Impinj, Inc. (NASDAQ:PI) Q1 2023 Earnings Call Transcript

James Ricchiuti: It does. It’s been lumpy, Chris, as we know, this has been somewhat lumpy business, because of the deployment of some of these customers. But should we think of this as a double-digit growth business?

Cary Baker: Jim, this is Cary. It’s hard to put a percentage growth on it like that because of the lumpiness of this business. Now, our growth has been depressed in the last several quarters, because we haven’t been able to get supply. We anticipate exiting Q2, entering Q3 with pretty substantial reader backlog that we’ve just been unable to support. We expect second half systems business to be greater than first half. So we’ll certainly grow in the second half of the year. I think the better way to think of it is that the systems business enables endpoint IC volume. And as we continue to push down the platform solution path, it will enable endpoint IC volume for Impinj, because we’re unlocking new features and new functionality that’s only available in our readers when combined with our endpoint ICs. So that’s how we think of the systems opportunity going forward.

James Ricchiuti: Got it. Thank you.

Chris Diorio: Thank you, Jim.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Co-Founder and CEO, Chris Diorio, for any closing remarks.

Chris Diorio: Thank you, operator. I’d like to thank you all for joining the call today. And I hope you and your loved ones are and remain safe and well. Thank you very much.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.