The company expects its fourth quarter 2017 revenue to be between $29.0 and $30.0 million, above its prior guidance of $28.25 to $29.75 million. The company will report detailed financial results on its Feb. 15, 2018 conference call.
“We delivered fourth quarter revenue consistent with our prior guidance, including strong unit-volume growth in our fixed-reader business. Our prospects for continued growth in fixed-reader deployments remain strong,” said Chris Diorio, Impinj co-founder and CEO.
“Turning to first quarter 2018, our shortened endpoint IC lead times have contributed to a reduction in our endpoint IC order backlog as well as ongoing reductions in inlay-partner inventory. Consequently, despite continued growth in endpoint IC consumption and in the number of deployments by end users, we currently anticipate softness in our endpoint IC volumes and first quarter revenue of $20 to $22 million,” added Diorio.
“We anticipate additional growth in our own inventory in first quarter 2018 to coincide with our endpoint IC volume softness. We remain confident that our inventory does not have material obsolescence risk. We also have adequate endpoint IC supply in a year of global semiconductor wafer tightness. Our cash position remains strong even as we balance short-term expenses with a reduced short-term revenue outlook,” continued Diorio.
“Identifying, locating and authenticating every item in our everyday world, and connecting every one of those items to the cloud, is the vision our ever-growing base of dedicated partners and end customers look to us to deliver. My conviction in our long-term opportunity, even in this time of volatility, continues to strengthen” Diorio concluded.
Separately, the company reported that long-time CFO Evan Fein has decided to step down effective March 30. “I have decided to spend more time with family and to pursue other opportunities,” said Fein.
Fein will assist in the transition of responsibilities until his departure date while the company conducts a formal search for a new CFO. “The company is very grateful to Evan for his 17 years of service and inestimable contributions to our success,” said Diorio. “We have begun a search for a seasoned CFO to help lead the company through its next phase of growth.”