Impinj Inc PI shares are trading higher after the company stated it expects better-than-expected fourth-quarter 2023 results.
The company now projects revenue over $70 million, vs. prior guidance of $65.5 million to $68.5 million (vs. consensus of $67.02 million).
Also, PI expects adjusted EBITDA to be more than $2.5 million, vs. prior guidance of ($0.9) million to $0.7 million in the quarter.
However, BWS Financial analyst Hamed Khorsand seems not impressed by the guidance increase and dropped coverage on the stock.
The analyst says he doesn’t believe the new guidance is a significant beat to ensure that growth experienced two years ago will repeat itself.
The sequential increase does pose as an overhang for being short, writes the analyst.
The company expects to release fourth-quarter and full-year results on February 8, 2024.
In November, the company launched the Impinj R720 RAIN RFID reader to help optimize speed and automation in the supply chain & logistics.
In October, PI reported third-quarter revenue of $65.0 million and adjusted EPS of $0.00.
Price Action: PI shares are up 9.32% at $89.37 on the last check Wednesday.
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