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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Impinj Inc | NASDAQ:PI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 181.50 | 180.25 | 181.70 | 166 | 13:50:41 |
Impinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and Internet of Things pioneer, today released its financial results for the first quarter ended March 31, 2022.
“Our first-quarter results were strong, with demand for our endpoint ICs, reader ICs, readers and gateways all showing extraordinary strength,” said Chris Diorio, Impinj co-founder and CEO. “We delivered record revenue and solid profitability while investing in our team, company and platform.”
First Quarter 2022 Financial Summary
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.
Second Quarter 2022 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 second quarter 2022 (in millions, except per share data):
Three Months Ending
June 30, 2022
Revenue
$54.0 to $56.0
GAAP Net loss
($13.5) to ($12.0)
Adjusted EBITDA income (loss)
$0.1 to $1.6
GAAP Weighted-average shares — basic and diluted
25.30 to 25.50
GAAP Net loss per share — basic and diluted
($0.54 ) to ($0.47 )
Non-GAAP net income (loss)
($1.1 ) to $0.4
Non-GAAP Weighted-average shares — basic
25.30 to 25.50
Non-GAAP Weighted-average shares — diluted
25.30 to 27.20
Non-GAAP Net income (loss) per share — basic and diluted
($0.05) to $0.01
A reconciliation between GAAP and non-GAAP is provided in the "Non-GAAP Financial Measures" section below.
Conference Call Information
Impinj will host a conference call today, April 27, 2022 at 5:00 p.m. ET / 2:00 p.m. PT to discuss its first quarter 2022 results, as well as its outlook for its second quarter 2022. Interested parties may access the call by dialing +1-412-317-5196. A live webcast and replay will also be available on the company’s website at investor.impinj.com. Following the call, a telephonic replay will be available for five business days and may be accessed by dialing +1-412-317-0088 and entering passcode 4398646.
Management’s prepared written remarks, along with quarterly financial data, will be made available on our website at investor.impinj.com along with this release.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the market for RAIN RFID, our strategy, our prospects, the impact of Covid-19, the impact of silicon wafer availability and supply, and financial considerations for second quarter of 2022 and future periods.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance.
The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update this information unless required by law.
About Impinj
Impinj (NASDAQ: PI) helps businesses and people analyze, optimize, and innovate by wirelessly connecting billions of everyday things — such as apparel, automobile parts, luggage, and shipments — to the Internet. The Impinj platform uses RAIN RFID to deliver timely data about these everyday things to business and consumer applications, enabling a boundless Internet of Things. www.impinj.com
Impinj is a registered trademark of Impinj, Inc. All other trademarks are the property of their owners.
IMPINJ, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value, unaudited)
March 31, 2022 (1)
December 31, 2021 (1)
Assets:
Current assets:
Cash and cash equivalents
$
63,543
$
123,903
Short-term investments
101,724
69,443
Accounts receivable, net
38,533
35,449
Inventory
31,561
21,958
Prepaid expenses and other current assets
7,195
5,049
Total current assets
242,556
255,802
Long-term investments
28,144
14,225
Property and equipment, net
29,133
27,500
Operating lease right-of-use assets
10,863
11,667
Other non-current assets
2,365
2,462
Goodwill
3,881
3,881
Total assets
$
316,942
$
315,537
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable
$
9,103
$
11,732
Accrued compensation and employee related benefits
4,590
6,365
Accrued and other current liabilities
3,878
2,481
Current portion of operating lease liabilities
3,967
4,143
Restructuring liabilities
554
591
Current portion of long-term debt
9,643
9,633
Current portion of deferred revenue
907
558
Total current liabilities
32,642
35,503
Long-term debt, net of current portion
279,054
278,661
Operating lease liabilities, net of current portion
11,102
11,934
Other long-term liabilities
113
279
Deferred revenue, net of current portion
320
236
Total liabilities
323,231
326,613
Stockholders' equity:
Common stock, $0.001 par value
25
25
Additional paid-in capital
367,347
351,422
Accumulated other comprehensive (loss) income
(716
)
(39
)
Accumulated deficit
(372,945
)
(362,484
)
Total stockholders' equity
(6,289
)
(11,076
)
Total liabilities and stockholders' equity
$
316,942
$
315,537
(1) We adopted ASU 2020-06 on January 1, 2021 using modified retrospective transition method and accounted for our convertible notes due 2026, or the 2019 Notes, on a whole-instrument basis. Upon adoption, we no longer had unamortized debt discount related to the equity component of the 2019 Notes. The condensed consolidated financial statements under both periods are presented under ASU 2020-06.
IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
Three Months Ended
March 31,
2022
2021
Revenue
$
53,144
$
45,248
Cost of revenue
24,365
23,267
Gross profit
28,779
21,981
Operating expenses:
Research and development
17,989
13,791
Sales and marketing
9,299
7,645
General and administrative
10,806
8,154
Restructuring costs
—
1,263
Total operating expenses
38,094
30,853
Loss from operations
(9,315
)
(8,872
)
Other income, net
164
23
Interest expense
(1,261
)
(525
)
Loss before income taxes
(10,412
)
(9,374
)
Income tax expense
(49
)
(42
)
Net loss
$
(10,461
)
$
(9,416
)
Net loss per share — basic and diluted
$
(0.42
)
$
(0.40
)
Weighted-average shares — basic and diluted
24,980
23,671
IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Three Months Ended
March 31,
2022
2021
Operating activities:
Net loss
$
(10,461
)
$
(9,416
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation
1,508
1,040
Stock-based compensation
11,314
7,449
Accretion of discount or amortization of premium on investments
301
218
Amortization of debt issuance costs
403
94
Changes in operating assets and liabilities:
Accounts receivable
(3,084
)
1,498
Inventory
(9,603
)
8,262
Prepaid expenses and other assets
(2,142
)
880
Accounts payable
(2,768
)
(2,137
)
Accrued compensation and employee related benefits
(1,775
)
345
Accrued and other liabilities
1,279
722
Operating lease right-of-use assets
804
723
Operating lease liabilities
(1,008
)
(911
)
Restructuring liabilities
(37
)
1,235
Deferred revenue
433
(633
)
Net cash provided by (used in) operating activities
(14,836
)
9,369
Investing activities:
Purchases of investments
(67,085
)
(12,333
)
Proceeds from maturities of investments
20,000
25,000
Purchases of property and equipment
(3,050
)
(4,398
)
Net cash provided by (used in) investing activities
(50,135
)
8,269
Financing activities:
Principal payments on finance lease obligations
—
(2
)
Proceeds from exercise of stock options and employee stock purchase plan
4,611
8,524
Net cash provided by financing activities
4,611
8,522
Net increase (decrease) in cash and cash equivalents
(60,360
)
26,160
Cash and cash equivalents
Beginning of period
123,903
23,636
End of period
$
63,543
$
49,796
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, our key non-GAAP performance measures include adjusted EBITDA and non-GAAP net income (loss), as defined below. We use adjusted EBITDA and non-GAAP net income (loss) as key measures to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operating plans. We believe these measures provide useful information for period-to-period comparisons of our business to allow investors and others to understand and evaluate our operating results in the same manner as our management and board of directors. Our presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from similarly termed non-GAAP measures used by other companies.
Adjusted EBITDA
We define adjusted EBITDA as net income (loss) determined in accordance with GAAP, excluding, if applicable for the periods presented, the effects of stock-based compensation; depreciation; investigation costs; restructuring costs; settlement and related costs; other income, net; interest expense; loss on debt extinguishment; and income tax benefit (expense).
Non-GAAP Net Income (Loss)
We define non-GAAP net income (loss) as net income (loss), excluding, if applicable for the periods presented, the effects of stock-based compensation; depreciation; investigation costs; restructuring costs; settlement and related costs; amortization of debt discount related to the equity component of our convertible notes prior to the adoption of ASU 2020-06; and prepayment penalty on debt extinguishment.
On January 1, 2021, we adopted ASU 2020-06 using the modified retrospective transition method, accounting for the 2019 Notes on a whole-instrument basis. Upon adoption, the condensed consolidated financial statements for the three months ended March 31, 2022 and March 31, 2021, are presented under the new standard and we no longer recorded amortization of debt discount.
IMPINJ, INC.
RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, except percentages, unaudited)
Three Months Ended
March 31,
2022
2021
GAAP Gross margin
54.2
%
48.6
%
Adjustments:
Depreciation
1.7
%
1.1
%
Stock-based compensation
1.1
%
0.6
%
Non-GAAP Gross margin
57.0
%
50.3
%
GAAP Net loss
$
(10,461
)
$
(9,416
)
Adjustments:
Depreciation
1,508
1,040
Stock-based compensation
11,314
7,449
Other income, net
(164
)
(23
)
Interest expense
1,261
525
Income tax expense
49
42
Restructuring costs
—
1,263
Adjusted EBITDA
$
3,507
$
880
GAAP Net loss
$
(10,461
)
$
(9,416
)
Adjustments:
Depreciation
1,508
1,040
Stock-based compensation
11,314
7,449
Restructuring costs
—
1,263
Non-GAAP Net income
$
2,361
$
336
Non-GAAP Net income per share:
Basic
$
0.09
$
0.01
Diluted
$
0.09
$
0.01
GAAP and non-GAAP Weighted-average shares — basic
24,980
23,671
GAAP Weighted-average shares — diluted
24,980
23,671
Dilutive shares from stock plans
2,001
1,983
Non-GAAP Weighted-average shares — diluted
26,981
25,654
IMPINJ, INC.
RECONCILIATIONS OF GAAP FINANCIAL OUTLOOK TO NON-GAAP FINANCIAL OUTLOOK
(in thousands, except per share data, unaudited – calculated at the midpoint of the outlook range)
Three Months Ending
June 30,
2022
GAAP Net loss
$
(12,790
)
Adjustments:
Forecasted Depreciation
1,620
Forecasted Stock-based compensation
10,750
Forecasted Interest expense
1,260
Forecasted Other income, net
(30
)
Forecasted Income tax expense
30
Adjusted EBITDA
$
840
GAAP Net loss
$
(12,790
)
Adjustments:
Forecasted Depreciation
1,620
Forecasted Stock-based compensation
10,750
Non-GAAP Net loss
$
(420
)
GAAP Net loss per share — basic and diluted
$
(0.50
)
Non-GAAP Net loss per share — basic and diluted
$
(0.02
)
GAAP and Non-GAAP weighted-average shares — basic and diluted
25,400
View source version on businesswire.com: https://www.businesswire.com/news/home/20220427005870/en/
Investor Relations Andy Cobb, CFA Vice President, Strategic Finance +1-206-315-4470 ir@impinj.com
Media Relations Jill West Vice President, Strategic Communications +1 206-834-1110 jwest@impinj.com
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