Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>Impinj reported third quarter results affirming the slowdown in sales volume for endpoint ICs with hopes the current softness comes to an end by the first quarter of 2024</li>
<li>Concurrent with the decline in demand is the increase in endpoint IC availability from competitors</li>
<li>We continue to believe the near-term fundamentals are not as strong as the stock depicts and the business is vulnerable to further headwinds, especially related to endpoint IC pricing.</li>
</ul>


Impinj reported third quarter results affirming the slowdown in sales volume for endpoint ICs with hopes the current softness comes to an end by the first quarter of 2024
Concurrent with the decline in demand is the increase in endpoint IC availability from competitors
We continue to believe the near-term fundamentals are not as strong as the stock depicts and the business is vulnerable to further headwinds, especially related to endpoint IC pricing.


<ul>
<li>Impinj warned revenue would decline sequentially in the third quarter due to weaker than expected demand from retail apparel customers. The shortfall started  towards the end of the second quarter</li>
<li>Impinj increased inventory in the first quarter and more so in the second quarter. Inventory within the channel has also increased compared to the first quarter</li>
<li>Impinj’s stock continues to price the downward revenue scenario as a short-term event. Previous downturns have lasted more than one quarter</li>
</ul>


Impinj warned revenue would decline sequentially in the third quarter due to weaker than expected demand from retail apparel customers. The shortfall started  towards the end of the second quarter
Impinj increased inventory in the first quarter and more so in the second quarter. Inventory within the channel has also increased compared to the first quarter
Impinj’s stock continues to price the downward revenue scenario as a short-term event. Previous downturns have lasted more than one quarter


<ul>
<li>Impinj was a late beneficiary to the COVID-19 pandemic and could now be on the cusp of a correction in its revenue growth trajectory</li>
<li>The developer of radio frequency identification (“RFID”) chips used in RFID tags benefited when companies were facing supply chain issues resulting in ordering much more inventory than necessary</li>
<li>Consensus estimates are for another 36 percent increase in revenue in 2023 even though Impinj is heavily dependent on retail apparel</li>
</ul>


Impinj was a late beneficiary to the COVID-19 pandemic and could now be on the cusp of a correction in its revenue growth trajectory
The developer of radio frequency identification (“RFID”) chips used in RFID tags benefited when companies were facing supply chain issues resulting in ordering much more inventory than necessary
Consensus estimates are for another 36 percent increase in revenue in 2023 even though Impinj is heavily dependent on retail apparel


United States

Impinj, Inc. provides radio-frequency identification solutions for identifying, locating, and authenticating items. The Company offers radio chips, gateways, readers and antennas, and software. Impinj serves customers worldwide.

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Impinj Inc (PI US)

PI: Headwinds Persist

Revenue was mostly in line with consensus estimates, which continue to decline for 2024. Impinj is forecasting revenue to flat line in the fourth...

BWS Financial Inc

PI: Frequency Scrambled

The shortfall in Q3 guidance is due to lower endpoint IC purchases by retail apparel customers. Retailers are strictly managing their inventories...

BWS Financial Inc

PI: Red Tagged, Initiating with Sell

Impinj benefited from the last stretch of the COVID-19 pandemic when there was a supply chain disruption for the market it serves the most, retail....

BWS Financial Inc

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