Impinj Announces Preliminary Fourth-Quarter 2023 Revenue and Adjusted EBITDA Ahead of Participation at 26th Annual Needham Growth Conference
Impinj, Inc. (NASDAQ: PI) expects fourth-quarter 2023 revenue to exceed $70 million, above prior guidance of $65.5 to $68.5 million, and adjusted EBITDA to exceed $2.5 million, above prior guidance of ($0.9) to $0.7 million. CEO and CFO will participate in a fireside chat at the 26th Annual Needham Growth Conference on January 17, 2024. Earnings conference call details and webcast information are also provided.
Positive
Exceeding revenue and adjusted EBITDA guidance for Q4 2023
Participation in the 26th Annual Needham Growth Conference
Release of financial results for Q4 and full-year 2023 on February 8, 2024
The announcement by Impinj, Inc. of exceeding its fourth-quarter 2023 revenue and adjusted EBITDA forecasts is a significant indicator of the company's performance and potential growth. The revenue outperformance suggests a robust demand for RAIN RFID technology, which is critical for supply chain optimization, inventory management and asset tracking across various industries. This technology is increasingly being adopted for its ability to enhance operational efficiency and data accuracy.
From a market research perspective, the positive financial revision could signal underlying industry trends, such as increased IoT integration into business operations and a growing emphasis on real-time data analytics. It is also essential to consider the competitive landscape and how Impinj's product offerings and market strategies might be contributing to its financial success relative to peers. The upward revision might attract investor attention, potentially influencing the company's stock valuation positively.
An upward adjustment in both revenue and adjusted EBITDA reflects not only better-than-expected sales performance but also effective cost management and operational efficiency. Adjusted EBITDA, which stands for Earnings Before Interest, Taxes, Depreciation and Amortization, is a key metric used to evaluate a company's operating performance. It excludes non-operating expenses to provide a clearer picture of financial health.
Investors will likely scrutinize the sustainability of Impinj's performance, considering factors such as customer acquisition costs, gross margins and cash flow generation. The financial results could impact investor sentiment, potentially leading to stock price volatility. It's critical to analyze these figures in the context of the company's historical performance and the broader economic environment, including supply chain dynamics and tech spending trends.
The strategic implications of this financial update are multifaceted. For current and potential investors, the exceeded forecasts may represent a company surpassing market expectations, which can be a catalyst for stock re-rating. However, it's vital to assess the sustainability of this growth and whether it's driven by one-off events or consistent business expansion.
Investment analysts will delve into the drivers behind the increased revenue, such as new customer acquisitions, expansion in existing accounts, or entry into new markets. They will also evaluate the impact of macroeconomic factors, such as inflation and interest rates, on the company's cost structure and customer spending behavior. This analysis will form the basis for understanding the long-term value proposition of the company in a rapidly evolving tech landscape.
01/16/2024 - 04:15 PM
SEATTLE --(BUSINESS WIRE)--
Impinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and Internet of Things pioneer, today announced that it expects fourth-quarter 2023 revenue to exceed $70 million $65.5 $68.5 million $2.5 million $0.9 $0.7 million
The company also announced that Chris Diorio, Impinj co-founder and CEO, and Cary Baker, Impinj CFO, will participate in a fireside chat at the 26th Annual Needham Growth Conference on Wednesday, January 17, 2024, at 10:15 a.m. ET. A live webcast and replay of the presentation will be available on the company’s website at investor.impinj.com .
Fourth-Quarter and Full-Year 2023 Earnings Conference Call Details
Impinj will release financial results for its fourth quarter and full year ended December 31, 2023, after U.S. markets close on Thursday, February 8, 2024.
Impinj will host a conference call and webcast to discuss its fourth-quarter and full-year 2023 results and first-quarter 2024 outlook at 5:00 p.m. ET / 2:00 p.m. PT. Interested parties may listen to the call by dialing +1-412-317-1863. A live webcast and replay will 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, quarterly financial data and the financial-results press release will be made available on the company’s website at investor.impinj.com on February 8, 2024.
Forward-Looking Statements
This press 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 our preliminary fourth-quarter 2023 revenue and adjusted EBITDA expectations. We base these preliminary expectations on current assumptions, which involve risks and uncertainties that could cause actual revenue and adjusted EBITDA results to differ materially including, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Furthermore, we are in the process of finalizing our fourth-quarter 2023 financial results and our final, audited results and final analysis of those results are not yet available. Therefore, the fourth-quarter 2023 revenue and adjusted EBITDA expectations are subject to further review and the actual results could differ from management’s expectations. Actual revenue and adjusted EBITDA are also subject to audit by our independent registered public accounting firm, with no assurance from our public accounting firm on the revenue and adjusted EBITDA expectations. You should not draw any conclusions from the fourth-quarter 2023 revenue and adjusted EBITDA expectations for any other financial results as of, and for the quarter ended, December 31, 2023. 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.
Impinj Disclosure Channels to Disseminate Information
Impinj investors and others should note that we announce material information to the public about our company, products, services and other topics through a variety of means, including our website, press releases, SEC filings, blogs and social media, in order to achieve broad, non-exclusionary distribution of information to the public. We use the Impinj website, Facebook page, LinkedIn page and blog as a means of disclosing information about the company and its services and for complying with the disclosure obligations under Regulation FD. The information we post through these channels may be deemed material. Accordingly, we encourage investors and others to monitor these social media channels and our website in addition to following our press releases, SEC filings and public conference calls and webcasts.
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
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Source: Impinj, Inc.
What is the expected revenue for Impinj, Inc. in Q4 2023?
Impinj, Inc. expects its Q4 2023 revenue to exceed $70 million.
What is the adjusted EBITDA expectation for Impinj, Inc. in Q4 2023?
Impinj, Inc. expects its adjusted EBITDA to exceed $2.5 million in Q4 2023.
When will the 26th Annual Needham Growth Conference take place?
The conference will take place on January 17, 2024, at 10:15 a.m. ET.
When will Impinj, Inc. release its financial results for Q4 and full-year 2023?
Impinj, Inc. will release its financial results on February 8, 2024, after U.S. markets close.
