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Impinj, Inc.$34.26($.38)(1.10%)

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 Impinj Announces Fourth Quarter and Full Year 2016 Financial Results
   Thursday, February 16, 2017 4:03:16 PM ET

Impinj, Inc. (PI ), a leading provider and pioneer of RAIN RFID solutions for identifying, locating and authenticating everyday items, today announced its financial results for the fourth quarter and full year ended Dec. 31, 2016.

"The fourth quarter was a strong close to a landmark and transformational year for Impinj. During the year, our continued execution of our strategy and the dedication of the entire Impinj team resulted in 43% revenue growth, approximately 70% endpoint IC volume growth and improved margin," said Chris Diorio, Impinj co-founder and CEO. "We raised a total of approximately $107 million in net proceeds in two successful equity offerings, expanding our available capital to continue investing in the massive market opportunity and enhance our leading market position."

Fourth Quarter 2016 Financial Summary

-- Revenue grew 49% year-over-year to $33.7 million

-- GAAP gross margin of 54.6%; non-GAAP gross margin of 55.6%

-- GAAP net income and net income attributable to common stockholders of $0.1 million, or income of $0.01 per diluted share using 20.7 million shares

-- Adjusted EBITDA of $2.4 million

-- Non-GAAP net income of $2.2 million, or income of $0.11 per diluted share using 20.7 million shares

Full Year 2016 Financial Summary

-- Revenue grew 43% year-over-year to $112.3 million

-- GAAP gross margin of 52.9%; non-GAAP gross margin of 53.9%

-- GAAP net loss of $1.7 million; GAAP net loss attributable to common stockholders of $7.9 million or a loss of $0.74 per diluted share using 10.8 million shares

-- Adjusted EBITDA of $5.1 million

-- Non-GAAP net income of $3.7 million, or income of $0.22 per diluted share using 16.8 million shares

A reconciliation between historical GAAP and non-GAAP information, including weighted average basic and diluted shares, is contained in the tables below. Additionally, descriptions of these non-GAAP financial measures are provided in the "Non-GAAP Financial Measures" section below.

First Quarter 2017 Financial Outlook

Impinj provides guidance based on current market conditions and expectations; actual results may differ materially. Please refer to the comments below regarding forward-looking statements. For the first quarter of 2017, Impinj currently expects:

-- Revenue in the range of $30.0 million to $31.5 million

-- Adjusted EBITDA in the range of a loss of $1.0 million to income of $0.5 million

-- Non-GAAP earnings in the range of a loss of $1.25 million to income of $0.25 million, and non-GAAP diluted earnings per share in the range of a loss of $0.06 and income of $0.01 with an expected share count in the range of 21.0 million to 22.0 million shares

All forward-looking non-GAAP financial measures in this section titled "First Quarter 2017 Financial Outlook" exclude non-cash income and expenses. Impinj has not reconciled guidance for these non-GAAP measures to their most directly comparable GAAP measures because some items that impact these measures are either not within our control or not reasonably predictable, at least not without unreasonable effort.

Conference Call Information

Impinj will host a conference call and webcast today, Feb. 16, 2017 at 5:00 p.m. ET / 2:00 p.m. PT for analysts and investors to discuss the company’s fourth quarter and full year 2016 results as well as its outlook for its first quarter of 2017. Open to the public, investors may access the call by dialing +1-412-317-6060. A live webcast of the conference call will also be accessible on the company’s website at investor.impinj.com. Following the webcast, an archived version will be available on the website for one year. A telephonic replay of the call will be available one hour after the call and will run for five business days and may be accessed by dialing +1-412-317-0088 and entering passcode 10098908.

Management’s prepared written remarks, along with quarterly financial data for the last eight quarters, will be made available on the company’s website at investor.impinj.com commensurate with this release. Management encourages interested parties to review the prepared remarks before the conference call and submit questions via email to ir@impinj.com. Questions received prior to the call will be considered for discussion on the live conference call.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the market for RAIN RFID, our strategy, prospects, and our financial outlook for the first quarter of 2017. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Form 10-Q filed with the SEC on November 15, 2016. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update this information unless required by law.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which we have prepared and presented in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP), we use the following non-GAAP financial measures: non-GAAP gross margin, net income and earnings per share and Adjusted EBITDA. In computing these non-GAAP financial measures, we exclude the effects of stock-based compensation expense, depreciation and amortization, non-cash interest and other income/expense, and non-cash income tax expense not considered to be indicative of our ongoing core business operating results. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain income, expenses and expenditures that may not be indicative of our ongoing core business operating results. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance. Our presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.

For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned "Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures" included at the end of this release.

About Impinj

Impinj (PI ) is a leading provider of RAIN RFID solutions. The Impinj Platform connects billions of everyday items such as apparel, medical supplies, automobile parts, drivers’ licenses, food and luggage to applications such as inventory management, patient safety, asset tracking and item authentication, delivering real-time information to businesses about items they create, manage, transport and sell. The Impinj Platform wirelessly delivers information about these items’ unique identity, location and authenticity, or Item Intelligence(TM), to the digital world, which Impinj believes is the essence of the Internet of Things.

IMPINJ, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value, unaudited)
                                                                                                                                                                                        December 31,          December 31,
                                                                                                                                                                                        2016                  2015
Assets:
Current assets:
Cash and cash equivalents                                                                                                                                                               $      33,636         $      10,121
Short-term investments                                                                                                                                                                         66,905                --
Accounts receivable, net                                                                                                                                                                       17,447                12,889
Inventory                                                                                                                                                                                      27,734                11,837
Prepaid expenses and other current assets                                                                                                                                                      3,004                 1,095
Total current assets                                                                                                                                                                           148,726               35,942
Property and equipment, net                                                                                                                                                                    14,929                12,351
Other non-current assets                                                                                                                                                                       --                    637
Goodwill                                                                                                                                                                                       3,881                 3,881
Other intangible assets, net                                                                                                                                                                   --                    37
Total assets                                                                                                                                                                            $      167,536        $      52,848
Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit):
Current liabilities:
Accounts payable                                                                                                                                                                        $      7,166          $      3,182
Accrued compensation and employee related benefits                                                                                                                                             7,647                 4,038
Accrued liabilities                                                                                                                                                                            6,098                 2,895
Current portion of long-term debt                                                                                                                                                              2,589                 5,227
Current portion of capital lease obligations                                                                                                                                                   1,130                 1,190
Current portion of deferred rent                                                                                                                                                               306                   258
Current portion of deferred revenue                                                                                                                                                            445                   684
Total current liabilities                                                                                                                                                                      25,381                17,474
Long-term debt, net of current portion                                                                                                                                                         9,676                 10,683
Capital lease obligations, net of current portion                                                                                                                                              1,698                 2,526
Long-term liabilities--other                                                                                                                                                                   770                   678
Warrant liability                                                                                                                                                                              --                    2,865
Deferred rent, net of current portion                                                                                                                                                          5,022                 4,984
Deferred revenue, net of current portion                                                                                                                                                       966                   710
Total liabilities                                                                                                                                                                              43,513                39,920
Commitment and contingencies
Redeemable convertible preferred stock, $0.001 par value
Series 1: none authorized and issued at December 31, 2016; 5,334 shares authorized, issued and outstanding at December 31, 2015                                                                --                    60,184
Series 2: none authorized and issued at December 31, 2016; 2,979 shares authorized and 2,557 shares issued and outstanding at December 31, 2015                                                --                    37,779
Total redeemable convertible preferred stock                                                                                                                                                   --                    97,963
Stockholders’ equity (deficit):
Preferred stock, $0.001 par value -- 5,000 shares authorized; no shares issued and outstanding at December 31, 2016; no shares authorized, issued and outstanding at December 31, 2015         --                    --
Common stock, $0.001 par value, 495,000 shares authorized; 20,336 and 4,382 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively                             20                    4
Additional paid-in capital                                                                                                                                                                     311,216               100,276
Accumulated other comprehensive income (loss)                                                                                                                                                  (10      )            --
Accumulated deficit                                                                                                                                                                            (187,203 )            (185,315 )
Total stockholders’ equity (deficit)                                                                                                                                                           124,023               (85,035  )
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)                                                                                            $      167,536        $      52,848
IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
                                                                                                          Three Months Ended             Year Ended
                                                                                                          December 31,                   December 31,
                                                                                                          2016            2015           2016           2015
Revenue:
Product revenue                                                                                           $   33,467      $   22,224     $  111,769     $  77,389
Development, service and licensing revenue                                                                    188             403           518            1,090
Total revenue                                                                                                 33,655          22,627        112,287        78,479
Cost of revenue:
Cost of product revenue                                                                                       15,206          10,471        52,614         37,360
Cost of development, service and licensing revenue                                                            61              117           220            273
Total cost of revenue                                                                                         15,267          10,588        52,834         37,633
Gross profit                                                                                                  18,388          12,039        59,453         40,846
Operating expenses:
Research and development                                                                                      7,403           5,091         25,185         17,579
Sales and marketing                                                                                           6,428           4,428         22,330         14,579
General and administrative                                                                                    4,212           1,998         12,426         7,087
Total operating expenses                                                                                      18,043          11,517        59,941         39,245
Income (loss) from operations                                                                                 345             522           (488    )      1,601
Interest income (expense) and other income (expense), net
Interest expense                                                                                              (311   )        (466   )      (1,633  )      (1,208  )
Interest income and other income (expense), net                                                               139             850           616            673
Total interest income (expense) and other income (expense), net                                               (172   )        384           (1,017  )      (535    )
Income (loss) before tax expense                                                                              173             906           (1,505  )      1,066
Income tax expense                                                                                            (70    )        (88    )      (168    )      (166    )
Net income (loss)                                                                                         $   103         $   818        $  (1,673  )   $  900
Less: Accretion of preferred stock                                                                            --              (2,825 )      (6,258  )      (11,301 )
Net income (loss) attributable to common stockholders                                                     $   103         $   (2,007 )   $  (7,931  )   $  (10,401 )
Net income (loss) per share attributable to common stockholders:
Basic                                                                                                     $   0.01        $   (0.49  )   $  (0.74   )   $  (2.67   )
Diluted                                                                                                   $   0.01        $   (0.49  )   $  (0.74   )   $  (2.67   )
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic                                                                                                         19,078          4,127         10,778         3,893
Diluted                                                                                                       20,667          4,127         10,778         3,893
IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, unaudited)
                                         Three Months Ended     Year Ended
                                         December 31,           December 31,
                                         2016         2015      2016            2015
Net income (loss)                        $   103      $   818   $   (1,673 )    $   900
Other comprehensive income (loss):
Unrealized losses on investments             (17 )        --        (17    )        --
Foreign currency translation                 7            --        7               --
Total other comprehensive income (loss)      (10 )        --        (10    )        --
Comprehensive income (loss)              $   93       $   818   $   (1,683 )    $   900
IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
                                                                                                   Year Ended
                                                                                                   December 31,
                                                                                                   2016             2015
Operating activities:
Net income (loss)                                                                                  $     (1,673  )  $     900
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization                                                                            2,869            1,972
Amortization and write-off of debt issuance costs                                                        239              152
Amortization of premium on short-term investments                                                        31               --
Revaluation of warrant liability                                                                         (559    )        (703   )
Stock-based compensation                                                                                 2,765            1,178
Changes in operating assets and liabilities:
Accounts receivable                                                                                      (4,515  )        (3,327 )
Inventory                                                                                                (15,897 )        (2,783 )
Prepaid expenses and other assets                                                                        (1,759  )        (360   )
Deferred revenue                                                                                         17               (466   )
Deferred rent                                                                                            86               4,601
Accounts payable                                                                                         3,883            754
Accrued compensation and benefits                                                                        3,462            1,356
Accrued liabilities                                                                                      1,554            182
Net cash provided by (used in) operating activities                                                      (9,497  )        3,456
Investing activities:
Purchases of investments                                                                                 (67,103 )        --
Purchases of property and equipment                                                                      (3,530  )        (7,450 )
Net cash used in investing activities                                                                    (70,633 )        (7,450 )
Financing activities:
Proceeds from public offerings, net of offering costs                                                    108,096          --
Payments on capital lease financing obligations                                                          (1,229  )        (824   )
Payments on term loans                                                                                   (65,320 )        (6,115 )
Proceeds from term loans                                                                                 61,436           13,899
Proceeds from exercise of stock options                                                                  600              538
Proceeds from exercise of warrants                                                                       62               --
Payments of deferred offering costs                                                                      --               (322   )
Net cash provided by (used in) financing activities                                                      103,645          7,176
Net increase (decrease) in cash and cash equivalents                                                     23,515           3,182
Cash and cash equivalents
Beginning of period                                                                                      10,121           6,939
End of period                                                                                      $     33,636     $     10,121
IMPINJ, INC.
RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, except percentages, unaudited)
                                             Three Months Ended                  Year Ended
                                             December 31,                        December 31,
                                             2016              2015              2016              2015
GAAP Gross profit                            $    18,388       $    12,039       $    59,453       $    40,846
Adjustments:
Depreciation and amortization                281               265                    1,059        952
Stock-based compensation                     57                5                 96                31
Non-GAAP Gross profit                        $    18,726       $    12,309       $    60,608       $    41,829
GAAP Gross margin                                 54.6   %          53.2   %          52.9   %          52.0   %
Adjustments:
Depreciation and amortization                     0.8    %          1.2    %          0.9    %          1.2    %
Stock-based compensation                          0.2    %          0.0    %          0.1    %          0.0    %
Non-GAAP Gross margin                             55.6   %          54.4   %          53.9   %          53.2   %
GAAP Research and development expense        $    7,403        $    5,091        $    25,185       $    17,579
Adjustments:
Depreciation and amortization                     (285   )          (250   )          (1,126 )          (574   )
Stock-based compensation                          (567   )          (64    )          (983   )          (305   )
Non-GAAP Research and development expense    $    6,551        $    4,777        $    23,076       $    16,700
GAAP Sales and marketing expense             $    6,428        $    4,428        $    22,330       $    14,579
Adjustments:
Depreciation and amortization                     (108   )          (125   )          (475   )          (325   )
Stock-based compensation                          (535   )          (185   )          (1,289 )          (692   )
Non-GAAP Sales and marketing expense         $    5,785        $    4,118        $    20,566       $    13,562
GAAP General and administrative expense      $    4,212        $    1,998        $    12,426       $    7,087
Adjustments:
Depreciation and amortization                     (52    )          (49    )          (209   )          (121   )
Stock-based compensation                          (189   )          (39    )          (397   )          (150   )
Non-GAAP General and administrative expense  $    3,971        $    1,910        $    11,820       $    6,816
GAAP Total operating expense                 $    18,043       $    11,517       $    59,941       $    39,245
Adjustments:
Depreciation and amortization                     (445   )          (424   )          (1,810 )          (1,020 )
Stock-based compensation                          (1,291 )          (288   )          (2,669 )          (1,147 )
Non-GAAP Total operating expense             $    16,307       $    10,805       $    55,462       $    37,078
GAAP Interest expense                        $    (311   )     $    (466   )     $    (1,633 )     $    (1,208 )
Adjustments:
Non-cash interest expense                         19                56                130               152
Non-GAAP Interest expense                    $    (292   )     $    (410   )     $    (1,503 )     $    (1,056 )
IMPINJ, INC.
RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data, unaudited)
                                                               Three Months Ended                Year Ended
                                                               December 31,                      December 31,
                                                               2016             2015             2016              2015
GAAP Interest income and other income (expense), net           $    139         $    850         $    616          $    673
Adjustments:
Change in the fair value of preferred stock warrant liability       --               (880  )          (559   )          (703  )
Write-off of unamortized debt issuance costs                        --               --               109               --
Non-GAAP Interest income and other income (expense), net       $    139         $    (30   )     $    166          $    (30   )
GAAP Income tax expense                                        $    (70   )     $    (88   )     $    (168   )     $    (166  )
Adjustments:
Non-cash income tax expense                                         23               23               91                91
Non-GAAP Income tax expense                                    $    (47   )     $    (65   )     $    (77    )     $    (75   )
GAAP Net income (loss)                                         $    103         $    818         $    (1,673 )     $    900
Adjustments:
Depreciation and amortization                                       726              689              2,869             1,972
Stock-based compensation                                            1,348            293              2,765             1,178
Interest income (expense) and other, net                            172              (384  )          1,017             535
Income tax expense                                                  70               88               168               166
Adjusted EBITDA                                                $    2,419       $    1,504       $    5,146        $    4,751
GAAP Net income (loss)                                         $    103         $    818         $    (1,673 )     $    900
Adjustments:
Depreciation and amortization                                       726              689              2,869             1,972
Stock-based compensation                                            1,348            293              2,765             1,178
Non-cash interest expense                                           19               56               130               152
Change in the fair value of preferred stock warrant liability       --               (880  )          (559   )          (703  )
Write-off of unamortized debt issuance costs                        --               --               109               --
Non-cash income tax expense                                         23               23               91                91
Non-GAAP Net income (loss)                                     $    2,219       $    999         $    3,732        $    3,590
Non-GAAP Net income (loss) per share:
Basic                                                          $    0.12        $    0.08        $    0.24         $    0.29
Diluted                                                        $    0.11        $    0.07        $    0.22         $    0.26
IMPINJ, INC.
RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited)
                                                                                                                         Three Months Ended          Year Ended
                                                                                                                         December 31,                December 31,
                                                                                                                         2016          2015          2016          2015
Weighted-average shares used to compute GAAP net income (loss) per share attributable to common stockholders -- basic         19,078        4,127         10,778        3,893
Adjustments:
Weighted-average shares of common stock issuable upon conversion of mandatorily redeemable convertible preferred stock        --            8,522         4,685         8,522
Weighted-average shares used to compute non-GAAP net income (loss) per share -- basic                                         19,078        12,649        15,463        12,415
Weighted-average shares used to compute GAAP net income (loss) per share attributable to common stockholders -- diluted       20,667        4,127         10,778        3,893
Weighted-average shares of common stock issuable upon conversion of mandatorily redeemable convertible preferred stock        --            8,522         4,685         8,522
Adjustments:
Effects of dilutive securities
Warrants to purchase common stock                                                                                             --            17            9             16
Warrants to purchase mandatorily redeemable convertible preferred stock                                                       --            33            19            --
Weighted-average unvested shares of common stock subject to repurchase                                                        --            136           118           136
Stock Options                                                                                                                 --            911           1,150         1,083
Weighted-average shares used to compute non-GAAP net income (loss) per share -- diluted                                       20,667        13,746        16,759        13,650
Investor Relations
Maria Riley & Chelsea Lish
The Blueshirt Group
ir@impinj.com
+1-206-315-4470

Media Relations
Erika Goodmanson
Sr. Director, Marketing and Communications
egoodmanson@impinj.com
+1-206-812-9744

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