Impinj Q3 revenue beats analyst expectations on strong retail growth

Overview

• U.S. RAIN RFID provider's Q3 revenue rose and beat analyst expectations

• Adjusted EPS for Q3 beat analyst expectations

• Company cites strong demand for M800 and retail growth as drivers of record results

Outlook

• Impinj expects Q4 revenue between $104 mln and $107 mln

• Company sees Q4 non-GAAP EPS of $0.55 to $0.60

• Impinj forecasts Q4 adjusted EBITDA of $19.2 mln to $20.7 mln

Result Drivers

• M800 DEMAND - Co said strong demand for its M800 product contributed to record Q3 revenue

• RETAIL AND LIGHTHOUSE ACCOUNTS - Co cited resilient retail demand and growth at key lighthouse accounts as drivers of Q3 results

• GEN2X MOMENTUM - Co said momentum for its Gen2X platform supported record quarterly results

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the semiconductors peer group is "buy"

• Wall Street's median 12-month price target for Impinj, Inc. is $185.00, about 5.8% above its October 27 closing price of $174.81

• The stock recently traded at 65 times the next 12-month earnings vs. a P/E of 61 three months ago

Reuters Recommended Reads

• Oct 27 - Netherlands' NXP Semiconductors Q3 revenue rises 19%, slightly beats estimates

• Oct 28 - FormFactor Q3 revenue beats analyst estimates on Foundry & Logic sequential segment strength

• Oct 28 - Littelfuse Q3 sales rise 23% on electronics segment strength

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)