Financial PerformanceImpinj delivered above-consensus 2Q24 results as strength in Apparel and Footwear, early signs of Retail restocking, steady growth in General Merchandise and secular growth across various specialty applications drove a ~30% yoy increase in Endpoint IC volumes.
Growth ProspectsManagement highlighted other growth opportunities, specifically stating that the food opportunity is moving faster than previously expected, particularly in pallet and case tagging for food freshness.
Revenue OutlookThe company's 3Q24 revenue outlook of $92.5mn (midpoint; +6% qoq excluding the $15mn licensing revenue recognized in 2Q24) also exceeded Street expectations.