Seattle-based RFID technology company Impinj, which warned two weeks ago that its fourth quarter revenue would be lower than anticipated, missed those reduced estimates this afternoon with revenue of $26.9 million for the period ended Dec. 31. When it lowered its estimates on Feb. 1, the company had said its revenue would come in at $29 million to $30 million.
Impinj said the difference resulted from agreeing to “a partner’s request for a one-time product exchange after the preliminary revenue estimates were previously announced, requiring an accounting reserve in the fourth quarter of 2017.” As a result, the company said it is increasing its revenue outlook for the first quarter by $3.25 million, to between $23.25 and $25.25 million.
“We remain confident in our market opportunity, position, and in our vision of identifying, locating and authenticating every item in our everyday world, and connecting every one of those items to the cloud,” said Chris Diorio, Impinj co-founder and CEO, in the earnings release.
Shares of the company are down more than 11 percent in after hours trading, at 11.85 at time of publication.
For the fourth quarter, Impinj posted a net loss of $9.3 million, compared with a profit of $103,000 in the same quarter a year ago.
RFID tags and technologies from Impinj are used in healthcare, retail, manufacturing and other industries. The company, founded in 2000, made its initial public offering in 2016. The company announced on Feb 1 its CFO, Evan Fein, will leave the company March 30 after 17 years.