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Impinj Anticipates Reporting Stronger-than-Expected Results for 2Q 2018

Company delays second-quarter 2018 earnings release and Form 10-Q filing.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Impinj, Inc. announced that it anticipates reporting stronger-than-expected results for second quarter 2018. The company also announced it will delay its second-quarter 2018 earnings release and investor conference call, as well as the filing of its Quarterly Report on Form 10-Q, for the quarter ended June 30, 2018.
 
Second-quarter revenue was $28.5 million, above the high end of the company’s guidance. “Endpoint IC sales exceeded expectations even as our inlay partners further reduced their inventory. We believe that our partners’ endpoint IC inventory correction is now mostly resolved,” said Chris Diorio, Impinj co-founder and CEO.
 
“Our systems business rebounded nicely from first quarter 2018 as reader IC supply improved and project-based deal timing turned more favorable,” continued Diorio. “We saw continued strong reader IC demand and expect to meet that demand in the third quarter as our reader IC supply improves. Despite the more favorable deal timing, our APAC team reorganization continued to impact our systems business growth on a year-over-year basis as that team ramps productivity. Regardless, we remain confident in the quality and size of our opportunities and our pipeline is growing.”
 
The company reduced its overall inventory by $1.4 million, led by an endpoint IC inventory reduction that exceeded expectations. Impinj continues to forecast further inventory reductions in the second half of 2018.
 
“In summary, we are pleased with the operational excellence the Impinj team delivered this quarter,” continued Diorio. “We expect to outperform our guidance on revenue, EPS, adjusted EBITDA and inventory. Sequentially, on a non-GAAP basis, gross margins increased slightly and operating expenses decreased. Our backlog is growing, and we continue to believe the first half of 2018 was the turning point for our business.”

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