10-Q Filing

IMPINJ INC CIK: 1114995 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001564590-22-016077`
Period End Date	20220331
Filing Date	20220427
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	pi-10q_20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 31 Cash Flow Statement 57 Stockholders Equity 15 Comprehensive Income 6

Balance Sheet 84 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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$63.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$123.90M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$101.72M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$69.44M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$38.53M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$35.45M	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`	$31.56M	USD	Point-in-time
Inventory	`InventoryNet`	$21.96M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.05M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.22M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.20M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.74M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.22M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$255.80M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.74M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$242.56M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$28.14M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$14.22M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$27.50M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$29.13M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$10.86M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$11.67M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$2.46M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$2.37M	USD	Point-in-time
Goodwill	`IntangibleAssetsNetIncludingGoodwill`	$3.88M	USD	Point-in-time
Goodwill	`IntangibleAssetsNetIncludingGoodwill`	$3.88M	USD	Point-in-time
Total assets	`Assets`	$316.94M	USD	Point-in-time
Total assets	`Assets`	$315.54M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.73M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.10M	USD	Point-in-time
Accrued compensation and employee related benefits	`AccruedEmployeeBenefitsCurrent`	$6.37M	USD	Point-in-time
Accrued compensation and employee related benefits	`AccruedEmployeeBenefitsCurrent`	$4.59M	USD	Point-in-time
Accrued and other current liabilities	`AccruedAndOtherCurrentLiabilities`	$2.48M	USD	Point-in-time
Accrued and other current liabilities	`AccruedAndOtherCurrentLiabilities`	$3.88M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.97M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$4.14M	USD	Point-in-time
Restructuring liabilities	`RestructuringReserveCurrent`	$591.00K	USD	Point-in-time
Restructuring liabilities	`RestructuringReserveCurrent`	$554.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$9.64M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$9.63M	USD	Point-in-time
Current portion of deferred revenue	`ContractWithCustomerLiabilityCurrent`	$907.00K	USD	Point-in-time
Current portion of deferred revenue	`ContractWithCustomerLiabilityCurrent`	$558.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$32.64M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$35.50M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$278.66M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$279.05M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$11.93M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$11.10M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$113.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$279.00K	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$236.00K	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$320.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$323.23M	USD	Point-in-time
Total liabilities	`Liabilities`	$326.61M	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, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000 shares authorized, no shares issued and outstanding at March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value 495,000 shares authorized, 25,220 and 24,737 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$25.00K	USD	Point-in-time
Common stock, $0.001 par value 495,000 shares authorized, 25,220 and 24,737 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$25.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$351.42M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$367.35M	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-39.00K	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-716.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-362.48M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-372.94M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$86.38M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$109.12M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-11.08M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-6.29M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$315.54M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$316.94M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$45.25M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$53.14M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$24.36M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$23.27M	USD	1 Quarter
Gross profit	`GrossProfit`	$28.78M	USD	1 Quarter
Gross profit	`GrossProfit`	$21.98M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$17.99M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$13.79M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$9.30M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$7.64M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.15M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$10.81M	USD	1 Quarter
Restructuring costs	`RestructuringCharges`	$1.26M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$30.85M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$38.09M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.87M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-9.31M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$23.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$164.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$525.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.26M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-9.37M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-10.41M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$42.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$49.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.42M	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.42	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.40	USD	1 Quarter
Weighted-average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	24.98M	shares	1 Quarter
Weighted-average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.67M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-10.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.42M	USD	1 Quarter
Depreciation	`Depreciation`	$1.04M	USD	1 Quarter
Depreciation	`Depreciation`	$1.51M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$11.31M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$7.45M	USD	1 Quarter
Accretion of discount or amortization of premium on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-301.00K	USD	1 Quarter
Accretion of discount or amortization of premium on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-218.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$403.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$94.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.08M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.50M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$9.60M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-8.26M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.14M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-880.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.77M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.14M	USD	1 Quarter
Accrued compensation and employee related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.77M	USD	1 Quarter
Accrued compensation and employee related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$345.00K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$722.00K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.28M	USD	1 Quarter
Operating lease right-of-use assets	`IncreaseDecreaseInOperatingLeaseRightOfUseAssets`	$-804.00K	USD	1 Quarter
Operating lease right-of-use assets	`IncreaseDecreaseInOperatingLeaseRightOfUseAssets`	$-723.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilitiesCurrent`	$-1.01M	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilitiesCurrent`	$-911.00K	USD	1 Quarter
Restructuring liabilities	`IncreaseDecreaseInRestructuringReserve`	$1.24M	USD	1 Quarter
Restructuring liabilities	`IncreaseDecreaseInRestructuringReserve`	$-37.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-633.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$433.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.84M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.37M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$12.33M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$67.08M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$20.00M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$25.00M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.40M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.05M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$8.27M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-50.13M	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$2.00K	USD	1 Quarter
Proceeds from exercise of stock options and employee stock purchase plan	`ProceedsFromExerciseOfStockOptionsAndEmployeeStockPurchasePlan`	$4.61M	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`	$4.61M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.52M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-60.36M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$26.16M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.64M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$63.54M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$49.80M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$123.90M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.64M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$63.54M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$49.80M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$123.90M	USD	Point-in-time
Purchases of property and equipment not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$508.00K	USD	1 Quarter
Purchases of property and equipment not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$1.98M	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$86.38M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$109.12M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-11.08M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-6.29M	USD	Point-in-time
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$4.61M	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`	$11.31M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.42M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-677.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$86.38M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$109.12M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-11.08M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-6.29M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-10.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.42M	USD	1 Quarter
Unrealized loss on investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-677.00K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-677.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-11.14M	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.