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Impinj Announces Q4 2017 Revenue, Reduced Outlook for Q1 2018
Impinj, a provider of RAIN RFID solutions for identifying, locating and authenticating everyday items, has announced its preliminary estimate for fourth-quarter 2017 revenue, as well as an anticipated decline in revenue for the first quarter of 2018. The company expects its fourth-quarter 2017 revenue to be between $29.0 and $30.0 million, above its prior guidance of $28.25 to $29.75 million, and plans to report detailed financial results during a conference call on Feb. 15, 2018.
"We delivered fourth-quarter revenue consistent with our prior guidance, including strong unit-volume growth in our fixed-reader business," said Chris Diorio, Impinj's co-founder and CEO, in a prepared statement. "Our prospects for continued growth in fixed-reader deployments remain strong."
"Turning to first-quarter 2018, our shortened endpoint IC lead times have contributed to a reduction in our endpoint IC order backlog as well as ongoing reductions in inlay-partner inventory," Diorio said in the prepared statement. "Consequently, despite continued growth in endpoint IC consumption and in the number of deployments by end users, we currently anticipate softness in our endpoint IC volumes and first quarter revenue of $20 to $22 million."
"We anticipate additional growth in our own inventory in first quarter 2018 to coincide with our endpoint IC volume softness," Diorio continued. "We remain confident that our inventory does not have material obsolescence risk. We also have adequate endpoint IC supply in a year of global semiconductor wafer tightness. Our cash position remains strong even as we balance short-term expenses with a reduced short-term revenue outlook. Identifying, locating and authenticating every item in our everyday world, and connecting every one of those items to the cloud, is the vision our ever-growing base of dedicated partners and end customers look to us to deliver."
Impinj will host a conference call and webcast on Feb. 15, 2018 at 5:00 PM for analysts and investors to discuss the company's fourth-quarter and full-year 2017 results, as well as its outlook for the first quarter of 2018.
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