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Impinj Announces Fourth Quarter and Full Year 2016 Financial Results

/EIN News/ -- SEATTLE, Feb. 16, 2017 (GLOBE NEWSWIRE) -- Impinj, Inc. (NASDAQ:PI), a leading provider and pioneer of RAIN RFID solutions for identifying, locating and authenticating everyday items, today announced its financial results for the fourth quarter and full year ended Dec. 31, 2016.

“The fourth quarter was a strong close to a landmark and transformational year for Impinj. During the year, our continued execution of our strategy and the dedication of the entire Impinj team resulted in 43% revenue growth, approximately 70% endpoint IC volume growth and improved margin,” said Chris Diorio, Impinj co-founder and CEO. “We raised a total of approximately $107 million in net proceeds in two successful equity offerings, expanding our available capital to continue investing in the massive market opportunity and enhance our leading market position.”

Fourth Quarter 2016 Financial Summary

  • Revenue grew 49% year-over-year to $33.7 million
  • GAAP gross margin of 54.6%; non-GAAP gross margin of 55.6%
  • GAAP net income and net income attributable to common stockholders of $0.1 million, or income of $0.01 per diluted share using 20.7 million shares
  • Adjusted EBITDA of $2.4 million
  • Non-GAAP net income of $2.2 million, or income of $0.11 per diluted share using 20.7 million shares

Full Year 2016 Financial Summary

  • Revenue grew 43% year-over-year to $112.3 million
  • GAAP gross margin of 52.9%; non-GAAP gross margin of 53.9%
  • GAAP net loss of $1.7 million; GAAP net loss attributable to common stockholders of $7.9 million or a loss of $0.74 per diluted share using 10.8 million shares
  • Adjusted EBITDA of $5.1 million
  • Non-GAAP net income of $3.7 million, or income of $0.22 per diluted share using 16.8 million shares

A reconciliation between historical 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" section below.

First Quarter 2017 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. For the first quarter of 2017, Impinj currently expects:

  • Revenue in the range of $30.0 million to $31.5 million
  • Adjusted EBITDA in the range of a loss of $1.0 million to income of $0.5 million
  • Non-GAAP earnings in the range of a loss of $1.25 million to income of $0.25 million, and non-GAAP diluted earnings per share in the range of a loss of $0.06 and income of $0.01 with an expected share count in the range of 21.0 million to 22.0 million shares

All forward-looking non-GAAP financial measures in this section titled "First Quarter 2017 Financial Outlook" exclude non-cash income and expenses. Impinj has not reconciled guidance for these non-GAAP measures to their most directly comparable GAAP measures because some items that impact these measures are either not within our control or not reasonably predictable, at least not without unreasonable effort.

Conference Call Information

Impinj will host a conference call and webcast today, Feb. 16, 2017 at 5:00 p.m. ET / 2:00 p.m. PT for analysts and investors to discuss the company’s fourth quarter and full year 2016 results as well as its outlook for its first quarter of 2017. 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 10098908.

Management’s prepared written remarks, along with quarterly financial data for the last eight quarters, will be made available on the company’s website at investor.impinj.com commensurate with this release. Management encourages interested parties to review the prepared remarks before the conference call and submit questions via email to ir@impinj.com. Questions received prior to the call will be considered for discussion on the live conference call.

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 first quarter of 2017. 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 Form 10-Q filed with the SEC on November 15, 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 we have 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. We believe 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. 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 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)
             
    December 31,     December 31,  
    2016     2015  
Assets:                
Current assets:                
Cash and cash equivalents   $ 33,636     $ 10,121  
Short-term investments     66,905        
Accounts receivable, net     17,447       12,889  
Inventory     27,734       11,837  
Prepaid expenses and other current assets     3,004       1,095  
Total current assets     148,726       35,942  
Property and equipment, net     14,929       12,351  
Other non-current assets           637  
Goodwill     3,881       3,881  
Other intangible assets, net           37  
Total assets   $ 167,536     $ 52,848  
Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit):                
Current liabilities:                
Accounts payable   $ 7,166     $ 3,182  
Accrued compensation and employee related benefits     7,647       4,038  
Accrued liabilities     6,098       2,895  
Current portion of long-term debt     2,589       5,227  
Current portion of capital lease obligations     1,130       1,190  
Current portion of deferred rent     306       258  
Current portion of deferred revenue     445       684  
Total current liabilities     25,381       17,474  
Long-term debt, net of current portion     9,676       10,683  
Capital lease obligations, net of current portion     1,698       2,526  
Long-term liabilities—other     770       678  
Warrant liability           2,865  
Deferred rent, net of current portion     5,022       4,984  
Deferred revenue, net of current portion     966       710  
Total liabilities     43,513       39,920  
Commitment and contingencies                
Redeemable convertible preferred stock, $0.001 par value                
Series 1: none authorized and issued at December 31, 2016; 5,334 shares authorized, issued and outstanding at December 31, 2015           60,184  
Series 2: none authorized and issued at December 31, 2016; 2,979 shares authorized and 2,557 shares issued and outstanding at December 31, 2015           37,779  
Total redeemable convertible preferred stock           97,963  
Stockholders' equity (deficit):                
Preferred stock, $0.001 par value — 5,000 shares authorized; no shares issued and outstanding at December 31, 2016; no shares authorized, issued and outstanding at December 31, 2015            
Common stock, $0.001 par value, 495,000 shares authorized; 20,336 and 4,382 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively     20       4  
Additional paid-in capital     311,216       100,276  
Accumulated other comprehensive income (loss)     (10 )      
Accumulated deficit     (187,203 )     (185,315 )
Total stockholders' equity (deficit)     124,023       (85,035 )
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)   $ 167,536     $ 52,848  



IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
             
    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2016     2015     2016     2015  
Revenue:                                
Product revenue   $ 33,467     $ 22,224     $ 111,769     $ 77,389  
Development, service and licensing revenue     188       403       518       1,090  
Total revenue     33,655       22,627       112,287       78,479  
Cost of revenue:                                
Cost of product revenue     15,206       10,471       52,614       37,360  
Cost of development, service and licensing revenue     61       117       220       273  
Total cost of revenue     15,267       10,588       52,834       37,633  
Gross profit     18,388       12,039       59,453       40,846  
Operating expenses:                                
Research and development     7,403       5,091       25,185       17,579  
Sales and marketing     6,428       4,428       22,330       14,579  
General and administrative     4,212       1,998       12,426       7,087  
Total operating expenses     18,043       11,517       59,941       39,245  
Income (loss) from operations     345       522       (488 )     1,601  
Interest income (expense) and other income (expense), net                                
Interest expense     (311 )     (466 )     (1,633 )     (1,208 )
Interest income and other income (expense), net     139       850       616       673  
Total interest income (expense) and other income (expense), net     (172 )     384       (1,017 )     (535 )
Income (loss) before tax expense     173       906       (1,505 )     1,066  
Income tax expense     (70 )     (88 )     (168 )     (166 )
Net income (loss)   $ 103     $ 818     $ (1,673 )   $ 900  
Less: Accretion of preferred stock           (2,825 )     (6,258 )     (11,301 )
Net income (loss) attributable to common stockholders   $ 103     $ (2,007 )   $ (7,931 )   $ (10,401 )
Net income (loss) per share attributable to common stockholders:                                
Basic   $ 0.01     $ (0.49 )   $ (0.74 )   $ (2.67 )
Diluted   $ 0.01     $ (0.49 )   $ (0.74 )   $ (2.67 )
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:                                
Basic     19,078       4,127       10,778       3,893  
Diluted     20,667       4,127       10,778       3,893  



IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, unaudited)
             
    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2016     2015     2016     2015  
Net income (loss)   $ 103     $ 818     $ (1,673 )   $ 900  
Other comprehensive income (loss):                                
Unrealized losses on investments     (17 )           (17 )      
Foreign currency translation     7             7        
Total other comprehensive income (loss)     (10 )           (10 )      
Comprehensive income (loss)   $ 93     $ 818     $ (1,683 )   $ 900  


IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
       
    Year Ended  
    December 31,  
    2016     2015  
Operating activities:                
Net income (loss)   $ (1,673 )   $ 900  
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:                
Depreciation and amortization     2,869       1,972  
Amortization and write-off of debt issuance costs     239       152  
Amortization of premium on short-term investments     31        
Revaluation of warrant liability     (559 )     (703 )
Stock-based compensation     2,765       1,178  
Changes in operating assets and liabilities:                
Accounts receivable     (4,515 )     (3,327 )
Inventory     (15,897 )     (2,783 )
Prepaid expenses and other assets     (1,759 )     (360 )
Deferred revenue     17       (466 )
Deferred rent     86       4,601  
Accounts payable     3,883       754  
Accrued compensation and benefits     3,462       1,356  
Accrued liabilities     1,554       182  
Net cash provided by (used in) operating activities     (9,497 )     3,456  
Investing activities:                
Purchases of investments     (67,103 )      
Purchases of property and equipment     (3,530 )     (7,450 )
Net cash used in investing activities     (70,633 )     (7,450 )
Financing activities:                
Proceeds from public offerings, net of offering costs     108,096        
Payments on capital lease financing obligations     (1,229 )     (824 )
Payments on term loans     (65,320 )     (6,115 )
Proceeds from term loans     61,436       13,899  
Proceeds from exercise of stock options     600       538  
Proceeds from exercise of warrants     62        
Payments of deferred offering costs           (322 )
Net cash provided by (used in) financing activities     103,645       7,176  
Net increase (decrease) in cash and cash equivalents     23,515       3,182  
Cash and cash equivalents                
Beginning of period     10,121       6,939  
End of period   $ 33,636     $ 10,121  



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,  
    2016     2015     2016     2015  
GAAP Gross profit   $ 18,388     $ 12,039     $ 59,453     $ 40,846  
Adjustments:                                
Depreciation and amortization   281     265       1,059     952  
Stock-based compensation   57     5     96     31  
Non-GAAP Gross profit   $ 18,726     $ 12,309     $ 60,608     $ 41,829  
                                 
GAAP Gross margin     54.6 %     53.2 %     52.9 %     52.0 %
Adjustments:                                
Depreciation and amortization     0.8 %     1.2 %     0.9 %     1.2 %
Stock-based compensation     0.2 %     0.0 %     0.1 %     0.0 %
Non-GAAP Gross margin     55.6 %     54.4 %     53.9 %     53.2 %
                                 
GAAP Research and development expense   $ 7,403     $ 5,091     $ 25,185     $ 17,579  
Adjustments:                                
Depreciation and amortization     (285 )     (250 )     (1,126 )     (574 )
Stock-based compensation     (567 )     (64 )     (983 )     (305 )
Non-GAAP Research and development expense   $ 6,551     $ 4,777     $ 23,076     $ 16,700  
                                 
GAAP Sales and marketing expense   $ 6,428     $ 4,428     $ 22,330     $ 14,579  
Adjustments:                                
Depreciation and amortization     (108 )     (125 )     (475 )     (325 )
Stock-based compensation     (535 )     (185 )     (1,289 )     (692 )
Non-GAAP Sales and marketing expense   $ 5,785     $ 4,118     $ 20,566     $ 13,562  
                                 
GAAP General and administrative expense   $ 4,212     $ 1,998     $ 12,426     $ 7,087  
Adjustments:                                
Depreciation and amortization     (52 )     (49 )     (209 )     (121 )
Stock-based compensation     (189 )     (39 )     (397 )     (150 )
Non-GAAP General and administrative expense   $ 3,971     $ 1,910     $ 11,820     $ 6,816  
                                 
GAAP Total operating expense   $ 18,043     $ 11,517     $ 59,941     $ 39,245  
Adjustments:                                
Depreciation and amortization     (445 )     (424 )     (1,810 )     (1,020 )
Stock-based compensation     (1,291 )     (288 )     (2,669 )     (1,147 )
Non-GAAP Total operating expense   $ 16,307     $ 10,805     $ 55,462     $ 37,078  
                                 
GAAP Interest expense   $ (311 )   $ (466 )   $ (1,633 )   $ (1,208 )
Adjustments:                                
Non-cash interest expense     19       56       130       152  
Non-GAAP Interest expense   $ (292 )   $ (410 )   $ (1,503 )   $ (1,056 )



IMPINJ, INC.
RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data, unaudited)
             
    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2016     2015     2016     2015  
GAAP Interest income and other income (expense), net   $ 139     $ 850     $ 616     $ 673  
Adjustments:                                
Change in the fair value of preferred stock warrant liability           (880 )     (559 )     (703 )
Write-off of unamortized debt issuance costs                 109        
Non-GAAP Interest income and other income (expense), net   $ 139     $ (30 )   $ 166     $ (30 )
                                 
GAAP Income tax expense   $ (70 )   $ (88 )   $ (168 )   $ (166 )
Adjustments:                                
Non-cash income tax expense     23       23       91       91  
Non-GAAP Income tax expense   $ (47 )   $ (65 )   $ (77 )   $ (75 )
                                 
GAAP Net income (loss)   $ 103     $ 818     $ (1,673 )   $ 900  
Adjustments:                                
Depreciation and amortization     726       689       2,869       1,972  
Stock-based compensation     1,348       293       2,765       1,178  
Interest income (expense) and other, net     172       (384 )     1,017       535  
Income tax expense     70       88       168       166  
Adjusted EBITDA   $ 2,419     $ 1,504     $ 5,146     $ 4,751  
                                 
GAAP Net income (loss)   $ 103     $ 818     $ (1,673 )   $ 900  
Adjustments:                                
Depreciation and amortization     726       689       2,869       1,972  
Stock-based compensation     1,348       293       2,765       1,178  
Non-cash interest expense     19       56       130       152  
Change in the fair value of preferred stock warrant liability           (880 )     (559 )     (703 )
Write-off of unamortized debt issuance costs                 109        
Non-cash income tax expense     23       23       91       91  
Non-GAAP Net income (loss)   $ 2,219     $ 999     $ 3,732     $ 3,590  
Non-GAAP Net income (loss) per share:                                
Basic   $ 0.12     $ 0.08     $ 0.24     $ 0.29  
Diluted   $ 0.11     $ 0.07     $ 0.22     $ 0.26  



IMPINJ, INC.
RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited)
             
    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2016     2015     2016     2015  
Weighted-average shares used to compute GAAP net income (loss) per share attributable to common stockholders — basic     19,078       4,127       10,778       3,893  
Adjustments:                                
Weighted-average shares of common stock issuable upon conversion of mandatorily redeemable convertible preferred stock           8,522       4,685       8,522  
Weighted-average shares used to compute non-GAAP net income (loss) per share — basic     19,078       12,649       15,463       12,415  
                                 
Weighted-average shares used to compute GAAP net income (loss) per share attributable to common stockholders — diluted     20,667       4,127       10,778       3,893  
Weighted-average shares of common stock issuable upon conversion of mandatorily redeemable convertible preferred stock           8,522       4,685       8,522  
Adjustments:                                
Effects of dilutive securities                                
Warrants to purchase common stock           17       9       16  
Warrants to purchase mandatorily redeemable convertible preferred stock           33       19        
Weighted-average unvested shares of common stock subject to repurchase           136       118       136  
Stock Options           911       1,150       1,083  
Weighted-average shares used to compute non-GAAP net income (loss) per share — diluted     20,667       13,746       16,759       13,650  
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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