PI - Earnings call transcript Q1 2019

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, and welcome to the Impinj First Quarter 2019 Earnings Conference Call. All participants will be in listen only mode. [Operator Instructions] After today's presentation there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Chelsea Lish, Investor Relations for Impinj. ahead. go Please

Chelsea Lish

overview outlook. Thank Financial Impinj's operator. second XXXX Chris XXXX for us detailed President, our a joining Impinj's performance. of opportunity Thank Brodersen, review will Eric quarter you results follow XXXX financial quarter discuss Impinj's brief provide will first and and call, quarter our results. to and market Co-Founder and Principal you, COO CEO all of Officer, On first Diorio, a today's with

We the Impinj's CFO Vice on on available Marketing, transit open Q&A will will Linda President Consultant, website. Management's company's the are the in and Dossett, session. and with Impinj's financial then join prepared questions. data for call Eric along Chris Sales Breard; are also Executive and call Jeff and the of remarks,

that they XXXX. Any meaning are and that of outlook looking call regarding Before make we are call. represent statements our date performance. this including Reform forward make only start, statements, expected conference of Securities our plans, we To facts, not Litigation of note during forward-looking certain extent the of such those such statements this Act the Private objectives we'll within historical the as the

Please reports information, make otherwise required and as law. a disclaims, the SEC forward-looking While based annual materially whether alter obligation of or uncertainties. risks. actual because to applicable do new to our Risk we on the subject We the not are any undertake, with additional any by Factors future file in and quarterly current statements except believe expressly see information any for results these forward-looking and or about we risks statements, statements as our events section result update reasonable, could differ we expectations are

note all to which one-time a financial financial first that website except for call, see Also exchange, discuss, are XXXX exchange. GAAP first of exhibit comparisons cash written an Balance numbers otherwise, on this our non-cash sheet on $X.X recognized quarter measures. Relations Investor or amount quarter million took XXXX, first equal are where a flow Please the related attached Impinj explicitly metrics XXXX. reserve version basis. we we a quarter state in During reflecting fourth and revenue, today's revenue to adjustments in product and our the for for these XXXX related we of non-GAAP revenue remarks quarter to accounting

City. financial of the Chief turn XXth the I Before Chris to Co-Founder results, May attend announce Emerging to will the Officer. Executive in moving New to We company York Oppenheimer on to call like will hope Diorio, and see Impinj's that Growth the Conference now many there. Chris? I'd you

Chris Diorio

Thank you, all joining for Chelsea. you, the Thank call.

our EBITDA outperforming guidance. strength results endpoint and revenue, at were for a net million quarter ICs, loss with quarter adjusted and loss ICs was First Revenue led record in by gateways. reader first $XX.X our strong and

In growth. IC entering second year-over-year opportunities We on the XX.X excited IC we entering XXXX continue the momentum growth billion Alliance shipments are the industry the year-over-year. by RAIN XX% announced Endpoint posted March, revenue cited XXXX, we of units, endpoint quarter. building and growing strong see solid

MXXX be a those will growing product in moment. detail growth endpoint new number. family our instrumental believe volume expectation unit cases more in The cover inventory to is will Impinj unit IC to behind endpoint subsequent with will consistent also enabling these rates IC XXXX remain industry the channel rate, that correction Our growth I volumes. their our that I forecasted Alliance as strong,

in and gateway North chain Our systems opportunities expectations, record sales led supply business by into a based exceeded logistics America. for quarter, with first revenue project

as partners sell well focus tracking opportunities as transitions. solutions another supply reading chain, the item on and Innovating expectations, of IC exceeded market by that logistics markets. in embedded to and growth, with solid We delivering year-over-year other our revenue and quarter development led efforts into broad-based opportunities. our Reader continue and technology also product into handheld

National the University events to of in RAIN only last First our a New Federation included at Retail as ICs on talked opportunities the software. and spanning call want meeting York to the Alliance show Memphis. NRF with retail about platform, and growing company again quarter endpoint highlight industry our I the

Turning about delivering on promoting Covey, partnerships our twins have data everyday thrilled the to supply I digital U.S., partners, cloud vision Michelle positive chain for RAIN technology initiatives Vice digital of connectivity. at a RAIN President item focus likely said items. GSX's GSX life of for Alliance impact and am are sharing driving well to to Meeting. among GSX the as standards as core as will us on for

speed Turning that technology smaller, Monza the The four with MXXX, manufacturers as to innovations XXX the easily and include we and X our those to is and wafers XXXX entire distance, inventory, The They is global tags. enable or RAIN tagged items, RFID known and system leverages me many also functionalities and more would of their March, more match. for family. in everyday performing engage team Impinj's IC April. ever many for was competitive we demonstrated to decade XXX-millimeter in smaller, innovate on new for. our product the than customers millimeter MXXX other than our performing advantages again as In since their can behind high wafers. drive MXXX endpoint technology the family exemplifies pinnacle work of Impinj ICs represents We partners market reliability technology Impinj introduced times in Impinj Impinj contain trillions MXXX, leadership Impinj vision for we XXX-millimeter the while partners tireless innovation, our MXXX positive. of The and Law first using announced the RAIN to have technology Impinj advanced higher first a items. And the enabling yet been our enabling more of feedback I ICs and Impinj MXXX leadership. locate industry patented incorporate and a developments. significant announcement our ICs This thank RAIN as as The we to the highlights as IC Impinj need key the to RFID connectivity significant our Moore's Impinj can't incredibly those developing most and ICs customers at than using competition which inventions. twice increase wafers the like

tracking of and repeatable The our our I new of ease tuning, Faurecia introduce our direction invite which video and announced cases algorithms and ones. existing posted we at The with deployability use path, inaction setup enabling but short our on just transition continue accuracy improvements view continue we increase platform. blog transitions, of In and as scalable innovating enabling other the automating platform our developing a item's On website and calls, on improvements transition detection and family, at Impinj ItemSense about we've that goal item we've to shows you spoken prior detection the to using deployability, compelling Even solutions. identifies and build Faurecia. platform. on a use. tagged deployments the product platform with improved layers proving for our March, MXXX ItemSense and speed X.X, our

opportunity, their execution growth as Monza-RX driving recently ahead, for turn innovations to today, MXXX. strong and of Eric front, patent the us, I good this like always, our our prospects our On team We by more like product I Impinj in patents new extending technologies the and energized introduced and new vision. in thank quarter, we IT and closing, we on portfolio market for remain continue would our and review to protecting the team past In our a I efforts financial the lead with across to and depth excited and second position, as issued With the our quarter entire Impinj quarter those detailed Eric? solid behind we breadth advancing now allowed call quarter confident our will protect first with ended XXX in outlook. line. focus and the bold technology future. about and over our

Eric Brodersen

Thanks Chris.

end a On first for million XXXX quarter compared compared first above grew with XX% in year-over-year, of was quarter guidance million, a XX% First revenue basis, $XX.X On revenue million in a the a non-GAAP quarter XXXX. XXXX. high basis, record $XX.X our revenue GAAP year-over-year quarter. with first $XX.X and grew

non-GAAP XXXX, basis, year-over-year quarter million revenue IC in endpoint million. a XX% revenue a quarter with first compared GAAP basis, First revenue XXXX. On year-over-year grew was $XX.X grew On quarter XXXX. in million with compared first $XX.X $XX.X XX%

quarter loss Research EBITDA XXXX. and the was resource and by first Gross million in of first and quarter, ongoing point quarter lower IC systems driver the business in APAC $X.X revenue first portion based with compared expense XXXX year-over-year XXX representing -- reflects $XX.X ICs, the our strong $X.X reader with $X.X XXXX, XX% marketing on quarter The in was compared total a year XX% sales and led XX for expenses. XX% determined in of business the ICs, $XX.X quarter last quarter EBITDA, all our and a operating shortages. focus of million, overhead to million, quarter contributed development expenses cost North the lower $X.X point compared year-over-year by performance. and from larger million systems was XXXX. margin administrative was reduced on basis and million, was XX.X% basis quarter Endpoint million, and management execution, project Adjusted improvement and sequential $X.X growth manufacturing General with reflecting $XX.X reader quarter marketing million in year-over-year with with expense ago compared sales impacted million. a gateway expense was improvement driven first loss first first year-over-year $X.X Total of was revenue, sales expense headcount. first allocation. Recall our improvement, basis million. reorganization gateways, adjusted million was primary America. The a that by was First and by revenue $X.X first XXXX driven decline

we as quarter share per the quarter for diluted and $X.X average million using was the growth. a million. share, Even count we for or first $X.XX net reducing loss GAAP of on discipline first million focus $X.X for expenses, Non-GAAP weighted investing shares. XX.X operating loss net continue was

million and credit equivalents with XXXX. quarter prior compared April consolidate and cash our with we senior million loan short-term Turning we quarter $XX.X balance in first investments our In ended term amended first to the the amendment, XXXX. the in the from to totaled Inventory first and Refinancing million and million, $XX.X sheet, $XX.X XXXX, million we facility to $XX.X $XX.X of date also cash, advance. quarter XXXX. the revolving outstanding from million the million, the to down of extending XXXX. million, maturity amended April May quarter maturity quarter $XX $XX.X date With facility equipment this and credit prior down $X.X

to We we continue decline inventory remain make inventory ability we in the confident progress by meet internal as reduce expect internal total of our business our unique our needs to year-end. and even reducing We inventory. further to

We with lens game investment EBITDA about I family. and words to an the and the balancing of product in our turn cash of want I say in how second investment breakeven, recent Before trade-offs. equally the through flow changing vision few and desire in MXXX. we Impinj make desire IC a important achieve Particularly deep light balance and free to to our our our MXXX announcement quarter invest guidance, investment like in of Impinj to every strategy decision innovations adjusted

our lead first ICs and production the begin MXXX and the of the family. launch will we Impinj lays qualifications the in As in partners product to that

We our expect begin MXXX impacting next year. to the favorably business Impinj

MXXX up, will we connecting of Impinj vision our everyday are about the have excited incredibly items. Looking impact, trillions further of on the

range million outlook, the Turning year-over-year improvement we of to at in million, the quarter our the of a revenue to $XX expect midpoint second XX% $XX range.

to be of million in a $XXX,XXX. range the EBITDA loss to adjusted net expect We $X.X

loss average $X.XX the share On million weighted share diluted shares. to and $XXX,XXX, expect reflecting non-GAAP on bottom-line, million $XX.X between $X.X to we of $XX.X a count between loss of $X.XX a a per million non-GAAP

I to of the for investors ongoing our turn quarter our will another our suppliers of call now thank session. and I represented life for solid XXXX customers, our digital operator vision execution. question-and-answer the open quarter to we as to First our items. want team, everyday the drive support, your

Operator

session. question-and-answer the The Morgan Craig question ahead. go begin from Hettenbach with now Instructions] Please will Stanley. [Operator We comes first

Craig Hettenbach

might then Oh! MXXX be Yes. margin? our thoughts and the when to also, of sample expectations question you implications kind just your on The long-term product, on around, for that, keen gross

Chris Diorio

to question. So Craig, Chris. afterwards. hand part this little then off I'll bit take of is Linda, I'll the a And

sampling, partners as forward will year. in April. that qualifying we so said, impact And anticipate actually of and terms -- be product we provided or our early So, some will in of we we some our next samples in to it March business going

Linda Breard

typically they can of add I time pricing impacts sort just now provide for So, are coming would of margin that to just because, products or new don't that. take ramp. We to different amounts out, Craig

readily we do So, aren't that. to prepared

Craig Hettenbach

some on the luggage Okay. into And then, follow-up, around airport a Chris. of programs? just just initiatives tagging and Any as such update the visibility

Chris Diorio

Sure.

terms out that advisory major aviation. in But Governors, with last so So rolling and significant to I or an forward we would an last do goal that the the end opportunities expect a we of going body year And go good rollouts of the aviation mandates. prospects at aren't IOTA, December of had XXXX going we tagging -- see announced forward year airline forward in opportunities, of see of continue be in significant a space. the of they Obviously, airports. in rollout. it's by those with XX Board end

As to for and us take our years industry. it -- upside have rollout scale a positive happens good and for many full the

Craig Hettenbach

Got it, thanks.

Operator

with The Please Scott ahead. Roth go from comes next question Searle Capital.

Scott Searle

looks Thanks quickly process would of you afternoon. take what takes there, Looking how the talking maybe that for are we're you my Could help well, taking then kind maybe portfolio. years And expectations it this it lifecycle feather of about of the Whether that through certification layer product of Chris or that get Hey, Could opportunities out at help the again. some as then to lines? the kind larger how the a the us understand and trillion XXXX get just real of of into opportunities? postal as to does majority of into had follow-up into MXXX open some right? And one look? many start I for Then quick we like question. Good opportunities, happen in Hey! us become needs those understand, along or several self-checkout unit to really in follow-ups. example, a us to just will the it price Monza those that beyond? on Japan those this you points two or kind back, types

Chris Diorio

Okay. to for free I'm doing And back a follow-up. best to Please, those feel to you to jump go be Scott. to my through do in. extent comes

design innovative technology introduced IC enable we So, to MXXX, IC in the qualified lays Impinj qualify incredibly as to the to our we this partners a itself.

and for takes So, at our products qualify it customers. some end time us to do partners their qualification, for that those to

made. is a do, small because but of as well as nature. there like we bit So, continue MXXX of a impact as its opportunity, only partners. work to kind our big of additional the ourselves as does big a additional such we to it innovative on such that partners well going time. said, it industry, for little in work size given forward that XXXX. And It's a it we results our advancement not given the and And business we IC present We've anticipate our step to

digital leveraged logic As Moore's said, of In for IC MXXX terms to and benefits and down forward. the our drive the Law going of shrinks Law size of us what forward? Moore's represents is just higher one we And going really going industry advance performance significantly. to the both smaller we've

over that see the item And a on time family, bit the logic and us authentication market We've advanced with functionalities that so little digital the shrinks time a finish we and And has needs. significantly for volumes a believe with even even past other period keep products. additional of we're to MXXX we built those -- about ramping, what that MXXX technologies. then features And ramp, allow not as we in we fast terms it. incorporate long-term products introduce we performance in in the the And as making product, time have to the products the that optimistic difficult capabilities in matter, our of see future and generation continue for would been our but we're with we opportunities to expect fairly expect just given benefits introduce MXXX, the new the with extended that selling innovative will older our the going over call happened to and predictions still increase significant prior and the ones. the the introduce we as to of ramp ramp, that -- we're about volumes after the talked today fast start prior of a

Scott Searle

That's positive of lot a things.

Chris Diorio

asked? I you catch things -- the did And all

Scott Searle

And two You got. just follow-ups. I quick perfect, could That was Chris. if

you as mention curious of that of going think opening standpoint your us market different maybe that? the how terms talk as did be deployments, outlook IC like fixed some you lot from the sales what's some specifically about give if starting versus now Nice terms help opportunities of end-markets And more idea the an in XXXX? going end are things comments, on the view but to which mix little Just quarter. of in could to XXXX we're and about verticals bit thinking drive favor Thanks. and really some and in supply front-end are and applications It of of some chain, a seems your be the you a XXXX? there looking forward, the type system business your see verticals loaded, I'm of where are portal, I wondering could of in on

Chris Diorio

you. Thank Sure.

know you So evidence opportunities we and we project-based. strength it And that the are excited although, as our platform, entire don't see from kind our also across we're call, some of of as guide the says, strength. splits, about

any we mix project-based project, see our the and side the endpoint the way one quarter, endpoint a opportunities -- one growth systems opportunities on in well. be for but there in or other. as IC can Especially, So some

going momentum bit In Jeff to about growth kind a see to little overall where market. the in terms we talk hand of I of think I'm some we off little see opportunities bit where opportunities, to a

Jeff Dossett

would And in chain and Chris. Thanks, as manufacturing but types, Sure. highlight verticals. growth and logistics, aviation. Dossett. that this industry of variety I and say the I across would well a variety seeing supply as Scott, Jeff growth different opportunity is automotive we're a continued particular, of and across

retail, as both see to example, the including also of progress strong categories course, concepts also interesting continuing in in for which Healthcare, Kingdom. in great in pilots and beauty, health we're growth such and TeleTracking cosmetics. industry, but United footwear, We're food Of as continuing in go apparel and well had new partners, STANLEY expansion to proofs such healthcare, see a distribution to market Health as we iDoc's and as the with continuing

wide growth industry broad-based a variety it's So verticals. across of

Scott Searle

Great. Thanks so quarter. much. Nice

Chris Diorio

Thank you.

Linda Breard

Thanks.

Jeff Dossett

you, Thank Scott.

Operator

go The with Jaffray Jensen next ahead. comes question Please and Troy from Company. Piper

Troy Jensen

thanks. Hi,

First nice off, on congrats the gentlemen. results,

Chris Diorio

you. Thank

Jeff Dossett

you. Thank

Troy Jensen

Hey, in know This comps But I you how tough just against year-over-year were about strength just dive in this if curious coming gains. mean, bit period you up any a clearly an to any to sustain? Eric. this just category. on can for has there of the little can I share strength like strength. basis? been Are system extended think that

Eric Brodersen

key up business. That's – Troy. of Thanks, some the you're on systems picking parts

important to I just think that with start it's baseline.

said, we've project definitely it's business. a As based

our But our with normalized as back that, say say, rate look IC you those I'd team's QX pursue QX, be really in and we So results. is to continue trend noted, you compare, relatively pleased to of and pleased up But had continuing restructuring work project, And project-based we point can a some opportunities. difficult. business we reader execution our broadly, where we're a constraints. the when against when that XXXX easy in getting at for I'd to by a we're

Troy Jensen

Okay. And Eric, Linda. maybe or you for

improved Just bps there in gross you of margin but on a the than QX. were percent side a QX smaller systems sequentially, so – XXX in was sales

that are incremental margin. that you said manufacturing there think some drove I efficiencies So

how So this on just can you trend help touch that? us just margins will gross on And you year? think do throughout

Linda Breard

Yeah.

first the kind just quarter. stick with of I'll So

in the we is that about in based fourth overhead last quarter, was lower year. of manufacturing quarter the first part it Our than was talked

So in our margins improved over XQ. QX

time. as As a quarter forward at we guiding far to on stick a margin, tend

Troy Jensen

obviously aren't think answer system of probably All help strength. bps? chips you right. year. I going continue, it, think new we to next I can margins won't XX mean, piecing guess, I the Understood. you continue kind the maintain you I this gross you the but guess, else mean, with to do above do

Linda Breard

about a business sequentially. our Yeah. improvement – say I'm systems going comment and I we margin talked had first bps. quarter favorable also on in reader was of gross our mix mix reflective Chris our to – about also expected that, favorable not would and had IC the more we overall the XX that business on

Troy Jensen

Okay. – question Last

Linda Breard

And ahead. also I go was –

Troy Jensen

ItemSense Lastly, this? this question the I'd know make to kind previously going better hit on your to objectives of curious or did in to be my expectations And where are at ItemSense last be features just X.X? would new we recollection X.X. what – my even ItemSense

Chris Diorio

So that this I'll one. is Chris. take

tracking identity delivering you items the information a our of That get So items features improvements focus item really see opportunities. item and tracking move is item our identity, incredibly – then, X.X timestamps we gives the supply for tag, the you item tracking logistics transitions chain the of those moving. item i.e. use some an ItemSense items, just the identity others retail to is location for authenticity talked valuable item unique about transitions to read transitions read as the end And opportunities, transitions and instrumental you where transitions cases platform being trajectory around. and algorithm is for item even and on customers. is new We location

talked the improve our of is -- about and important how use, ease also improve I talked market. the we to and greater think driving the ItemSense to deployability we of into and platforms deployability In we out critically ability adoption terms -- of also because greater

enterprise element scale really essential that's against opportunities. platform to overall and and where revenue. it, in scalability impact a strength. on deliver platform That's it is see view just of we our component, an portion of of and terms an our essential But outsized impact. its small class allows our we're In has and its of positioning overall, enterprise still of ItemSense we it's very how us an how ItemSense our platform, terms the

Troy Jensen

Keep work, the good up gentlemen. understood. right, All Yes.

Chris Diorio

Thank you.

Eric Brodersen

you. Troy. Thank Thanks

Operator

next comes question Canaccord with Walkley Mike from go The Please Genuity. ahead.

Mike Walkley

Great, you you. just be to Chris, the back congrats quarter my color just new thank adopt would And think going the do to Thank strong family. be us you industries you. on will a on that first MXXX Can the what give technology? also. some end markets or the

Chris Diorio

I that, yes. to might Mike, to say, So, just want

our And growth advanced see and and see functionalities. the in retail to aviation, specific and market, based areas. segments, of and So platform. going then, that MXXX automotive all adoption primary as in the adoption in of we we vertical And impacting be in we in retail fastest for see overall adoption parts segments, are additional opportunity those example. all opportunity market Jeff opportunities introduce is still because basically of drive to the opportunities, by an advanced the probably greatest MXXX accelerated mentioned, gains growth emerging health the the and of we market functionalities, those healthcare targeting the on the retail beauty, and The as all is the currently impacting But served industry. our of markets of space, overall existing driver

Mike Walkley

build guess, next fine would there other industries is new with pay to that also, I that, just industries some to you get certain to up thanks. just think might the technology Monza And trying relative for Great, sticking family. year, be that on the

your for to of willing that a be Just products? industries potential trying get to maybe versus better this technology would pay flavor competitor

Chris Diorio

one, on think, that is I tell. to So think, time I Mike, going

to the platform. many position positioning of deployability expect the do our as can and the in MXXX us opportunities overall market of you we benefits and overall best should we the MXXX platform. leverage the how market, going capabilities We're context new product, our as to Our to to to overall of our improve bring address we

Mike Walkley

Okay, great. question And me. follow-up for

to Just those think adoption a going gateway a I see first Can pretty as industry. of leading for project-based visibility color, provide you are quarter you be there's to coming and up back systems several mentioned Nice the next the the good record business. gateway those sales, in or indicator any to some continue quarters? strong that

Eric Brodersen

is Eric. So, this

of Within that think, there multiple grew projects keep I QX period. reinforcing year-on-year. were that gateway in systems the in particular space, multiple I all and products our customers, our time I forward our of, time there our think impacted project project but that won't a out I in QX. current business period, within to gateway was say, that say favorably fair large it's

Mike Walkley

question start year. last just, reduction be And price Eric. me, where a Thanks, QX Okay. for know get I on you to first tends quarter to the -- the

Thank throughout you. and usually pricing of calendar on the Just how the endpoint is build is the expectations, gross side, year? to the relative volumes this the lowest margin rest as quarter

Jeff Dossett

is Jeff. This

the would not seen significant to that I comment changes be competitive marketplace inclusive the any important pricing. most first and think we've of

it that expected. think would articulate and I I as So, as typical

Linda Breard

of favorable too business add QX within comment was IC so. margin to IC Jeff's and revenue by guess, I systems impact would our QX in favorable And mix endpoint also and negotiations on pricing our I on annual the endpoint -- offset our say,

Mike Walkley

Thanks. Understood. you. Thank Congrats, again.

Chris Diorio

you, Thank Mike.

Operator

from Anderson The next Dougherty Please question comes Charlie go Company. with & ahead.

Charlie Anderson

Yeah. my a congrats and my strong for taking on questions guidance. quarter Thanks and

Chris Diorio

you, Thank Charlie.

Charlie Anderson

I called what's that seems bit be to But a just know Reader us on strength IC, ask your you wanted maybe you there more little to relative upside on out based, that guys forecast. think update Yeah, going a the was little project I on there, some to ongoing.

So that's follow-up. got my question, have first I and

Chris Diorio

of business in we we adoption -- see said, guide and greater strength kind guide don't well Reader the I usually a to as embedded into So we market ICs. lot as a or of verticals handhelds just where readers see handhelds cited broad go range don't the Reader as I opportunities. of opportunities, strength, as across specifically greater we But of the retail and IC and

strength readers. handheld as you demand for in retail opportunities So, as see

see ICs more Reader and those handheld And into so, going we more readers.

Charlie Anderson

picture of but big of a some get in use because terms question some Great. think Chris. sort MXXX, then you at in cases cases others I of price, maybe Obviously, there And capability.

to two see you where are price more cannot been some on between those? and the addressing So in Thanks. more It'll be barriers is examples of the where past those the it breakthrough. end-markets -- of there on where examples has -- the -- any you need MXXX interesting do capability or those side, more hear

Chris Diorio

new our initially on up and segments. functionalities So, that market advanced is focus capabilities advanced driving open

item the For authentication. example, about we've like talked

and Going to we smaller of us continue forward, opportunities. as smaller And MXXX should And thereby, those board address the Impinj family. market more you of the scale. you you migrate in allow products across on IC's down innovating kind the ICs, some see Moore's IC's you Law, as economies all introduce address get larger

Charlie Anderson

Great. much. so Thanks

Chris Diorio

Charlie. you, Thank

Linda Breard

Thank you.

Operator

The with next Jim Company. & Needham Please from go comes Ricchiuti question ahead.

Unidentified Analyst

[ph] is the quarter. on Mike This team. Hi, Sticos Congratulations for on Jim Ricchiuti.

Chris Diorio

you. Thank

Unidentified Analyst

customer? quantify a I was a cadence out I had quarter together, on quick itself it the guys idea of of you get whether you and know a the Wanted called Did came question for far was it business. large how that impacted size to better of favorably the quarter Just as that the there systems that the specifically the guys guess as projects results.

Jeff Dossett

backlog particular customer. signaled is XXXX don't into one We disclose the and XXXX. strength a No, any growing a out we of of quarter XXXX XQ, size healthy to your Jeff. how strong coming question and with together, This entered the we pipeline. came regarding But

quarter and in manner. a well structured predictable together came so And the

Unidentified Analyst

a then of And just couple there. Okay. follow-ups

the the size can qualifications guys up a so guys product time for with is along? maybe launches are you. timeline get MXXX MXXX try the difficult of the guess APAC through, Thank systems horizon I what the reorganization? I to on coming Again, know business did the question, shortages IC The quantify, And then and first size but you the better sense probably we had come you second up now QX the could last difficult impact you how will from and guys to the again. to reader understand us currently prior to that year the you back help being, going and those it's but of have and

Chris Diorio

is the question in of the and like dive timing. talk and then this Chris. first So part the to to launch I'd I'll MXXX Linda about take

Linda Breard

we -- QX have in 'XX so in systems the million impact Yes, didn't Mike, we so say of that $X.X business.

in business APAC that other magnitude. did just But we and that impacting we had or reorganization earnings we were the had the some quarter. systems about, provide size can't call So things we shared that talked in

Chris Diorio

the turning partners prior it. significant XXXX had then from in some XXXX RX, our in through end business which saw roughly itself product Monza in our growing I that our end and revenues and impacting late our IC of XXXX, innovations also it Impinj of to to into to it continued we both introduced took and some our look back launches, customer if qualify on It product us April and We accounts. begin there. And

did. Impinj the So will will rough our rollout -- that the expectation as RX is tough of the and Monza trajectory that take our MXXX follow same

Unidentified Analyst

Thank helpful. guys. you, really That's Terrific.

Chris Diorio

Thank you.

Linda Breard

Thank you.

Operator

back conference any the closing turn to for like would remarks. Chris I session. Diorio question-and-answer over to our concludes This

Chris Diorio

joining this today. all quarter. for execution past Impinj the thanks team And special you, a to Thank the for the solid call

Operator

you now attending is conference presentation. for today's concluded. Thank The

may You disconnect. now

Impinj (PI) 29 Apr 192019 Q1 Earnings call transcript