| | | Impinj (NASDAQ:PI) Q3 Sales Beat Estimates, Provides Encouraging Quarterly Guidance
RFID manufacturer Impinj (NASDAQ:PI) reported Q3 CY2024 results exceeding the market’s revenue expectations, with sales up 46.4% year on year to $95.2 million. Guidance for next quarter’s revenue was also optimistic at $92.5 million at the midpoint, 2.7% above analysts’ estimates. Its non-GAAP profit of $0.56 per share was also 17.2% above analysts’ consensus estimates.
We were impressed by Impinj’s optimistic EBITDA forecast for next quarter, which blew past analysts’ expectations. We were also excited its EBITDA outperformed Wall Street’s estimates. On the other hand, its inventory levels increased. Zooming out, we think this was a solid quarter. The stock traded up 1.5% to $224.50 immediately following the results.
Impinj’s annualized revenue growth of 21.5% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated.
This quarter, Impinj reported magnificent year-on-year revenue growth of 46.4%, and its $95.2 million of revenue beat Wall Street’s estimates by 2.5%. Management is currently guiding for a 30.9% year-on-year increase next quarter.
Looking further ahead, sell-side analysts expect revenue to grow 21.3% over the next 12 months, similar to its two-year rate. This projection is admirable and illustrates the market sees some success for its newer products and services.
Impinj (NASDAQ:PI) Q3 Sales Beat Estimates, Provides Encouraging Quarterly Guidance
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