Impinj Reports Full Second Quarter 2018 Financial Results

 

Company Completes Independent Investigation and Files Form 10Q

 

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 full financial results for the quarter ended June 30, 2018. The Company also disclosed that the Audit Committee completed the independent investigation the Company announced in its August 2nd press release related to a complaint filed by a former employee. The Committee concluded there was no credible evidence supporting the former employee’s claims. The Company had delayed filing its second-quarter Form 10Q and announcing full second-quarter results pending completion of the investigation.

“Our second quarter 2018 results are consistent with our August 2nd press release,” said Chris Diorio, Impinj co-Founder and CEO. “We are pleased that the Audit Committee was able to complete its independent investigation, and are proud that the outcome reaffirms that we operate our business according to the highest ethical principles. We continue to see momentum building as our team focuses on executing our vision of identifying, locating and authenticating every item in our everyday world.”

Second Quarter 2018 Financial Summary

  • Revenue was $28.5 million
  • GAAP gross margin of 47.9%; non-GAAP gross margin of 50.0%
  • GAAP net loss of $7.7 million, or loss of $0.36 per basic and diluted share using 21.3 million shares
  • Adjusted EBITDA loss of $4.0 million
  • Non-GAAP net loss of $4.1 million, or loss of $0.19 per diluted share using 21.3 million shares

A reconciliation between 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” sections below.

Third Quarter 2018 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 2018 (in millions, except per share data):

     
    Three Months Ended
    September 30,
    2018
Revenue   $33.0 to $34.0
Net loss (1)   $(10.3) to $(9.3)
Adjusted EBITDA   $(3.4) to $(2.4)
Non-GAAP Net loss   $(3.6) to $(2.6)
GAAP Weighted-average shares — basic and diluted   21.4 to 21.5
Net loss per share — basic and diluted   $(0.48) to $(0.43)
Non-GAAP Weighted-average shares — basic and diluted   21.4 to 21.5
Non-GAAP Net loss per share — basic and diluted   $(0.17) to $(0.12)
     

(1) The third quarter outlook for GAAP Net loss includes estimated expenses associated with the recently completed investigation. If actual investigation costs differ from our estimate, net loss may differ from the outlook provided.

A reconciliation between GAAP and non-GAAP is provided in the "Non-GAAP Financial Measures" section below.

Audit Committee Investigation Findings

The Audit Committee, assisted by independent counsel that the Committee retained to oversee a thorough and careful investigation, concluded that there was no credible evidence supporting the former employee’s complaint. Accordingly, the Audit Committee determined that no additional actions were necessary or warranted with respect to the complaint or the investigation, including that no adjustments to past financial statements were appropriate or required, and that, at this time, no further investigatory steps need to be taken. With the filing of the Company’s second-quarter Form 10Q today, the Company is in compliance with its SEC filing obligations.

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