Why Impinj stock exploded today
stock imp (PI 11.40%) The RAIN RFID solutions company rose 11.4% on Wednesday after reporting encouraging preliminary results ahead of its presentation at the 26th Annual Needham Growth Conference.
Impinj ended 2023 on a good note.
In a press release after the market closed yesterday, Impinj said it expects fourth quarter 2023 revenue to exceed $70 million. This is down from $76.6 million in the same period last year, but well above previous revenue guidance that ranged from $65.5 million to $68.5 million. Impinj also raised its fourth quarter adjusted EBITDA outlook to exceed $2.5 million, up from its previous forecast of negative ($900,000) to $0.7 million.
What’s next for Impinj shareholders?
The news comes ahead of a fireside chat this morning by Impinj co-founder and CEO Chris Diorio and CFO Cary Baker at the 26th Annual Needham Growth Conference.
In the presentation, Baker said Impinj’s fourth quarter results reflected “stronger-than-expected endpoint IC (unit) revenue growth and sequential growth in systems revenue.” He also attributed the company’s adjusted EBITDA outperformance to Impinj’s “strong operational execution” at the end of the year.
Management pledged to provide additional color early next month when the company officially releases its fiscal fourth-quarter results (Thursday, February 8, 2024). But given the better-than-feared results, it wouldn’t be surprising to see the stock rally today in response.
