10-Q Filing

IMPINJ INC CIK: 1114995 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-018835`
Period End Date	20200331
Filing Date	20200427
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	pi-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 30 Cash Flow Statement 56 Stockholders Equity 16 Comprehensive Income 8

Balance Sheet 80 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`	$83.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$66.90M	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
Short-term investments	`ShortTermInvestments`	$49.60M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$35.50M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$23.73M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$28.11M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Inventory	`InventoryNet`	$31.76M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Inventory	`InventoryNet`	$34.15M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.39M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.22M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.89M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.68M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	22.68M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$180.98M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$176.77M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	22.22M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.44M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$16.92M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$16.50M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$15.84M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$453.00K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$579.00K	USD	Point-in-time
Goodwill	`IntangibleAssetsNetIncludingGoodwill`	$3.88M	USD	Point-in-time
Goodwill	`IntangibleAssetsNetIncludingGoodwill`	$3.88M	USD	Point-in-time
Total assets	`Assets`	$218.21M	USD	Point-in-time
Total assets	`Assets`	$215.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.75M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.60M	USD	Point-in-time
Accrued compensation and employee related benefits	`AccruedEmployeeBenefitsCurrent`	$3.93M	USD	Point-in-time
Accrued compensation and employee related benefits	`AccruedEmployeeBenefitsCurrent`	$5.86M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.70M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.75M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.47M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.38M	USD	Point-in-time
Current portion of deferred revenue	`ContractWithCustomerLiabilityCurrent`	$551.00K	USD	Point-in-time
Current portion of deferred revenue	`ContractWithCustomerLiabilityCurrent`	$661.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$352.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$161.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.50M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$51.76M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$50.88M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$18.00M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$18.91M	USD	Point-in-time
Long-term liabilities other	`OtherLiabilitiesNoncurrent`	$316.00K	USD	Point-in-time
Long-term liabilities other	`OtherLiabilitiesNoncurrent`	$314.00K	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$258.00K	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$213.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$89.99M	USD	Point-in-time
Total liabilities	`Liabilities`	$89.81M	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000 shares authorized, no shares issued and outstanding at March 31, 2020 and December 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000 shares authorized, no shares issued and outstanding at March 31, 2020 and December 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value 495,000 shares authorized, 22,677 and 22,217 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$23.00K	USD	Point-in-time
Common stock, $0.001 par value 495,000 shares authorized, 22,677 and 22,217 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$22.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$395.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$387.93M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$105.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$34.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-267.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-262.74M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$97.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$125.24M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$128.22M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$96.17M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$215.05M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$218.21M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$47.82M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$33.06M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$26.43M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$17.19M	USD	1 Quarter
Gross profit	`GrossProfit`	$15.87M	USD	1 Quarter
Gross profit	`GrossProfit`	$21.39M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$8.56M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$11.06M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$8.55M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$7.49M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.24M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.70M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$24.79M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$22.80M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.40M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.93M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$321.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$409.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$429.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.31M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.04M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.30M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$28.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$28.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.33M	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.33	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.19	USD	1 Quarter
Weighted-average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	21.54M	shares	1 Quarter
Weighted-average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.41M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.33M	USD	1 Quarter
Depreciation	`Depreciation`	$1.16M	USD	1 Quarter
Depreciation	`Depreciation`	$1.17M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$3.48M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.22M	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`	$4.00K	USD	1 Quarter
Amortization of debt issuance costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$18.00K	USD	1 Quarter
Amortization of debt issuance costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$879.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-504.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.37M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-3.51M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-2.39M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-423.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-368.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$167.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$155.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.10M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$949.00K	USD	1 Quarter
Accrued compensation and employee related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.93M	USD	1 Quarter
Accrued compensation and employee related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-3.28M	USD	1 Quarter
Operating lease right-of-use assets	`IncreaseDecreaseInOperatingLeaseRightOfUseAssets`	$-657.00K	USD	1 Quarter
Operating lease right-of-use assets	`IncreaseDecreaseInOperatingLeaseRightOfUseAssets`	$-419.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilitiesCurrent`	$-739.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilitiesCurrent`	$-823.00K	USD	1 Quarter
Accrued liabilities and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.37M	USD	1 Quarter
Accrued liabilities and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-66.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-731.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.84M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$22.22M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$22.94M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$14.18M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$305.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.11M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$13.06M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$417.00K	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$98.00K	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$147.00K	USD	1 Quarter
Payments on term and equipment loans	`RepaymentsOfLongTermDebt`	$250.00K	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`	$2.01M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.45M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.92M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.13M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$16.82M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$18.66M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$83.72M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.53M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$66.90M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$18.66M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$83.72M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.53M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$66.90M	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`	$94.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$97.88M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$125.24M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$128.22M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$96.17M	USD	Point-in-time
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$2.01M	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$1.86M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.22M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.48M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.33M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$71.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$16.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$97.88M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$125.24M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$128.22M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$96.17M	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`	$-4.33M	USD	1 Quarter
Unrealized gain on investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$71.00K	USD	1 Quarter
Unrealized gain on investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$16.00K	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$71.00K	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$16.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-7.05M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.25M	USD	1 Quarter

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