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Impinj: Prepare for ‘Conservative’ Stance on Earnings, Says Dougherty

Anderson refers back to the company’s last earnings report, when shares sold off because customer delays spooked investors.

Noting that it’s “challenging” to call any quarter, in terms of how much the “RFID” business is broadening, Anderson muses, "we wonder if management may have a desire to be incrementally conservative in how they guide given last quarter's guide-down, which was driven by customer delays."

His own estimate for this upcoming report is for revenue of $32.5 million, and a net loss of 4 cents per share, which is slightly lower than consensus soft $32.6 million and a 3-cent loss.

In addition to gauging the quarter, Anderson’s interested to find out from management about how things are going in China. He relates tidbits he’s learned that are intriguing:

We note that the RAIN RFID Alliance held meetings last week in China and the presenters included government officials from both China and Japan. In China, we've taken note of a series of projects aimed at creating cashier-less stores, most recently from e-commerce leader JD.com. In Japan, there is a joint project between the government and convenience store operators to tag 100B items by 2025. We note that the largest operator, 7-11, began trialing the technology at six stores in August.

Impinj shares today closed down 28 cents, or 0.8%, at $34.76.


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