Impinj Announces Third Quarter 2016 Financial Results

SEATTLE, Nov. 03, 2016 (GLOBE NEWSWIRE) -- Impinj, Inc. (NASDAQ:PI), a leading provider and pioneer of RAIN RFID solutions for identifying, locating and authenticating everyday items, today announced its financial results for the third quarter ended Sept. 30, 2016.

"We delivered a strong third quarter, exceeding our revenue and earnings guidance. Revenue in the quarter grew 50% year-over-year to reach a record $31.0 million, driven primarily by accelerating demand for our endpoint ICs, followed by growing demand for our connectivity products. We view endpoint IC volumes as an indicator of market adoption and are excited by the broad-based demand we saw this quarter," said Chris Diorio, Impinj co-founder and CEO. "We will continue investing in this massive market opportunity to enhance our leading market position and foster adoption of our platform."

Third Quarter Financial Summary
  • Revenue grew 50% year-over-year to $31.0 million
  • GAAP gross margin of 52.8%; non-GAAP gross margin of 53.6%
  • GAAP net income of $0.8 million; GAAP net income attributable to common shareholders of $0.2 million, or income of $0.01 per diluted share using 16.9 million shares
  • Adjusted EBITDA of $2.2 million
  • Non-GAAP net income of $1.9 million, or $0.10 per diluted share using 18.6 million shares

A reconciliation between historical GAAP and non-GAAP information, including weighted average basic and diluted shares, is contained in the tables below. Additionally, descriptions of these non-GAAP financial measures are provided in the "Non-GAAP Financial Measures" section below.

Fourth Quarter 2016 Financial Outlook

Impinj provides guidance based on current market conditions and expectations; actual results may differ materially. Please refer to the comments below regarding forward-looking statements. For the fourth quarter of 2016, Impinj currently expects:
  • Revenue in the range of $31.5 million to $33.0 million
  • Adjusted EBITDA in the range of $0.75 million to $2.25 million
  • Non-GAAP net income in the range of $0.75 million to $2.25 million, and non-GAAP diluted earnings per share in the range of $0.04 and $0.11 using approximately 20.2 million shares

All forward-looking non-GAAP financial measures in this section titled "Fourth Quarter 2016 Financial Outlook" exclude non-cash income and expenses. Impinj has not reconciled guidance for these non-GAAP measures to their most directly comparable GAAP measures because some items that impact these measures are either not within our control or not reasonably predictable, at least not without unreasonable effort.

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