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Technology Stocks : Impinj, Inc.
PI 167.37+2.2%10:40 AM EST
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From: Cooters4/28/2021 5:54:16 PM
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PI Q1 2021 CC notes - 4/28/21

- Q1 revenue of 45.2M beat the guidance of 41M-43M. Adjusted EPS and cash flow were also nice beats. They saw record bookings in Q1. Cash up to $119M

- Q2 guidance of 41.5M-43.5M is inline with existing analyst consensus, EPS guidance looks a little ahead of consensus.

- The theme of the call was limited wafer supply, Demand is far outstripping supply across the board for wafers and ICs. I believe they said 2021 orders have already exceeded 2020 shipments. From answers across several analysts, I gathered the following. Reader ICs should normalize in Q3. 300mm M700 ICs are currently constrained on the Impinj side due to post processing constraints, but as that eases in H2 they expect to see wafer supply constraints. 200mm Monza is wafer supply constrained and that will continue into H2.

- The Asian self checkout deployment customer is looking into expanding into loss prevention.

- There were 2 'nice job' compliments from the analysts.

- Due to orders coming in so strong and going out into the future so much more, they have good visibility into Q3 and see good growth there. They now have meaningful visibility into Q4 and think seasonal declines in Q4 may not occur this year. Demand is strong across 200mm and 300mm. M700 revenue will increase QoQ throughout the year and into 2022.

Will be very interesting to see the analysts take on all this tomorrow. Cooters
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