Impinj Reports Second Quarter 2019 Financial Results

SEATTLE--(BUSINESS WIRE)--Impinj, Inc. (NASDAQ: PI), a leading provider and pioneer of RAIN RFID solutions for identifying, locating and authenticating everyday items, today released its financial results for the second quarter ended June 30, 2019.

“Our second-quarter results were strong, highlighted by $38.2 million revenue and solid performance in both endpoint ICs and systems”

“Our second-quarter results were strong, highlighted by $38.2 million revenue and solid performance in both endpoint ICs and systems” said Chris Diorio, Impinj co-founder and CEO. “We set another quarterly revenue record, led by strong system sales.”

Second Quarter 2019 Financial Summary

  • Revenue of $38.2 million
  • GAAP gross margin of 48.2%; non-GAAP gross margin of 50.0%
  • GAAP net loss of $4.2 million, or loss of $0.19 per diluted share using 21.7 million shares
  • Adjusted EBITDA of $0.8 million
  • Non-GAAP net income of $0.7 million, or income of $0.03 per diluted share using 22.3 million shares

A reconciliation between GAAP and non-GAAP information is contained in the tables below. Additionally, descriptions of these non-GAAP financial measures are provided in the “Non-GAAP Financial Measures” sections below.

Third Quarter 2019 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. The following table presents Impinj’s financial outlook for the third quarter of 2019 (in millions, except per share data):

   

Three Months Ended
   

September 30, 2019

Revenue

  

$37.0 to $39.0

GAAP Net loss

  

$(6.9) to $(5.9)

Adjusted EBITDA

  

$(0.8) to $0.8

Non-GAAP net income (loss)

  

$(0.9) to $0.7

GAAP Weighted-average shares — basic and diluted

  

21.75 to 21.85

GAAP Net loss per share — basic and diluted

  

$(0.32) to $(0.26)

Non-GAAP Weighted-average shares — basic

  

21.75 to 21.85

Non-GAAP Weighted-average shares — diluted

  

21.75 to 22.43

Non-GAAP Net income (loss) per share — basic and diluted

  

$(0.04) to $0.03

A reconciliation between GAAP and non-GAAP is provided in the "Non-GAAP Financial Measures" section below.  (click for more)