Impinj, Inc. (NASDAQ:PI) Q3 2019 Earnings Conference Call Transcript

Nov 04, 2019 • 05:00 pm ET

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Impinj, Inc. (NASDAQ:PI) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good evening, and welcome to the Impinj Incorporated Third Quarter 2019 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Ellen Davis. Please go ahead.

Executive
Ellen Davis Hayes-Roth

Thank you, operator. Good afternoon, and thank you all for joining us to discuss Impinj's third quarter 2019 results. On today's call, Chris Diorio, Impinj's Co-Founder and CEO, will provide a brief overview of our market opportunity and performance; Eric Brodersen, Impinj's President, COO and Principal Financial Officer will follow with a detailed review of our third quarter 2019 financial results and fourth quarter 2019 outlook. We will then open up the call for questions. Impinj's CFO Consultant, Linda Breard; and Impinj's Executive Vice President of Sales and Marketing, Jeff Dossett are also on the call and will join Chris and Eric in the Q&A session. Management's prepared remarks, along with trended financial data are available on the Investor Relations section of the Company's website.

Before we start, please note that we will make certain statements during this call that are not historical facts including those regarding our plans, objectives and expected performance. To the extent we make such statements, they are forward looking with the meaning of the Private -- within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements represent our outlook only as of the date of this conference call.

While we believe any forward-looking statements we make are reasonable, our actual results could differ materially because any statements based on current expectations are subject to risks and uncertainties. Please see the risk factors section in the annual and quarterly reports we file with the SEC for additional information about these risks. We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

During today's call, all financial numbers we discuss, except for revenue, or where we explicitly state otherwise are non-GAAP financial measures. Balance sheet and cash flow metrics are on a GAAP basis.

Before turning to our results and outlook. I'd like to note that the Company will attend the RBC 2019 TIMT Conference on November 19th in New York and the 22nd Annual Needham Growth Conference on January 15th in New York. We hope to see many of you there.

I will now turn the call over to Chris Diorio, Impinj's Co-Founder and Chief Executive Officer. Chris?

Executive
Chris Diorio

Thank you, Ellen. Thank you all for joining the call. Our third quarter results were strong, with quarterly revenue exceeding $40 million for the first time in Impinj's history. Strength in both endpoint ICs and systems contributed to our record revenue. Year-over-year endpoint IC revenue growth was solid, with retail adoption the primary driver of that revenue growth despite macro and trade uncertainties. Like last quarter, the performance apparel and footwear segment showed strength, with retailers and brands publicly exciting the benefits of RAIN tagging including inventory optimization, improved