09.14.18
Impinj Inc. released its full financial results for the quarter ended June 30, 2018. The company also disclosed that the Audit Committee completed the independent investigation the company announced in its Aug. 2 press release related to a complaint filed by a former employee. The committee concluded there was no credible evidence supporting the former employee’s claims. The company had delayed filing its second-quarter Form 10Q and announcing full second-quarter results pending completion of the investigation.
“Our second quarter 2018 results are consistent with our Aug. 2nd press release,” said Chris Diorio, Impinj co-founder and CEO. “We are pleased that the Audit Committee was able to complete its independent investigation, and are proud that the outcome reaffirms that we operate our business according to the highest ethical principles. We continue to see momentum building as our team focuses on executing our vision of identifying, locating and authenticating every item in our everyday world.”
During the second quarter of 2018, Impinj reported revenue of $28.5 million, a GAAP gross margin of 47.9% and non-GAAP gross margin of 50.0%; and GAAP net loss of $7.7 million, or loss of $0.36 per basic and diluted share using 21.3 million shares. The company also noted an adjusted EBITDA loss of $4.0 million and non-GAAP net loss of $4.1 million, or loss of $0.19 per diluted share using 21.3 million shares.
The Audit Committee, assisted by independent counsel that the Committee retained to oversee a thorough and careful investigation, concluded that there was no credible evidence supporting the former employee’s complaint. Accordingly, the Audit Committee determined that no additional actions were necessary or warranted with respect to the complaint or the investigation, including that no adjustments to past financial statements were appropriate or required, and that, at this time, no further investigatory steps need to be taken. With the filing of the company’s second-quarter Form 10Q today, the company is in compliance with its SEC filing obligations.
“Our second quarter 2018 results are consistent with our Aug. 2nd press release,” said Chris Diorio, Impinj co-founder and CEO. “We are pleased that the Audit Committee was able to complete its independent investigation, and are proud that the outcome reaffirms that we operate our business according to the highest ethical principles. We continue to see momentum building as our team focuses on executing our vision of identifying, locating and authenticating every item in our everyday world.”
During the second quarter of 2018, Impinj reported revenue of $28.5 million, a GAAP gross margin of 47.9% and non-GAAP gross margin of 50.0%; and GAAP net loss of $7.7 million, or loss of $0.36 per basic and diluted share using 21.3 million shares. The company also noted an adjusted EBITDA loss of $4.0 million and non-GAAP net loss of $4.1 million, or loss of $0.19 per diluted share using 21.3 million shares.
The Audit Committee, assisted by independent counsel that the Committee retained to oversee a thorough and careful investigation, concluded that there was no credible evidence supporting the former employee’s complaint. Accordingly, the Audit Committee determined that no additional actions were necessary or warranted with respect to the complaint or the investigation, including that no adjustments to past financial statements were appropriate or required, and that, at this time, no further investigatory steps need to be taken. With the filing of the company’s second-quarter Form 10Q today, the company is in compliance with its SEC filing obligations.