Impinj Announces Second Quarter 2016 Financial Results
August 31 2016 - 4:03PM
Impinj, Inc. (NASDAQ:PI), a leading provider and pioneer of
solutions for identifying, locating and authenticating everyday
items using RAIN RFID, today announced its second quarter 2016
financial results for the period ended June 30, 2016.
“We delivered strong second quarter results. Revenue grew 36%
year-over-year to a record driven by continued demand for our Monza
endpoint ICs, which we believe is an indication of accelerating
market growth and our strong market position,” said Chris Diorio,
co-founder and CEO. “We see a massive and growing market
opportunity for our offerings and, with the successful completion
of our IPO, we have expanded our available capital and will
continue to execute our strategy to further capitalize on this
exciting growth opportunity.”
Second Quarter Financial Summary
- Revenue grew 36% year-over-year to $26.0 million
- GAAP gross margin of 52.3%; Non-GAAP gross margin of 53.4%
- GAAP net loss of $0.3 million; GAAP net loss attributable to
common shareholders of $3.1 million or a loss of $0.71 per share
using 4.3 million shares
- Adjusted EBITDA of $1.3 million
- Non-GAAP net income of $0.9 million, or $0.06 per share using
13.9 million shares
A reconciliation between historical GAAP and non-GAAP
information, including of weighted average basic and diluted
shares, is contained in the tables below and in the section titled
"Non-GAAP Financial Measures" below are descriptions of these
non-GAAP financial measures.
Third Quarter 2016 Financial OutlookImpinj
provides guidance based on current market conditions and
expectations and actual results may differ materially. Please refer
to the company’s comments below regarding Forward Looking
Statements. For the third quarter of 2016, the company currently
expects:
- Revenue in the range of $27.4 million to $28.9 million
- Adjusted EBITDA in the range of $0.3 million to $1.8
million
- Non-GAAP net income in the range of $0.2 million to $1.7
million, and non-GAAP earnings per share in the range of $0.01 and
$0.09, using approximately 18.6 million shares.
All forward-looking non-GAAP financial measures contained in
this section titled "Third Quarter 2016 Financial Outlook" exclude
non-cash income and expenses. We have not reconciled guidance for
non-GAAP metrics to their most directly comparable GAAP measures
because such items that impact these measures are not within our
control or cannot be reasonably predicted. Accordingly, a
reconciliation of the non-GAAP financial measure guidance to the
corresponding GAAP measures is not available without unreasonable
effort.
Conference Call InformationImpinj will host a
conference call and webcast today, Aug. 31, 2016 at 4:30 p.m. ET /
1:30 p.m. PT for analysts and investors to discuss its second
quarter results and outlook for its third quarter of 2016. Open to
the public, investors may access the call by dialing
+1-412-317-6060. A live webcast of the conference call will also be
accessible on the company's website at investor.impinj.com.
Following the webcast, an archived version will be available on the
website for one year. A telephonic replay of the call will be
available one hour after the call and will run for five business
days and may be accessed by dialing +1-412-317-0088 and entering
passcode 10091002.
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, prospects, and
our financial outlook for the third quarter of 2016.
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 filings with the
U.S. Securities and Exchange Commission, including, but not limited
to, the prospectus filed pursuant to Rule 424(b) under the
Securities Act of 1993 with the SEC on July 21, 2016. 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.
Non-GAAP Financial Measures To supplement our
condensed consolidated financial statements, which are prepared and
presented in accordance with Generally Accepted Accounting
Principles in the United States of America (GAAP), we use the
following non-GAAP financial measures: non-GAAP gross margin, net
income and earnings per share and Adjusted EBITDA. In computing
these non-GAAP financial measures, we exclude the effects of
stock-based compensation expense, depreciation and amortization,
non-cash interest and other income/expense, and non-cash income tax
expense not considered to be indicative of our ongoing core
business operating results. The presentation of this non-GAAP
financial information is not intended to be considered in isolation
or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and
operational decision-making and as a means to evaluate
period-to-period comparisons. Our management believes that these
non-GAAP financial measures provide meaningful supplemental
information regarding our performance and liquidity by excluding
certain income, expenses and expenditures that may not be
indicative of our ongoing core business operating results. We
believe that both management and investors benefit from referring
to these non-GAAP financial measures in assessing our performance
and when analyzing historical performance and liquidity and
planning, forecasting, and analyzing future periods. The
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 non-GAAP measures used by other
companies.
For a reconciliation of these non-GAAP financial measures to
GAAP measures, please see the tables captioned "Reconciliations of
GAAP financial measures to Non-GAAP financial measures" included at
the end of this release.
About Impinj Impinj (NASDAQ:PI) is a leading
provider of RAIN RFID solutions. The Impinj Platform connects
billions of everyday items such as apparel, medical supplies,
automobile parts, drivers’ licenses, food and luggage to
applications such as inventory management, patient safety, asset
tracking and item authentication, delivering real-time information
to businesses about items they create, manage, transport and sell.
The Impinj Platform wirelessly delivers information about these
items’ unique identity, location and authenticity, or Item
Intelligence™, to the digital world, which Impinj believes is the
essence of the Internet of Things.
|
|
|
|
|
|
|
IMPINJ, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands,
except par value, unaudited) |
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
Assets: |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
14,432 |
|
|
$ |
10,121 |
|
Accounts
receivable, net |
|
|
15,623 |
|
|
|
12,889 |
|
Inventory |
|
|
19,228 |
|
|
|
11,837 |
|
Prepaid
expenses and other current assets |
|
|
1,142 |
|
|
|
1,095 |
|
Total
current assets |
|
|
50,425 |
|
|
|
35,942 |
|
Property
and equipment, net |
|
|
12,621 |
|
|
|
12,351 |
|
Other
non-current assets |
|
|
1,528 |
|
|
|
637 |
|
Goodwill |
|
|
3,881 |
|
|
|
3,881 |
|
Other
intangible assets, net |
|
|
— |
|
|
|
37 |
|
Total
assets |
|
$ |
68,455 |
|
|
$ |
52,848 |
|
Liabilities,
redeemable convertible preferred stock and stockholders'
deficit: |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
7,473 |
|
|
$ |
3,182 |
|
Accrued
compensation and employee related benefits |
|
|
4,006 |
|
|
|
4,038 |
|
Accrued
liabilities |
|
|
4,225 |
|
|
|
2,895 |
|
Current
portion of long-term debt |
|
|
13,162 |
|
|
|
5,227 |
|
Current
portion of capital lease obligations |
|
|
1,100 |
|
|
|
1,190 |
|
Current
portion of deferred rent |
|
|
182 |
|
|
|
258 |
|
Current
portion of deferred revenue |
|
|
371 |
|
|
|
684 |
|
Total
current liabilities |
|
|
30,519 |
|
|
|
17,474 |
|
Long-term
debt, net of current portion |
|
|
15,033 |
|
|
|
10,683 |
|
Capital
lease obligations, net of current portion |
|
|
2,115 |
|
|
|
2,526 |
|
Long-term
liabilities—other |
|
|
724 |
|
|
|
678 |
|
Warrant
liability |
|
|
2,711 |
|
|
|
2,865 |
|
Deferred
rent, net of current portion |
|
|
5,104 |
|
|
|
4,984 |
|
Deferred
revenue, net of current portion |
|
|
970 |
|
|
|
710 |
|
Total
liabilities |
|
|
57,176 |
|
|
|
39,920 |
|
Commitment and
contingencies |
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock, $0.001 par value |
|
|
|
|
|
|
|
|
Series 1:
5,334 shares authorized; 5,334 shares issued and outstanding |
|
|
65,834 |
|
|
|
60,184 |
|
Series 2:
2,979 shares authorized; 2,557 shares issued and outstanding |
|
|
37,897 |
|
|
|
37,779 |
|
Total
redeemable convertible preferred stock |
|
|
103,731 |
|
|
|
97,963 |
|
Stockholders'
deficit: |
|
|
|
|
|
|
|
|
Common
stock, $0.001 par value, 17,083 shares authorized; 4,478 and 4,382
shares issued and outstanding at June 30, 2016 and December 31,
2015, respectively |
|
|
4 |
|
|
|
4 |
|
Additional paid in capital |
|
|
95,443 |
|
|
|
100,276 |
|
Accumulated deficit |
|
|
(187,899 |
) |
|
|
(185,315 |
) |
Total
stockholders' deficit |
|
|
(92,452 |
) |
|
|
(85,035 |
) |
Total
liabilities, redeemable convertible preferred stock and
stockholders' deficit |
|
$ |
68,455 |
|
|
$ |
52,848 |
|
|
|
|
|
|
|
|
IMPINJ, INC.CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share
data, unaudited) |
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
revenue |
|
$ |
47,413 |
|
|
$ |
34,866 |
|
|
$ |
25,862 |
|
|
$ |
18,871 |
|
Development, service and licensing revenue |
|
|
206 |
|
|
|
322 |
|
|
|
126 |
|
|
|
252 |
|
Total
revenue |
|
|
47,619 |
|
|
|
35,188 |
|
|
|
25,988 |
|
|
|
19,123 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
product revenue |
|
|
22,834 |
|
|
|
16,901 |
|
|
|
12,339 |
|
|
|
8,901 |
|
Cost of
development, service and licensing revenue |
|
|
95 |
|
|
|
96 |
|
|
|
57 |
|
|
|
59 |
|
Total
cost of revenue |
|
|
22,929 |
|
|
|
16,997 |
|
|
|
12,396 |
|
|
|
8,960 |
|
Gross profit |
|
|
24,690 |
|
|
|
18,191 |
|
|
|
13,592 |
|
|
|
10,163 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
11,160 |
|
|
|
8,184 |
|
|
|
5,726 |
|
|
|
4,023 |
|
Sales and
marketing |
|
|
10,318 |
|
|
|
6,379 |
|
|
|
5,288 |
|
|
|
3,333 |
|
General
and administrative |
|
|
4,858 |
|
|
|
3,151 |
|
|
|
2,356 |
|
|
|
1,597 |
|
Total
operating expenses |
|
|
26,336 |
|
|
|
17,714 |
|
|
|
13,370 |
|
|
|
8,953 |
|
Income (loss) from
operations |
|
|
(1,646 |
) |
|
|
477 |
|
|
|
222 |
|
|
|
1,210 |
|
Interest expense and
other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(977 |
) |
|
|
(445 |
) |
|
|
(490 |
) |
|
|
(230 |
) |
Other
income (expense), net |
|
|
94 |
|
|
|
86 |
|
|
|
54 |
|
|
|
24 |
|
Total
interest expense and other income (expense), net |
|
|
(883 |
) |
|
|
(359 |
) |
|
|
(436 |
) |
|
|
(206 |
) |
Income (loss) before
tax expense |
|
|
(2,529 |
) |
|
|
118 |
|
|
|
(214 |
) |
|
|
1,004 |
|
Income tax expense |
|
|
(55 |
) |
|
|
(49 |
) |
|
|
(40 |
) |
|
|
(30 |
) |
Net income (loss) |
|
$ |
(2,584 |
) |
|
$ |
69 |
|
|
$ |
(254 |
) |
|
$ |
974 |
|
Less:
Accretion of preferred stock |
|
|
(5,650 |
) |
|
|
(5,650 |
) |
|
|
(2,825 |
) |
|
|
(2,825 |
) |
Net loss attributable
to common stockholders—basic and diluted |
|
$ |
(8,234 |
) |
|
$ |
(5,581 |
) |
|
$ |
(3,079 |
) |
|
$ |
(1,851 |
) |
Net loss per share
attributable to common stockholders—basic and diluted |
|
$ |
(1.92 |
) |
|
$ |
(1.48 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.48 |
) |
Weighted—average shares
used to compute net loss per share attributable to common
stockholders—basic and diluted |
|
|
4,294 |
|
|
|
3,766 |
|
|
|
4,321 |
|
|
|
3,845 |
|
|
|
|
|
IMPINJ, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(in thousands, unaudited) |
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
Operating
activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(2,584 |
) |
|
$ |
69 |
|
Adjustment to reconcile
net income (loss) to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,483 |
|
|
|
839 |
|
Amortization of debt issuance
costs |
|
|
84 |
|
|
|
64 |
|
Revaluation of warrant
liability |
|
|
(93 |
) |
|
|
(71 |
) |
Stock-based compensation |
|
|
662 |
|
|
|
600 |
|
Changes in operating assets and
liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(2,734 |
) |
|
|
(3,313 |
) |
Inventory |
|
|
(7,391 |
) |
|
|
(4,390 |
) |
Prepaid
expenses and other assets |
|
|
(621 |
) |
|
|
(166 |
) |
Deferred
revenue |
|
|
(53 |
) |
|
|
105 |
|
Deferred
rent |
|
|
44 |
|
|
|
(375 |
) |
Accounts
payable |
|
|
4,291 |
|
|
|
2,821 |
|
Accrued
compensation and benefits |
|
|
(235 |
) |
|
|
77 |
|
Accrued
liabilities |
|
|
829 |
|
|
|
53 |
|
Net cash
provided by (used in) operating activities |
|
|
(6,318 |
) |
|
|
(3,687 |
) |
Investing
activities: |
|
|
|
|
|
|
|
|
Purchases of property
and equipment |
|
|
(1,048 |
) |
|
|
(436 |
) |
Net cash
used in investing activities |
|
|
(1,048 |
) |
|
|
(436 |
) |
Financing
activities: |
|
|
|
|
|
|
|
|
Payments on capital
lease financing obligations |
|
|
(622 |
) |
|
|
(335 |
) |
Payments on term
loans |
|
|
(45,733 |
) |
|
|
(598 |
) |
Proceeds from term
loans |
|
|
57,934 |
|
|
|
4,009 |
|
Proceeds from issuance
of common stock upon exercise of stock options |
|
|
358 |
|
|
|
282 |
|
Proceeds from issuance
of preferred stock upon exercise of warrants |
|
|
57 |
|
|
|
— |
|
Payments of deferred
offering costs |
|
|
(317 |
) |
|
|
— |
|
Net cash provided by
(used in) financing activities |
|
|
11,677 |
|
|
|
3,358 |
|
Net
increase (decrease) in cash and cash equivalents |
|
|
4,311 |
|
|
|
(765 |
) |
Cash and cash
equivalents |
|
|
|
|
|
|
|
|
Beginning of
period |
|
|
10,121 |
|
|
|
6,939 |
|
End of period |
|
$ |
14,432 |
|
|
$ |
6,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPINJ,
INC.RECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES(in thousands, except per share data,
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended |
|
|
Three Months
Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
GAAP Gross Margin |
|
|
51.8 |
% |
|
|
51.7 |
% |
|
|
52.3 |
% |
|
|
53.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1.1 |
% |
|
|
1.2 |
% |
|
|
1.0 |
% |
|
|
1.3 |
% |
Stock-based compensation |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
Non-GAAP Gross Margin |
|
|
53.0 |
% |
|
|
53.0 |
% |
|
|
53.4 |
% |
|
|
54.4 |
% |
|
|
|
|
Six Months
Ended |
|
|
Three Months
Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
GAAP Research and development expense |
|
$ |
11,160 |
|
|
$ |
8,184 |
|
|
$ |
5,726 |
|
|
$ |
4,023 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(563 |
) |
|
|
(209 |
) |
|
|
(300 |
) |
|
|
(107 |
) |
Stock-based compensation |
|
|
(134 |
) |
|
|
(183 |
) |
|
|
(66 |
) |
|
|
(81 |
) |
Non-GAAP Research and development expense |
|
$ |
10,463 |
|
|
$ |
7,792 |
|
|
$ |
5,360 |
|
|
$ |
3,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended |
|
|
Three Months
Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
GAAP Sales and marketing expense |
|
$ |
10,318 |
|
|
$ |
6,379 |
|
|
$ |
5,288 |
|
|
$ |
3,333 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(261 |
) |
|
|
(130 |
) |
|
|
(131 |
) |
|
|
(66 |
) |
Stock-based compensation |
|
|
(411 |
) |
|
|
(317 |
) |
|
|
(206 |
) |
|
|
(173 |
) |
Non-GAAP Sales and marketing expense |
|
$ |
9,646 |
|
|
$ |
5,932 |
|
|
$ |
4,951 |
|
|
$ |
3,094 |
|
|
|
|
|
Six Months
Ended |
|
|
Three Months
Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
GAAP General and administrative expense |
|
$ |
4,858 |
|
|
$ |
3,151 |
|
|
$ |
2,356 |
|
|
$ |
1,597 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(107 |
) |
|
|
(46 |
) |
|
|
(55 |
) |
|
|
(23 |
) |
Stock-based compensation |
|
|
(106 |
) |
|
|
(79 |
) |
|
|
(51 |
) |
|
|
(32 |
) |
Non-GAAP General and administrative expense |
|
$ |
4,645 |
|
|
$ |
3,026 |
|
|
$ |
2,250 |
|
|
$ |
1,542 |
|
|
|
|
|
Six Months
Ended |
|
|
Three Months
Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
GAAP Total operating expense |
|
$ |
26,336 |
|
|
$ |
17,714 |
|
|
$ |
13,370 |
|
|
$ |
8,953 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(931 |
) |
|
|
(385 |
) |
|
|
(486 |
) |
|
|
(196 |
) |
Stock-based compensation |
|
|
(651 |
) |
|
|
(579 |
) |
|
|
(323 |
) |
|
|
(286 |
) |
Non-GAAP Total operating expense |
|
$ |
24,754 |
|
|
$ |
16,750 |
|
|
$ |
12,561 |
|
|
$ |
8,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPINJ, INC.RECONCILIATION OF
GAAP MEASURES TO NON-GAAP
MEASURES(in thousands, except per share data,
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
GAAP Net Income |
|
$ |
(2,584 |
) |
|
$ |
69 |
|
|
$ |
(254 |
) |
|
$ |
974 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,483 |
|
|
|
840 |
|
|
|
770 |
|
|
|
426 |
|
Stock-based compensation |
|
|
662 |
|
|
|
600 |
|
|
|
328 |
|
|
|
294 |
|
Interest expense and other income
(expense), net |
|
|
883 |
|
|
|
359 |
|
|
|
436 |
|
|
|
206 |
|
Income tax expense |
|
|
55 |
|
|
|
49 |
|
|
|
40 |
|
|
|
30 |
|
Adjusted EBITDA |
|
$ |
499 |
|
|
$ |
1,917 |
|
|
$ |
1,320 |
|
|
$ |
1,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
GAAP Net Income |
|
$ |
(2,584 |
) |
|
$ |
69 |
|
|
$ |
(254 |
) |
|
$ |
974 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,483 |
|
|
|
840 |
|
|
|
770 |
|
|
|
426 |
|
Stock-based compensation |
|
|
662 |
|
|
|
600 |
|
|
|
328 |
|
|
|
294 |
|
Non-cash interest expense |
|
|
84 |
|
|
|
- |
|
|
|
37 |
|
|
|
- |
|
Change in the fair value of
preferred stock warrant liability |
|
|
(91 |
) |
|
|
(71 |
) |
|
|
(38 |
) |
|
|
(24 |
) |
Non-cash income tax expense |
|
|
40 |
|
|
|
21 |
|
|
|
25 |
|
|
|
2 |
|
Non-GAAP Net
Income |
|
$ |
(406 |
) |
|
$ |
1,459 |
|
|
$ |
868 |
|
|
$ |
1,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
GAAP Weighted—average
shares used to compute net loss per share attributable to common
stockholders—basic and diluted |
|
|
4,294 |
|
|
|
3,766 |
|
|
|
4,321 |
|
|
|
3,845 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock issuable
upon conversion of mandatorily redeemable convertible preferred
stock |
|
|
8,526 |
|
|
|
8,522 |
|
|
|
8,530 |
|
|
|
8,522 |
|
Non-GAAP
Weighted—average shares used to compute net loss per share
attributable to common stockholders—basic |
|
|
12,820 |
|
|
|
12,288 |
|
|
|
12,851 |
|
|
|
12,367 |
|
Effects of potentially
dilutive securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common
stock |
|
|
- |
|
|
|
15 |
|
|
|
18 |
|
|
|
16 |
|
Warrants to purchase mandatorily
redeemable convertible preferred stock |
|
|
- |
|
|
|
- |
|
|
|
44 |
|
|
|
- |
|
Weighted-average unvested shares of
common stock subject to repurchase |
|
|
- |
|
|
|
169 |
|
|
|
147 |
|
|
|
169 |
|
Stock Options |
|
|
- |
|
|
|
1,101 |
|
|
|
859 |
|
|
|
1,174 |
|
Non-GAAP
Weighted—average shares used to compute net loss per share
attributable to common stockholders—diluted |
|
|
12,820 |
|
|
|
13,573 |
|
|
|
13,919 |
|
|
|
13,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Non-GAAP earnings per
share—basic |
|
$ |
(0.03 |
) |
|
$ |
0.12 |
|
|
$ |
0.07 |
|
|
$ |
0.14 |
|
Non-GAAP earnings per
share—diluted |
|
$ |
(0.03 |
) |
|
$ |
0.11 |
|
|
$ |
0.06 |
|
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts:
Investor Relations
Maria Riley & Chelsea Lish
The Blueshirt Group
ir@impinj.com
+1-206-315-4470
Media Relations
Erika Goodmanson
Sr. Director, Marketing and Communications
egoodmanson@impinj.com
+1-206-812-9744
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