Why Impinj Stock Popped Today
Shares of Impinj (NASDAQ: PI) rose 11.4% on Wednesday after the RAIN RFID solutions company announced encouraging preliminary results ahead of a presentation at the 26th Annual Needham Growth Conference.
Impinj ended 2023 on a high note
In a press release after the market closed yesterday, Impinj said it expects fourth-quarter 2023 revenue will exceed $70 million. That's down from $76.6 million in the same year-ago period, but also well above its previous guidance for sales in the range of $65.5 million to $68.5 million. Impinj also raised its outlook for fourth-quarter adjusted EBITDA to exceed $2.5 million, above its previous outlook for a range of negative ($0.9 million) to $0.7 million.
What's next for Impinj shareholders?
The news came ahead of a presentation by Impinj's co-founder and CEO, Chris Diorio, and its CFO Cary Baker in a fireside chat at the 26th Annual Needham Growth Conference earlier today.
During that presentation, Baker revealed that Impinj's Q4 results reflected "a stronger-than-anticipated increase in endpoint IC [unit] revenue and sequential growth in systems revenue." He also credited the company's adjusted EBITDA outperformance to Impinj's "strong operational execution" to end the year.
Management promised to provide additional color on the quarter when the company officially releases its fiscal fourth-quarter results early next month (on Thursday, Feb. 8, 2024). But given its better-than-feared results in the meantime, it's no surprise to see the stock rallying today in response.
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Steve Symington has no position in any of the stocks mentioned. The Motley Fool recommends Impinj. The Motley Fool has a disclosure policy.
