operating Income, Net Income, Operating Cash Flow, CapEx, Free Cash Flow, EBITDA, R&D% of Revenue, and Operating Margin for 2019, 2020, and LTM 6/30/21.",
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