Make it two in a row for Impinj.
The Seattle-based radio frequency identification company beat Wall Street expectations for the second straight quarter since going public over the summer. Impinj on Thursday posted non-GAAP profits of $1.9 million, or $.10 per share on record revenue of $31 million, which is up 50 percent over this time last year.
Analysts surveyed in advance by Yahoo Finance expected profit of $.06 per share on $28.39 million in revenue. Impinj stock is up about 3 percent in after-hours trading, following the earnings release.
In the fourth quarter, Impinj expects to report non-GAAP profits between $750,000 and $2.25 million, or between $.04 and $.11 per share, on $31.5 million to $33 million in revenue.
Impinj has 230 employees today, up from 224 at the end of last quarter. And there are another 20 open positions, Evan Fein, Impinj CFO, said on the company’s quarterly earnings call Thursday.
Impinj began trading publicly July 21, and Wall Street immediately liked what it saw. The company’s stock started at $14 a share and popped more than 20 percent on the first day of trading. By the time markets closed Thursday, prior to the earnings report, Impinj’s stock had risen more than 80 percent since the IPO.
Impinj was an early player in RFID technology, which uses radio frequencies to track tagged items. The RFID market took longer than the company expected to come to fruition, but the company has been able to capitalize on growing use of the technology in recent years. Its RFID tags and technologies are now used across industries such as healthcare, retail and manufacturing, with Boeing using it to tag parts in aircraft assembly and Macy’s using it to track inventories at retail stores.
Last year, Impinj helped deliver connectivity for 3.4 billion items. The company also posted revenue of $78.5 million last year, up from $63.8 million in 2014. It first turned a profit in 2013, and showed net income of $900,000 in 2015.