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Impinj Files for Initial Public Offering

The chip manufacturer filed an IPO this week, seeking up to $100 million to pay for debts and fund further research.
By Claire Swedberg
From 2009 to 2010, Impinj reported that sales of its Monza UHF Gen 2 tag ICs—the company's largest source of revenue—grew by 279 percent. The firm says it has sold two billion Monza tag ICs to date since the product was introduced in 2005, with 940 million of those sales taking place last year.

In 2010, Monza IC chips sold to tag manufacturers Avery Dennison represented 42 percent of sales, with sales to UPM RFID representing 29 percent. However, the company indicates, as more inlay manufacturers come into the market, these other businesses will account for a larger percent of sales.

Indy reader ICs, on the other hand, are sold through distributors, as well as directly to users, including Coca-Cola, Motorola Solutions and Trimble. Most Speedway readers are sold to distributors or system integrators.

The company's revenue from technology development represented a large percentage of total revenue in 2008 (31.3 percent), but that number fell to just 3.9 percent in 2010. This reduction in development, as well as service and licensing revenue, was the result of the completion of a large project for a single customer that ended in 2009, the company reported in its filing paperwork.

In the filing, Impinj credited the total revenue increase from 2009 to 2010 to sizable deployments of products made by large retailers, including Wal-Mart Stores and Banana Republic. There was a decline in sales for the other product lines, which offset that increase. Between 2008 and 2009, revenue from reader sales declined significantly, largely due to the completion of major orders by a single customer in 2008.

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