Impinj, Inc. announced strong financial results for the third quarter ended September 30, 2024, with revenue and profitability surpassing its own guidance. The company reported revenue of $95.198 million, a significant increase from $65.005 million in the third quarter of 2023, representing a 46.4% year-over-year growth. This revenue figure also exceeded the average analyst estimate of $93 million.
Non-GAAP net income per share for Q3 2024 reached $0.56 on a diluted basis, outperforming the consensus estimate of $0.48 per share. GAAP net income was $0.221 million, translating to $0.01 per share. CEO Chris Diorio stated that these results demonstrate the leverage in Impinj's operating model and expressed confidence in the company's market position.
Looking ahead, Impinj provided an optimistic financial outlook for the fourth quarter of 2024, projecting revenue between $91.0 million and $94.0 million, with the midpoint of $92.5 million being 2.7% above analysts' estimates. Adjusted EBITDA is expected to be between $13.6 million and $15.1 million, and non-GAAP net income per share is guided to be between $0.45 and $0.49, compared to a consensus of $0.40.
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