Impinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and
Internet of Things pioneer, today released its financial results
for the fourth quarter and year ended December 31, 2023.
“2023 was another year of solid growth despite market headwinds,
with annual revenue crossing the $300 million threshold for the
first time,” said Chris Diorio, Impinj co-founder and CEO. “We
delivered four quarters of positive adjusted EBITDA, successfully
defended our intellectual property and introduced market-leading
new products. As we continue driving our bold vision to connect
every item in our everyday world, we remain confident in our market
position and energized by the opportunities ahead.”
Fourth Quarter 2023 Financial Summary
- Revenue of $70.7 million
- GAAP gross margin of 47.9%; non-GAAP gross margin of 50.9%
- GAAP net loss of $15.2 million, or loss of $0.56 per diluted
share using 27.1 million shares
- Adjusted EBITDA of $3.0 million
- Non-GAAP net income of $2.5 million, or income of $0.09 per
diluted share using 28.3 million shares
Full Year 2023 Financial Summary
- Revenue of $307.5 million
- GAAP gross margin of 49.4%; non-GAAP gross margin of 51.9%
- GAAP net loss of $43.4 million, or loss of $1.62 per diluted
share using 26.8 million shares
- Adjusted EBITDA of $21.8 million
- Non-GAAP net income of $19.8 million, or income of $0.70 per
diluted share using 28.4 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.
First Quarter 2024 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 first
quarter of 2024 (in millions, except per share data):
Three Months Ending
March 31, 2024
Revenue
$72.0 to $75.0
GAAP Net loss
($16.0) to ($14.5)
Adjusted EBITDA income
$3.0 to $4.5
GAAP Weighted-average shares — basic and
diluted
27.20 to 27.40
GAAP Net loss per share — basic and
diluted
($0.59) to ($0.53)
Non-GAAP Net income
$2.2 to $3.7
Non-GAAP Weighted-average shares —
basic
27.20 to 27.40
Non-GAAP Weighted-average shares —
diluted
28.40 to 28.60
Non-GAAP Net income per share — basic
$0.08 to $0.14
Non-GAAP Net income per share —
diluted
$0.08 to $0.13
A reconciliation between GAAP and non-GAAP financial measures is
provided in the "Non-GAAP Financial Measures" section below.
Conference Call Information
Impinj will host a conference call today, February 8, 2024 at
5:00 p.m. ET / 2:00 p.m. PT to discuss its fourth-quarter and
full-year 2023 results, as well as its outlook for its
first-quarter 2024. Interested parties may access the call by
dialing +1-412-317-1863. 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 4299421.
Management’s prepared written remarks, along with quarterly
financial data, will be made available on the Impinj’s 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 our strategy, investment
plans and prospects, statements regarding conditions in the markets
in which we compete as well as the broader economy, and our
financial guidance and considerations for the first quarter of 2024
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)
December 31, 2023
December 31, 2022
Assets:
Current assets:
Cash and cash equivalents
$
94,793
$
19,597
Short-term investments
18,440
154,148
Accounts receivable, net
54,919
49,996
Inventory
97,172
46,397
Prepaid expenses and other current
assets
4,372
5,032
Total current assets
269,696
275,170
Long-term investments
—
19,200
Property and equipment, net
44,891
39,027
Intangible assets, net
13,913
—
Operating lease right-of-use assets
9,735
10,490
Other non-current assets
1,478
1,969
Goodwill
19,696
3,881
Total assets
$
359,409
$
349,737
Liabilities and stockholders'
equity:
Current liabilities:
Accounts payable
$
8,661
$
25,024
Accrued compensation and employee related
benefits
8,519
9,048
Accrued and other current liabilities
8,614
2,925
Current portion of operating lease
liabilities
3,373
3,122
Current portion of deferred revenue
1,713
2,250
Total current liabilities
30,880
42,369
Long-term debt
281,855
280,244
Operating lease liabilities, net of
current portion
9,360
11,066
Deferred tax liabilities, net
2,911
118
Deferred revenue, net of current
portion
272
349
Total liabilities
325,278
334,146
Stockholders' equity:
Common stock, $0.001 par value
27
26
Additional paid-in capital
463,900
403,599
Accumulated other comprehensive income
(loss)
355
(1,249
)
Accumulated deficit
(430,151
)
(386,785
)
Total stockholders' equity
34,131
15,591
Total liabilities and stockholders'
equity
$
359,409
$
349,737
IMPINJ, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share data, unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
Revenue
$
70,651
$
76,590
$
307,539
$
257,800
Cost of revenue
36,781
36,422
155,557
119,916
Gross profit
33,870
40,168
151,982
137,884
Operating expenses:
Research and development
21,136
18,982
88,562
74,106
Sales and marketing
10,445
9,655
41,123
37,894
General and administrative
15,730
11,577
60,828
45,465
Amortization of intangibles
1,398
—
4,953
—
Restructuring costs
—
(102
)
—
(102
)
Total operating expenses
48,709
40,112
195,466
157,363
Income (loss) from operations
(14,839
)
56
(43,484
)
(19,479
)
Other income, net
1,024
1,150
4,644
2,517
Induced conversion expense
—
—
—
(2,232
)
Interest expense
(1,215
)
(1,207
)
(4,848
)
(4,923
)
Loss before income taxes
(15,030
)
(1
)
(43,688
)
(24,117
)
Income tax benefit (expense)
(150
)
(117
)
322
(184
)
Net loss
$
(15,180
)
$
(118
)
$
(43,366
)
$
(24,301
)
Net loss per share — basic and diluted
$
(0.56
)
$
(0.00
)
$
(1.62
)
$
(0.95
)
Weighted-average shares — basic and
diluted
27,089
26,005
26,752
25,539
IMPINJ, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands,
unaudited)
Year Ended
December 31,
2023
2022
Operating activities:
Net loss
$
(43,366
)
$
(24,301
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
13,623
6,044
Stock-based compensation
47,986
42,443
Accretion of discount or amortization of
premium on investments
(1,637
)
(233
)
Amortization of debt issuance costs
1,611
1,601
Loss on fixed asset disposal
—
57
Induced conversion expense related to
convertible notes
—
2,232
Deferred tax expense
(931
)
—
Revaluation of acquisition-related
contingent consideration liability
1,570
—
Changes in operating assets and
liabilities, net of amounts acquired:
Accounts receivable
(3,713
)
(14,547
)
Inventory
(49,577
)
(24,439
)
Prepaid expenses and other assets
1,625
852
Accounts payable
(12,303
)
7,371
Accrued compensation and employee related
benefits
(1,119
)
2,683
Accrued and other liabilities
(591
)
(215
)
Operating lease right-of-use assets
2,607
3,414
Operating lease liabilities
(3,308
)
(4,126
)
Deferred revenue
(1,859
)
1,805
Net cash provided by (used in) operating
activities
(49,382
)
641
Investing activities:
Purchases of investments
—
(205,749
)
Proceeds from sales of investments
13,372
—
Proceeds from maturities of
investments
144,401
114,750
Proceeds from sale of property and
equipment
234
279
Purchases of intangible assets
(250
)
—
Purchases of property and equipment
(18,592
)
(12,079
)
Business acquisitions, net of cash
acquired
(23,357
)
—
Net cash provided by (used in) investing
activities
115,808
(102,799
)
Financing activities:
Proceeds from exercise of stock options
and employee stock purchase plan
8,736
15,416
Payment of 2019 Notes
—
(17,564
)
Net cash provided by (used in) financing
activities
8,736
(2,148
)
Effect of exchange rate changes on cash
and cash equivalents
34
—
Net increase (decrease) in cash and cash
equivalents
75,196
(104,306
)
Cash and cash equivalents
Beginning of period
19,597
123,903
End of period
$
94,793
$
19,597
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, as
defined below. We use adjusted EBITDA and non-GAAP net income 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
and amortization; restructuring costs; settlement and related
costs; induced conversion expense; other income, net; interest
expense; acquisition related expense and related purchase
accounting adjustments; and income tax benefit (expense). During
the year ended December 31, 2023, we revised our definition of
adjusted EBITDA to exclude acquisition related expenses, related
purchase accounting adjustments, and amortization of intangibles in
connection with our Voyantic Oy acquisition. We have excluded these
costs and expenses because we do not believe they reflect our core
operations and us excluding them enables more consistent evaluation
of our operating performance. The revision to our definition of
adjusted EBITDA did not impact adjusted EBITDA for any previously
reported periods because there was no impact of a similar nature in
such prior periods affecting comparability.
Non-GAAP Net Income
We define non-GAAP net income as net income (loss), excluding,
if applicable for the periods presented, the effects of stock-based
compensation; depreciation and amortization; restructuring costs;
settlement and related costs; induced conversion expense;
acquisition related expense and related purchase accounting
adjustments; and the corresponding income tax impacts of
adjustments to net income (loss).During the year ended December 31,
2023, we revised our definition of non-GAAP net income to adjust
for acquisition related expenses, related purchase accounting
adjustments, and amortization of intangibles in connection with our
Voyantic Oy acquisition. The revision to our definition of non-GAAP
net income did not impact non-GAAP net income for any previously
reported periods because there was no impact of a similar nature in
such prior periods affecting comparability. During the year ended
December 31, 2023, we further revised our definition of non-GAAP
net income to adjust for income tax effects of adjustments to net
income (loss), calculated at the statutory rate for current and
historical periods. We have revised the prior period amounts to
conform to our current period presentation.
IMPINJ, INC.
RECONCILIATIONS OF GAAP
FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, except
percentages, unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
GAAP Gross margin
47.9
%
52.4
%
49.4
%
53.5
%
Adjustments:
Depreciation and amortization
2.3
%
1.2
%
1.8
%
1.4
%
Purchase accounting adjustments
0.0
%
0.0
%
0.1
%
0.0
%
Stock-based compensation
0.7
%
0.2
%
0.6
%
0.6
%
Non-GAAP Gross margin
50.9
%
53.8
%
51.9
%
55.5
%
GAAP Net loss
$
(15,180
)
$
(118
)
$
(43,366
)
$
(24,301
)
Adjustments:
Depreciation and amortization
3,889
1,588
13,623
6,044
Induced conversion expense
—
—
—
2,232
Stock-based compensation
12,307
10,213
47,986
42,443
Restructuring costs
—
(102
)
—
(102
)
Acquisition related expenses
1,596
—
3,272
—
Purchase accounting adjustments
—
—
388
—
Other income, net
(1,024
)
(1,150
)
(4,644
)
(2,517
)
Interest expense
1,215
1,207
4,848
4,923
Income tax expense (benefit)
150
117
(322
)
184
Adjusted EBITDA
$
2,953
$
11,755
$
21,785
$
28,906
GAAP Net loss
$
(15,180
)
$
(118
)
$
(43,366
)
$
(24,301
)
Adjustments:
Depreciation and amortization
3,889
1,588
13,623
6,044
Induced conversion expense
—
—
—
2,232
Stock-based compensation
12,307
10,213
47,986
42,443
Restructuring costs
—
(102
)
—
(102
)
Acquisition related expenses
1,596
—
3,272
—
Purchase accounting adjustments
—
—
388
—
Income tax effects of adjustments (1)
(110
)
(1,089
)
(2,100
)
(2,474
)
Non-GAAP Net income
$
2,502
$
10,492
$
19,803
$
23,842
Non-GAAP Net income per share:
Basic
$
0.09
$
0.40
$
0.74
$
0.93
Diluted
$
0.09
$
0.37
$
0.70
$
0.87
GAAP and non-GAAP Weighted-average shares
— basic
27,089
26,005
26,752
25,539
GAAP Weighted-average shares — diluted
27,089
26,005
26,752
25,539
Dilutive shares from stock plans
1,255
2,147
1,632
1,811
Dilutive shares from 2021 Notes
—
—
—
127
Non-GAAP Weighted-average shares —
diluted
28,344
28,152
28,384
27,477
(1) The tax effects of the adjustments are
calculated using the statutory rate, taking into consideration the
nature of the item and relevant taxing jurisdictions.
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
March 31,
2024
GAAP Net loss
$
(15,201
)
Adjustments:
Forecasted Depreciation and
amortization
4,152
Forecasted Stock-based compensation
12,691
Forecasted Restructuring costs
1,850
Forecasted Interest expense
1,258
Forecasted Other income, net
(850
)
Forecasted Income tax expense
(200
)
Adjusted EBITDA
$
3,700
GAAP Net loss
$
(15,201
)
Adjustments:
Forecasted Depreciation and
amortization
4,152
Forecasted Stock-based compensation
12,691
Forecasted Restructuring costs
1,850
Forecasted Income tax effects of
adjustments
(509
)
Non-GAAP Net income
$
2,983
GAAP Net loss per share — basic and
diluted
$
(0.56
)
Non-GAAP Net income per share
Basic
$
0.11
Diluted
$
0.10
GAAP weighted-average shares — basic and
diluted
27,300
Non-GAAP weighted-average shares —
basic
27,300
Dilutive shares from stock plans
1,200
Non-GAAP weighted-average shares —
diluted
28,500
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240208580333/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
Impinj (NASDAQ:PI)
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Impinj (NASDAQ:PI)
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