Impinj Q2 Revenue Beats, Record EPS; Guides Q3 Above Street
PI sits 68% above its 52-week low of $87.36.
Summary
Impinj delivered a strong Q2 with revenue of $108.37M, beating the $104.60M consensus, and set a quarterly record for adjusted EPS. The company guided Q3 revenue to $105.5M-$108.5M and non-GAAP EPS of $0.59-$0.63, both above current expectations. It also sees Q3 GAAP EPS of $0.07-$0.12. This follows a Q1 where revenue also beat but earnings missed badly; the return to profitability and record EPS mark a significant turnaround. The stock, which closed at $133.03 before the release, trades at 55x forward earnings, reflecting high growth expectations. With 6 buy ratings and a median target of $175, the beat and raise reinforce the bull case.
At the time of this announcement, PI was trading at $147.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $4.2B. The 52-week trading range was $87.36 to $247.06. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.