10-Q Filing

IMPINJ INC CIK: 1114995 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-021384`
Period End Date	20210331
Filing Date	20210428
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	pi-10q_20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 31 Cash Flow Statement 56 Stockholders Equity 15 Comprehensive Income 6

Balance Sheet 79 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`	$23.64M	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`	$49.80M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$69.55M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$82.45M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$23.50M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$25.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Inventory, net	`InventoryNet`	$28.07M	USD	Point-in-time
Inventory, net	`InventoryNet`	$36.33M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.81M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.94M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.35M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.05M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.05M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$173.73M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$171.36M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.35M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$20.80M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$16.53M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$13.76M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$13.74M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$2.35M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$2.08M	USD	Point-in-time
Goodwill	`IntangibleAssetsNetIncludingGoodwill`	$3.88M	USD	Point-in-time
Goodwill	`IntangibleAssetsNetIncludingGoodwill`	$3.88M	USD	Point-in-time
Total assets	`Assets`	$207.62M	USD	Point-in-time
Total assets	`Assets`	$214.49M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.14M	USD	Point-in-time
Accrued compensation and employee related benefits	`AccruedEmployeeBenefitsCurrent`	$5.53M	USD	Point-in-time
Accrued compensation and employee related benefits	`AccruedEmployeeBenefitsCurrent`	$5.87M	USD	Point-in-time
Accrued and other current liabilities	`AccruedAndOtherCurrentLiabilities`	$2.30M	USD	Point-in-time
Accrued and other current liabilities	`AccruedAndOtherCurrentLiabilities`	$1.47M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.64M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.81M	USD	Point-in-time
Current portion of restructuring liabilities	`RestructuringReserveCurrent`	$1.24M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$83.95M	USD	Point-in-time
Current portion of deferred revenue	`ContractWithCustomerLiabilityCurrent`	$6.21M	USD	Point-in-time
Current portion of deferred revenue	`ContractWithCustomerLiabilityCurrent`	$6.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$112.19M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$54.56M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$14.88M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$15.27M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$805.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$805.00K	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$277.00K	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$246.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$98.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$128.12M	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, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000 shares authorized, no shares issued and outstanding at March 31, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value 495,000 shares authorized, 24,052 and 23,350 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$24.00K	USD	Point-in-time
Common stock, $0.001 par value 495,000 shares authorized, 24,052 and 23,350 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$23.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$423.76M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$406.99M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$3.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$3.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-320.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-314.67M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$125.24M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$86.38M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$128.22M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$109.12M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$207.62M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$214.49M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$47.82M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$45.25M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$26.43M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$23.27M	USD	1 Quarter
Gross profit	`GrossProfit`	$21.39M	USD	1 Quarter
Gross profit	`GrossProfit`	$21.98M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$11.06M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$13.79M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$7.64M	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`	$8.15M	USD	1 Quarter
Restructuring costs	`RestructuringCharges`	$1.26M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$30.85M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$24.79M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.87M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.40M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$23.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$409.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$525.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.31M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-9.37M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.30M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$42.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$28.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.42M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.33M	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.19	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.40	USD	1 Quarter
Weighted-average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.67M	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`	$-9.42M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.33M	USD	1 Quarter
Depreciation	`Depreciation`	$1.17M	USD	1 Quarter
Depreciation	`Depreciation`	$1.04M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.22M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$7.45M	USD	1 Quarter
Accretion of discount or amortization of premium on short-term investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$4.00K	USD	1 Quarter
Accretion of discount or amortization of premium on short-term investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-218.00K	USD	1 Quarter
Amortization of debt issuance costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$879.00K	USD	1 Quarter
Amortization of debt issuance costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$94.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.37M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.50M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-8.26M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-2.39M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-880.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-368.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$155.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-633.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.14M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.10M	USD	1 Quarter
Accrued compensation and employee related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.93M	USD	1 Quarter
Accrued compensation and employee related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$345.00K	USD	1 Quarter
Operating lease right-of-use assets	`IncreaseDecreaseInOperatingLeaseRightOfUseAssets`	$-723.00K	USD	1 Quarter
Operating lease right-of-use assets	`IncreaseDecreaseInOperatingLeaseRightOfUseAssets`	$-657.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilitiesCurrent`	$-911.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilitiesCurrent`	$-823.00K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$722.00K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.37M	USD	1 Quarter
Restructuring liabilities	`IncreaseDecreaseInRestructuringReserve`	$1.24M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.84M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.37M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$12.33M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$25.00M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$14.18M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.40M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.11M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$8.27M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$13.06M	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$2.00K	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$98.00K	USD	1 Quarter
Proceeds from exercise of stock options and employee stock purchase plan	`ProceedsFromExerciseOfStockOptionsAndEmployeeStockPurchasePlan`	$2.01M	USD	1 Quarter
Proceeds from exercise of stock options and employee stock purchase plan	`ProceedsFromExerciseOfStockOptionsAndEmployeeStockPurchasePlan`	$8.52M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.92M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.52M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$26.16M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$16.82M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$66.90M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.64M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$83.72M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$49.80M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$66.90M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.64M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$83.72M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$49.80M	USD	Point-in-time
Purchases of property and equipment not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$1.98M	USD	1 Quarter
Purchases of property and equipment not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$94.00K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$125.24M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$86.38M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$128.22M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$109.12M	USD	Point-in-time
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$2.01M	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$8.52M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$7.45M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.22M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.42M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.33M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$71.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$125.24M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$86.38M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$128.22M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$109.12M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-9.42M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.33M	USD	1 Quarter
Unrealized gain on investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$71.00K	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$71.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.25M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-9.42M	USD	1 Quarter

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