Zymergen stock plunges after company announces that its sole current product is struggling, a major target market may not pan out, and its CEO is out.
Less than four months after going public and being valued at more than $3 billion by Wall Street, Zymergen Inc. unleashed some bad news Tuesday afternoon, and was on pace to lose more than two-thirds of its market cap.
Zymergen is attempting to use natural, or “bio-based,” processes instead of chemicals in manufacturing processes. While going public, Zymergen had only one product, Hyaline, but executives expected that product would begin producing revenue this year while the company developed several new products for other industries, with a focus on electronics, consumer care and agriculture.
Speaking of that forecast, Zymergen now expects no product revenue in 2021 and “immaterial” product revenue in 2022, and said executives are “developing a plan to reduce and align expenses with the change in the company’s revenue expectations.” Josh Hoffman stepped down as CEO and a member of the board, effective immediately, and former Illumina Inc. ILMN, +1.10% CEO Josh Flatley has taken over as acting CEO and chairman.
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