Q3 2024 Impinj Inc Earnings Call Transcript
Key Points
- Impinj Inc (PI) reported strong third-quarter results with revenue and profitability exceeding guidance.
- Third quarter endpoint IC product revenue set a new quarterly record, driven by strong demand from parcel shippers and retailers.
- The company is experiencing steady growth in retail general merchandise and continued secular growth in apparel and long-tail applications.
- Impinj Inc (PI) is seeing increased adoption of its M800 ICs, with shipments more than doubling for the third consecutive quarter.
- The company has a robust enterprise account pipeline, indicating potential for future growth in various sectors, including retail and perishable foods.
- Third quarter revenue was down 7% sequentially from the second quarter of 2024.
- Endpoint IC revenue is expected to decline modestly in the fourth quarter due to typical seasonal trends.
- Project timing at a large supply chain and logistics end user is expected to push E-Family IC revenue lower in the fourth quarter.
- Gross margin decreased sequentially from the second quarter of 2024, primarily due to the absence of licensing revenue.
- The pace of adoption for authentication solutions has been slower than anticipated, requiring renewed efforts to drive growth.
Welcome to the Impinj third-quarter 2024 financial results earnings conference call and webcast. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mr. Andy Cobb, Vice President, Strategic Finance. Please go ahead.
Thank you, Gary. Thank you. Good afternoon, and thank you all for joining us to discuss Impinj's third-quarter 2024 results. On today's call, Chris Diorio, Impinj's Co-Founder and CEO, will provide a brief overview of our market opportunity and performance. Cary Baker, Impinj's CFO, will follow with a detailed review of our third quarter financial results and fourth quarter outlook.
We will then open the call for questions. Hussein Mecklai, Impinj's COO, will join us for the Q&A. You can find management's prepared remarks plus trended financial data on the company's Investor Relations website. We will make statements in this call about financial performance and future expectations that are based on our
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