Impinj reported its quarterly earnings today — about a month later than it was supposed to due to an audit committee investigation that has now wrapped up.
The company said an audit committee completed an independent investigation following a complaint by a former employee and found no “credible evidence” supporting the allegations. Today’s release, like the previous disclosure of the investigation, gave little detail about the complaint. When it disclosed the investigation, Impinj also said it would delay sharing its quarterly financials until the process was finished.
With the investigation out of the way, Impinj reported its second quarter numbers Wednesday, posting revenue ahead of analyst expectations but down from a year ago and narrower losses than expected. Wall Street appears elated that Impinj is back on schedule, and the company’s stock has risen as much as 35 percent in after-hours trading.
Impinj reported a net loss of $4.1 million, or $0.19 per share on $28.5 million in revenue, which is down 16 percent from this time a year ago. Analysts surveyed in advance by Yahoo Finance expected Impinj to lose $0.28 per share on $27.33 in revenue.
“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,” Impinj CEO Chris Diorio said in a press release. “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.”
Impinj, which makes connected tags for billions of items around the world, announced a new initiative earlier this week focused on the airline industry. The Seattle company is making chips specifically designed to track bags moving around airports, as part of a push by the industry to adopt better methods for luggage tracking.