Impinj continues to beat Wall Street expectations as it exceeded estimates for its fourth quarter earnings.
The Seattle-based company posted revenue of $33.7 million, up 49 percent year-over-year, and non-GAAP earnings per share of $0.11, up 57 percent, for its Q4 2016. Analysts expected EPS of $0.09 on revenue of $32.4 million.
Shares were down more than 2 percent in after-hours trading. The company’s stock fell more than 3 percent during trading on Thursday. Update: Shares continued to fall more than 8 percent on Thursday afternoon in after-hours trading.
The RFID-maker had its IPO in July and has now beat earnings expectations for its first three quarters as a public company.
“The fourth quarter was a strong close to a landmark and transformational year for Impinj,” Impinj CEO Chris Diorio said in a statement. “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. 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.”
You can read Diorio’s prepared remarks for the company’s earnings call here.
After raising $69.2 million in its IPO, Impinj raised another $39 million in a follow-on public offering this past December, which sent shares up 25 percent.
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.
For 2016 as a whole, Impinj posted $112.3 million in revenue, up 43 percent from 2015, and had a non-GAAP profit of $3.7 million. The company ended 2016 with 245 employees and 39 open positions.
Impinj expects revenue of $30-to-$31.5 million and EPS between $0.01 and -$0.06 for Q1 2017. It also announced today that SVP of Sales Walter Palhetas will step down due to person reasons; Impinj President Eric Brodersen will lead the sales team.
Here’s a look at the stock since August: