Impinj beat expectations for its third quarter earnings report, posting $40.8 million in revenue, up 19 percent year-over-year, and non-GAAP earnings per share of $0.09, down from a $0.05 loss last year. Analysts expected revenue of $38.2 million and EPS of $0.00.
Shares went up slightly in after-hours trading but dropped back down. Impinj stock has more than doubled this year.
The Seattle connected chip maker behind the RAIN RFID system has bounced back from a tumultuous 2018 that included declining revenue and an audit investigation.
It’s the first time Impinj has topped $40 million in quarterly revenue. On the earnings call, Impinj CEO Chris Diorio credited rising revenue to interest from the performance apparel and footwear segment, “with retailers and brands publicly citing the benefits of RAIN tagging including inventory optimization, improved labor productivity and sales uplift.”
Impinj expects revenue in the $37-to-$39 million range (10 percent growth year-over-year) and non-GAAP EPS of $-0.03 to $0.04 for the current quarter.
This past September, Impinj added Cathal Phelan, CEO of Rapt Touch, to its board of directors.
Earlier this year, in the second quarter, Impinj picked a legal fight with one of its top competitors: Dutch semi-conductor giant NXP. Impinj alleges that NXP copied patents and designs for the Seattle company’s tiny chips that connect billions of items to the internet.
NXP filed a response in September then filed its own separate patent-infringement lawsuit against Impinj in October. “As I said previously, our patents and products are the hard-earned fruits of our significant investment, dedication and hard work and we will pursue both lawsuits with firm determination,” Diorio said on the call.