10-Q Filing

IMPINJ INC CIK: 1114995 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-013733`
Period End Date	20190331
Filing Date	20190429
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	pi-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 89 Income Statement 31 Cash Flow Statement 60 Stockholders Equity 12 Comprehensive Income 8

Balance Sheet 89 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.66M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$28.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.29M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$37.99M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$38.54M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$18.46M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$17.96M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$41.22M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Inventory	`InventoryNet`	$44.73M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.95M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	21.63M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.49M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	21.49M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	21.63M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	21.49M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$117.31M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$121.21M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$19.78M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$18.76M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$18.70M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$18.23M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$196.00K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$286.00K	USD	Point-in-time
Goodwill	`IntangibleAssetsNetIncludingGoodwill`	$3.88M	USD	Point-in-time
Goodwill	`IntangibleAssetsNetIncludingGoodwill`	$3.88M	USD	Point-in-time
Total assets	`Assets`	$145.07M	USD	Point-in-time
Total assets	`Assets`	$158.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.48M	USD	Point-in-time
Accrued compensation and employee related benefits	`AccruedEmployeeBenefitsCurrent`	$7.41M	USD	Point-in-time
Accrued compensation and employee related benefits	`AccruedEmployeeBenefitsCurrent`	$4.11M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.89M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.77M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.12M	USD	Point-in-time
Current portion of restructuring liabilities	`RestructuringReserveCurrent`	$94.00K	USD	Point-in-time
Current portion of restructuring liabilities	`RestructuringReserveCurrent`	$582.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$5.93M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$7.60M	USD	Point-in-time
Current portion of finance lease liabilities	`FinanceLeaseLiabilityCurrent`	$523.00K	USD	Point-in-time
Current portion of finance lease liabilities	`FinanceLeaseLiabilityCurrent`	$476.00K	USD	Point-in-time
Current portion of deferred rent	`DeferredRentCreditCurrent`	$402.00K	USD	Point-in-time
Current portion of deferred revenue	`ContractWithCustomerLiabilityCurrent`	$649.00K	USD	Point-in-time
Current portion of deferred revenue	`ContractWithCustomerLiabilityCurrent`	$849.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$23.02M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$24.50M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$15.73M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$17.63M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$21.46M	USD	Point-in-time
Finance lease liabilities, net of current portion	`FinanceLeaseLiabilityNoncurrent`	$258.00K	USD	Point-in-time
Finance lease liabilities, net of current portion	`FinanceLeaseLiabilityNoncurrent`	$158.00K	USD	Point-in-time
Long-term liabilities other	`OtherLiabilitiesNoncurrent`	$304.00K	USD	Point-in-time
Long-term liabilities other	`OtherLiabilitiesNoncurrent`	$302.00K	USD	Point-in-time
Long-term restructuring liabilities	`RestructuringReserveNoncurrent`	$487.00K	USD	Point-in-time
Deferred rent, net of current portion	`DeferredRentCreditNoncurrent`	$5.29M	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$185.00K	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$152.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$62.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$47.19M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000 shares authorized, no shares issued and outstanding at March 31, 2019 and December 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000 shares authorized, no shares issued and outstanding at March 31, 2019 and December 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value 495,000 shares authorized, 21,627 and 21,492 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$21.00K	USD	Point-in-time
Common stock, $0.001 par value 495,000 shares authorized, 21,627 and 21,492 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$22.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$337.63M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$342.97M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$7.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-239.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-246.82M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$108.56M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$118.94M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$96.17M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$97.88M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$145.07M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$158.48M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$25.07M	USD	1 Quarter
Revenue	`Revenues`	$33.06M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$17.19M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$13.31M	USD	1 Quarter
Gross profit	`GrossProfit`	$15.87M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.76M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$8.00M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$8.56M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$8.55M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$8.86M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.22M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.70M	USD	1 Quarter
Restructuring costs	`RestructuringCharges`	$3.93M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$22.80M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$26.01M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.93M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-14.25M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$90.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$321.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$229.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$429.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.39M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.04M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$51.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$28.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.44M	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.68	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.33	USD	1 Quarter
Weighted-average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	21.12M	shares	1 Quarter
Weighted-average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	21.54M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.44M	USD	1 Quarter
Depreciation	`Depreciation`	$1.16M	USD	1 Quarter
Depreciation	`Depreciation`	$1.12M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.06M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$3.48M	USD	1 Quarter
Non-cash restructuring benefit	`RestructuringCosts`	$454.00K	USD	1 Quarter
Accretion of discount or amortization of premium on short-term investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$197.00K	USD	1 Quarter
Accretion of discount or amortization of premium on short-term investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$60.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$21.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$18.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.22M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-504.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$7.62M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-3.51M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-423.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-561.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-473.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$167.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$-1.12M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$949.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$34.00K	USD	1 Quarter
Accrued compensation and employee related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-3.28M	USD	1 Quarter
Accrued compensation and employee related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.24M	USD	1 Quarter
Operating lease right-of-use assets	`IncreaseDecreaseInOperatingLeaseRightOfUseAssets`	$-419.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilitiesCurrent`	$-739.00K	USD	1 Quarter
Accrued liabilities and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-66.00K	USD	1 Quarter
Accrued liabilities and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$307.00K	USD	1 Quarter
Restructuring liabilities	`IncreaseDecreaseInRestructuringReserve`	$3.64M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.54M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-731.00K	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$22.22M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$8.86M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$22.94M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$17.85M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$698.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$305.00K	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$8.29M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$417.00K	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$242.00K	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$147.00K	USD	1 Quarter
Payments on term loans	`RepaymentsOfLongTermDebt`	$250.00K	USD	1 Quarter
Payments on term loans	`RepaymentsOfLongTermDebt`	$2.15M	USD	1 Quarter
Proceeds from term loans, net of debt issuance costs	`ProceedsFromIssuanceOfLongTermDebt`	$12.38M	USD	1 Quarter
Proceeds from exercise of stock options and employee stock purchase plan	`ProceedsFromExerciseOfStockOptionsAndEmployeeStockPurchasePlan`	$1.84M	USD	1 Quarter
Proceeds from exercise of stock options and employee stock purchase plan	`ProceedsFromExerciseOfStockOptionsAndEmployeeStockPurchasePlan`	$1.97M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$11.96M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.45M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.13M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$8.71M	USD	1 Quarter
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$18.66M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$17.53M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$28.00M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$19.29M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$18.66M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$17.53M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$28.00M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$19.29M	USD	Point-in-time
Purchases of property and equipment not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$347.00K	USD	1 Quarter
Purchases of property and equipment not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$281.00K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Total stockholders' equity, beginning balance	`StockholdersEquity`	$108.56M	USD	Point-in-time
Total stockholders' equity, beginning balance	`StockholdersEquity`	$118.94M	USD	Point-in-time
Total stockholders' equity, beginning balance	`StockholdersEquity`	$96.17M	USD	Point-in-time
Total stockholders' equity, beginning balance	`StockholdersEquity`	$97.88M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-7.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.44M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-20.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$16.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$108.56M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$118.94M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$96.17M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$97.88M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.44M	USD	1 Quarter
Unrealized gain (loss) on investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-20.00K	USD	1 Quarter
Unrealized gain (loss) on investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$16.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-20.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$16.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-14.46M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-7.05M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.