Bullish Stock To Watch: IMPINJ Inc (NASDAQ: PI)

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IMPINJ Inc (NASDAQ: PI) stock surged 27.45% on 11th Jan, 2021 and continued its bullish momentum rising over 3.8% on 12th Jan, 2021 (as of 11:10 am GMT-5 ; Source: Google finance) after the company announced that it projects the preliminary fourth quarter 2020 revenue to exceed $36.0 million, which is above its prior guidance of $26.5 – 28.5 million. The preliminary figure also had beaten the consensus estimate of $27.76 million in revenue. 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 Needham Virtual Growth Conference.

Meanwhile, the company had given the guidance earlier, and expected adjusted net loss to be in the range of $7.8 million to $9.3 million, or $0.34 to $0.40 per share. For the fourth-quarter, the unit volumes for the company’s Impinj M700 product were expected to increase sequentially after shipping 100 million units in Q3. The research and development expenses are expected to rise as well due to greater hiring activity. The company expects adjusted EBITDA to be between a loss of $8.9 million and $7.4 million.

For, the third quarter of 2020, the company reported the third-quarter revenue of $28.2 million, which fell 30.8% year-over-year and increased 6.6% quarter-over-quarter, compared with $40.8 million in third-quarter 2019 and $26.5 million in second quarter 2020. Third-quarter endpoint IC revenue was $21.6 million, which fell 18.1% year-over-year and rose 16.4% quarter-over-quarter, compared with $26.4 million in third-quarter 2019 and $18.5 million in second-quarter 2020. The recovering retail demand environment led to a favorable dynamic in third quarter, with the inlay partners reducing the inventory they built in first-quarter 2020 and turns orders returning in the latter half of the third quarter. The third-quarter revenue declined year-over year, in part due to that channel inventory reduction at the inlay partners. Third-quarter systems revenue was $6.6 million, which fell 54.1% year-over-year against a difficult third-quarter 2019 comparison of $14.4 million, and declining 16.5% quarter-over-quarter, compared with $7.9 million in second-quarter 2020. Third-quarter gross margin fell to 50.1%, compared to 50.2% a year ago and 51.4% last quarter

Additionally, the company had ended the third quarter with cash, cash equivalents and short-term investments of $105.1 million, compared with $63.1 million in third-quarter 2019 and $120.9 million in second-quarter 2020. Inventory totaled $38.0 million, up $1.7 million from third-quarter 2019 and increasing $900 thousand from second-quarter 2020. Free cash flow generated was negative $12.1 million at the end of the period.

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