Impinj Inc PI shares are trading higher by 27.8% at $114 per share after the company reported better-than-expected third-quarter EPS and sales results. The company also issued fourth-quarter sales guidance above analyst estimates.
What Happened?
Impinj reported quarterly earnings of 34 cents per share which beat the analyst consensus estimate of 16 cents. The company reported quarterly sales of $68.27 million which beat the analyst consensus estimate of $64.69 million by 6%. This sales figure represents a 51% increase over sales of $45.19 million in the same period last year.
Impinj sees fourth-quarter 2022 revenues as low as $71.5 million or as high as $73.5 million, which is higher than the analyst consensus estimate of $67.2 million.
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"Our third-quarter results were strong, with both endpoint IC and reader IC revenue setting new quarterly records," said Chris Diorio, Impinj co-founder and CEO. "We entered the fourth quarter with record backlog and I expect demand to remain strong well into 2023."
According to data from Benzinga Pro, Impinj has a 52-week high of $114.92 and a 52-week low of $39.74.
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