When Impinj Inc. (NASDAQ: PI) released its fiscal second-quarter earnings report after the markets closed on Wednesday, the company said that it had a net loss of $0.19 per share and $28.5 million in revenue. The consensus estimates had called for a net loss of $0.28 per share on revenue of $27.33 million. The same period of last year reportedly had earnings of $0.06 per share and $34.11 million in revenue.
Apart from the results, the company also disclosed that the Audit Committee completed the independent investigation Impinj had announced in its August 2nd press release related to a complaint filed by a former employee. The committee concluded there was no credible evidence supporting the former employee’s claims. The company had delayed filing its second-quarter Form 10Q and announcing full second-quarter results pending completion of the investigation.
Looking ahead to the fiscal third quarter, the company expects to see a net loss per share in the range of $0.17 to $0.12 and revenue between $33.0 million and $34.0 million. Consensus estimates call for a net loss of $0.23 per share and $30.44 million in revenue.
Chris Diorio, Impinj co-founder and CEO, commented:
Our second quarter 2018 results are consistent with our August 2nd press release. We are pleased that the Audit Committee was able to complete its independent investigation, and are proud that the outcome reaffirms that we operate our business according to the highest ethical principles. We continue to see momentum building as our team focuses on executing our vision of identifying, locating and authenticating every item in our everyday world.
Shares of Impinj were last seen up over 40% at $26.41, with a consensus analyst price target of $23.25 and a 52-week trading range of $9.95 to $41.97.