Impinj at Goldman Sachs Conference: RFID Market Growth and Strategic Vision

On Tuesday, 09 September 2025, Impinj Inc (NASDAQ:PI) participated in the Goldman Sachs Communicopia + Technology Conference 2025. The conference highlighted both the promising growth and challenges in the RAIN RFID market. Impinj’s leadership discussed their strategic focus on expanding market opportunities and overcoming competition, while also addressing recent financial performance and future expectations.

Key Takeaways

• Impinj is leveraging its platform to explore new opportunities in retail, logistics, and the food industry.
• The company anticipates significant growth from its M800 endpoint IC family, enhancing gross margins.
• Competition remains strong, primarily from NXP, but Impinj emphasizes its unique dual-end operation.
• Financial performance was strong in Q2, with strategic refocusing and market stabilization.
• Future potential lies in transforming retail infrastructure akin to the barcode revolution.

Financial Results

• Q2 Performance: Impinj reported a strong quarter, driven by momentum in endpoint ICs and systems.

- Revenue guidance increased by 13% sequentially.

- Volatility from tariffs and Liberation Day in Q1 settled in Q2, aiding performance.

• M800 Endpoint IC Family: Expected to become the volume leader, contributing to a 300 basis point increase in gross margin.

- Over 50% of the endpoint IC mix anticipated this year.

• ASP and Cost Management: ASP declines are expected to be offset by wafer cost reductions and market share gains.

Operational Updates

• Platform Evolution: Impinj is transitioning from core chip offerings to comprehensive solutions.

- Focus on endpoint ICs, reader ICs, fixed readers, and software.

- Emphasis on software development for hybrid cloud environments and edge solutions.

• Competitive Landscape: NXP remains the primary competitor, with Impinj differentiating through its dual-end radio link operations.

- Intellectual property and Gen 2X capabilities are key competitive advantages.

• Market Opportunities: Significant growth in retail apparel and footwear; early adoption in retail general merchandise and logistics.

- The food industry presents a massive opportunity, potentially surpassing other markets.

Future Outlook

• Strategic Focus: Continued investment in R&D, especially in new solutions for supply chain and logistics.

- Machine learning at the edge to enhance enterprise use cases.

• Channel Inventory Management: Regular assessments to maintain healthy inventory levels.

- Aim to address any imbalances swiftly.

Q&A Highlights

• Emerging Opportunities: Machine learning and passive reading to enhance supply chain visibility.
• Transformative Potential: Impinj’s technology could revolutionize retail infrastructure, similar to barcodes.

- "No mode is ever wide enough," stated CEO Chris Diorio, highlighting the expansive potential.

In conclusion, Impinj’s participation in the Goldman Sachs conference underscored its strategic initiatives and market positioning. For further insights, please refer to the full transcript below.

Full transcript - Goldman Sachs Communicopia + Technology Conference 2025:

Jim Schneider, Senior Analyst, Goldman Sachs: Is ready to go?

Chris Diorio, CEO, Impinj: I’m ready.

Jim Schneider, Senior Analyst, Goldman Sachs: Great. Good afternoon, everybody. Welcome to the Goldman Sachs Communicopia and Technology Conference. My name is Jim Schneider. I’m the Senior Analyst here at Goldman Sachs. It’s my pleasure to welcome Impinj today. We’re really happy to have CEO Chris Diorio and CFO Cary Baker with us today. Welcome, guys.

Chris Diorio, CEO, Impinj: Thank you.

Jim Schneider, Senior Analyst, Goldman Sachs: I want to begin with a sort of a discussion about the high-level market opportunity for a second. The RAIN RFID market has grown at a pretty impressive rate over the last decade, something like 25% plus. I think industry volumes were over 50 billion units as of last year. Maybe provide some overall parameters as to how those volumes break down by end market or application.

Chris Diorio, CEO, Impinj: Yeah, so Jim, the number one end market for us is retail apparel and footwear because that was the first vertical to adopt back a long time ago, back in the 2010 time frame, back early. It’s been continuing to adopt today. We’re in mainstream adoption there. We’re probably roughly in the 35% to 40% adoption in terms of the overall opportunity. We size that opportunity at roughly 80 billion units. Above and beyond retail apparel and footwear, there is retail general merchandise, supply chain, and logistics. Those are similarly sized opportunities in the couple of hundred billion per year. Early days in those, there are some visionary leaders in each of those two verticals leading, but I’d call that the early adoption phase. There’s a long tail of specialty applications above and beyond that, everything from airline baggage tracking to automotive opportunities.

Coming quickly is the food opportunity, which dwarfs everything else in terms of its volume. We’re still very early, modest overall volumes this year, but that food opportunity uses a lot of the same reading techniques as retail apparel and footwear, handheld inventory visibility in stores. We’re seeing food adoption at a faster pace than I personally would have expected.

Jim Schneider, Senior Analyst, Goldman Sachs: Interesting. If you think about the industry growth rate, obviously the 25% has been a pretty strong growth rate. Do you expect it to sort of slow at all, or do you expect some of these very large opportunities like food to potentially accelerate over the next three to five?

Chris Diorio, CEO, Impinj: We have seen a little bit of a slowing in the pace of adoption over the past couple of years simply because, or at least we attribute it to retail apparel being in the mainstream adoption phase. Of course, you would expect it to slow a little bit. There are still new logos coming in, so there is still growth and still expansion opportunities. Very few retailers in the retail apparel and footwear space are 100% tagged, so there’s still lots of opportunity there. Because it’s mainstream adoption, we’ve seen the pace slow a little bit. We’re guardedly optimistic that as food layers on, we’ll see the pace pick up again, not this year. It’s going to take time for that food opportunity to get in enough swing to drive real volumes.

If the early indicators, what we’re seeing right now in terms of the use case and the opportunity and what it means for retailers basically to have visibility into food freshness and be able to mark items down before they expire, that food could layer in behind and provide a nice boost to the industry.

Jim Schneider, Senior Analyst, Goldman Sachs: Interesting. You’ve been pretty vocal about that opportunity. Maybe unpack a little bit about how the opportunity evolves for Impinj specifically and what you need to do to get maximum penetration either from a product development standpoint or just to go to market.

Chris Diorio, CEO, Impinj: Yeah, so our M800 endpoint IC significantly enables the food use case both by its readability. It has higher sensitivity, so it eases readability on hard-to-read items and meat products, for example. It allows smaller antennas because of its sensitivity, which reduces cost. We’ve introduced some extensions to the industry radio protocol. They’re compatible extensions, they’re protocol compatible, but they enhance readability and overall performance. We believe those extensions, which we call Gen 2X, those Gen 2X extensions will further enable the food use case.

Jim Schneider, Senior Analyst, Goldman Sachs: Let me talk about some of the issues you’re helping customers ramp with in that market. Does that market present sort of any unique challenges to ramping? Any way you see it.

Chris Diorio, CEO, Impinj: Unique challenges to ramping, I think just the size of the opportunity. It’s not that we can’t deliver against it. It’s just so big. It’s going to require, to really deliver it, the concerted effort of many companies in the industry, whether it’s the players that are delivering handheld readers, the players that are delivering fixed readers, of which we’re part of, us providing some of the reader ICs and the endpoint ICs. It’s just, I’ll say, a concerted industry-wide cooperative effort to really get food going. Cary, anything you’d add there?

Cary Baker, CFO, Impinj: I’d say the benefit that we have moving into food is it’s the same use case as apparel. It’s using a handheld reader to get visibility at the store level. A lot of the products, the systems, the tie-in, the processes, the employee store motion, that’s already well understood at this point, which I think will benefit the overall ramp to food.

Jim Schneider, Senior Analyst, Goldman Sachs: Very good. As you continue to sort of penetrate this overall core TAM, more customers embrace item level tracking. How are you expecting your position to evolve as a platform company just sort of beyond your core chip offerings?

Chris Diorio, CEO, Impinj: Yeah, we spent the past 20 years building the hardware infrastructure and really focusing on delivering the endpoint ICs, the reader ICs to have communications over both ends of the radio link, fixed readers, high performance fixed readers to enable use cases. Now we’re really focused on solutions, using our platform, which comprises those endpoint ICs, reader ICs, fixed readers, and software on top, using our platform to unlock new opportunities at visionary end users to solve the problem, which involves a good bit of software development that runs on our readers or in hybrid cloud with our readers to unlock those use cases.

For us, the future opportunity we see is to really leverage our platform to focus on whole solutions for enterprise end users, going with partners, of course, because it takes a partnership to deliver to these very large end users, but delivering more of the whole solution.

Jim Schneider, Senior Analyst, Goldman Sachs: What is your sort of long-term vision for the platform? I mean, how do you see it evolving beyond what you’ve already done?

Chris Diorio, CEO, Impinj: I see us delivering more on the software side that enables these use cases. You’ve got a reader, it’s got a processor, it can do reading. What you want to do is develop software that runs both on the reader and off the reader that solves a use case for an enterprise end user. You should expect us to put more effort into that software to enable those use cases and deliver value, deliver solutions to the end users.

Jim Schneider, Senior Analyst, Goldman Sachs: How much of that resource from a development perspective or R&D perspective is already in place to do that?

Chris Diorio, CEO, Impinj: We’ve already got a fairly good-sized software team. We probably have Cary, half software engineers across the company, and we will be building a little bit more on the software side to deliver some of those solutions.

Jim Schneider, Senior Analyst, Goldman Sachs: It seems like things are going pretty well at the company overall. I’m kind of curious, the market’s full of opportunities for you to expand. I think eventually once competitors get wind of potential ROI here in the market size and how it’s scaling, that may attract more competition. I just want to address that for a second. How do you encourage investors to visualize the competitive landscape as you see it today relative to when you first got started?

Chris Diorio, CEO, Impinj: If you focus on the endpoint, I see there’s two key companies, us and NXP, that deliver more than 90% of the volumes. We as a company assume there will always be competition, whether it’s NXP or somebody else coming. We’re focused on driving technological leadership, advancing and extending our intellectual property portfolio, advancing communications and capabilities over the Airlink, which is our Gen 2X, and driving enterprise solutions, including with software that leverage our endpoint ICs, and thereby building competitive moats between us and our competition significantly at the endpoint IC layer, but actually at all layers of our platform. I’m always focused on what the competition could be and building solutions for enterprises that put distance between us and our competitors and turning that distance into a competitive moat.

Cary Baker, CFO, Impinj: I was going to say, Jim, our competitive advantage quite simply is we’re the only player that operates on both ends of the radio link. As Chris was mentioning, we could put functionality in the reader that is engaged by functionality in the endpoint IC that is engaged by functionality of the reader to solve these more complex use cases. No one else has that suite of solutions, and we think that’s where we differentiate.

Jim Schneider, Senior Analyst, Goldman Sachs: Yeah. Are you seeing your competitors try to kind of like employ specific tactics to try to grab market share, or do you feel like your moat is sufficiently wide at this point?

Chris Diorio, CEO, Impinj: No mode is ever wide enough.

Jim Schneider, Senior Analyst, Goldman Sachs: You talked about NXP being the biggest competitor, but are there emerging players that you’re seeing that have picked up a little bit of momentum in the market?

Chris Diorio, CEO, Impinj: As of right now, not really. There is at the endpoint IC level, there is some China for China business from what I would call second or third tier providers. We always keep our eyes on them and are driving the competitive advantages that I cited before. As Cary said, leveraging our platform to drive those solutions for end customers and driving our innovative features at both ends of the radio link.

Jim Schneider, Senior Analyst, Goldman Sachs: I guess in testament to your IP position, I think a little while ago you won a favorable legal outcome relative to NXP. How do you sort of gauge the likelihood that they could design away from your IP at all? If you were in their shoes, how long of a process could that be for them if they did that?

Chris Diorio, CEO, Impinj: You know, the IP that we asserted was not foundational IP in that it was fundamental to the standard. It was implementation IP, and there’s always a way to design around implementation IP. We believe our IP portfolio is pretty strong. I think that was proven out by the court cases. It will take real work to design around it. If NXP chooses to design around it, I believe they can. They’re a top-flight semiconductor company. If they do, they lose the benefits of that IP, all parts of the chip and the things that we do that we believe are innovative. They would then presumably also lose access to the intellectual property around our Gen 2X capabilities, which we continue to evolve and expand and are proving to have real value to the enterprise end users. I think we have to wait and see what NXP chooses to do.

They have paid us two royalty payments so far. Let’s stay tuned and see what decision they make.

Jim Schneider, Senior Analyst, Goldman Sachs: Yeah. Okay. I mean, how do you think about structurally and philosophically the pricing for your products overall?

Cary Baker, CFO, Impinj: We believe there’s a lot of price elasticity in the market, especially as we move into new categories such as food. We’re back to a normal cadence where we negotiate prices at the end of the year for the upcoming year, typically on a like-for-like basis that results in low to mid-single-digit ASP declines. We support those with wafer cost downs from our foundry partners so that we’re able to maintain our margin model. We’ve used this philosophy quite well as we’ve seen the expansion in the market. That’s not to say that when inflationary pressures arise, we don’t react the other way. If you go back to 2022 when wafer costs were going up, we actually increased the price of our ICs a couple of points throughout the year in order to maintain our margin model. I think we’re flexible. We know price elasticity exists.

We are striving to put the most performant, highest margin IC in the market for us so that we can unlock more and more use cases and more and more categories. We have to react to the environment too.

Jim Schneider, Senior Analyst, Goldman Sachs: Is there a sort of a magic floor price or threshold price at which you think the elasticity, for example, the food market really takes off? Where would that be relative to where we are today?

Cary Baker, CFO, Impinj: I think we’re getting close to it today, in fact. Think of our ICs as roughly $0.01, give or take. What we’ve seen in the inlay community is a lot of investment into and from the inlay community. That’s resulted in a significant amount of capacity buildout. Now that capacity has been unutilized in some cases, so it’s created a pretty aggressive pricing environment. In the most competitive opportunities today, we’re seeing sub-$0.02 inlay pricing, which I think has gone to help unlock food.

Jim Schneider, Senior Analyst, Goldman Sachs: If you think about sort of maximizing revenue for Impinj over time, do you have a plan for marketing penetration up over time while kind of like, you know, not taking price down too much? Is that kind of the trajectory you’re on that’s matched with wafer pricing, or is there some other kind of, you know, way we should be thinking about that?

Cary Baker, CFO, Impinj: I think all of that factors in, plus share gains. The reason we have a platform is to drive share to Impinj. The reason we have Gen 2X is to drive share to Impinj. We look at not just market expansion, not just new verticals layering in, but also our ability to take share within that and more than offsetting any ASP declines that might happen in normal course.

Chris Diorio, CEO, Impinj: Don’t just focus on the endpoint IC. There remain very significant opportunities on the system side of the business, the reader ICs, the readers and gateways, and more and more solutions, including software. Especially as we get into delivering against enterprise problems, for example, in supply chain and logistics, those solutions opportunities could drive significant revenue.

Jim Schneider, Senior Analyst, Goldman Sachs: Great. Now, just kind of turning to your current business for a moment, you recently reported a really strong quarter where you guided revenue up 13% sequentially, I believe. It sounds like you’re seeing positive momentum both across the systems as you point out, as well as the endpoint ICs. I want to start to ask you about a couple of questions about this last quarter. Maybe kind of to level set us, first of all, what drove the upside in the quarter itself? What are some of the bigger picture demand trends you’re seeing? What level of optimism or caution or conservatism was factored in the guidance?

Cary Baker, CFO, Impinj: Yeah. To your point, we saw positive momentum in both the endpoint IC and on the systems business in Q2 that led to the outperformance. On the endpoint IC side, it was more of things just settling down. If you go back to earlier in the year, tariffs and Liberation Day really roiled our partner network. Our inlay partners were looking to adjust their geographic production footprint, just kind of shift the mix around to best optimize for tariffs. We saw a lot of volatility in Q1 as a result. We saw pull-ins, push-outs, cancellations, and rescheduling in addition to turn business. That just created a lot of churn. As we moved into Q2, we expected continued volatility. What we saw was while it was still volatile, things had moderated quite considerably.

We saw adjustments to delivery timing and location in addition to turns, and that’s what helped outperform the quarter. In going into the quarter, because of the uncertainty, we purposely didn’t assume any additional turns in our Q2 guidance. We typically turn 50% in a quarter. Think of that as we start the quarter with half the quarter booked, and then the first six to seven weeks we’re booking and shipping. We guide usually around the fourth week of the quarter, so we have two to three weeks left of turn business available to us. That’s really what drove the beat from the endpoint IC side in Q2. As I look to the systems side, this is an area where we put a lot of energy into refocusing the business at the beginning of the year, and we’re starting to see payback from that refocusing.

In Q2, we shipped reader ICs into an overhead reading win, a larger project win for us. We also secured two new use cases at our large European visionary customer that shipped in Q2 and will again in Q3. We also won two new use cases at our second large North American supply chain and logistics customer that will ship in Q3 and in Q4. That effort that we put into refocusing really drove momentum on the project side of the systems business, which has helped drive some of the revenue growth.

Jim Schneider, Senior Analyst, Goldman Sachs: Got it. I think you talked about your expectations for M800 to achieve volume status at some point this year. It sounds like you’re starting to see some of that mix reflected in Q3 and Q4. Maybe just give us a sense about how large of an impact will M800 have once it’s fully ramped and how is Gen 2X sort of helping that ramp?

Cary Baker, CFO, Impinj: Yeah. The M800 is the most performant chip on the market. It also benefits us because we get 25% more die per wafer, which is a huge cost advantage because most of the cost in our BOM is the wafer cost. We have been ramping that since last year. I would say we’re on a normal trajectory for ramping. At some point this year, I believe the M800 becomes our volume runner, meaning over 50% of our endpoint IC mix. It won’t blend over 50% for the full year. I don’t think we reach the terminal mix of the M800 until sometime next year. When we achieve the terminal mix and when the M800 has replaced its predecessor, the M700, that’s when we’re going to see the full benefit of the cost advantage of the M800, and it will deliver 300 basis points of incremental gross margin accretion.

We will see that benefit to the gross margin line as we ramp, which is why we had the confidence to say we expect gross margin in Q3 to increase sequentially and then to do so again on a sequential basis in Q4. We will really start to see it in the back half of the year, and it should continue into 2026.

Chris Diorio, CEO, Impinj: I guess I’d just like to add, don’t think of the M800 as a single product. It is a family of products. It’s multiple ICs targeted to different use cases and opportunities. We call it the M800, but it represents a family of products.

Jim Schneider, Senior Analyst, Goldman Sachs: Just to be clear, so I understand, like long-term steady state, 300 basis points of accretion from that mix effect.

Cary Baker, CFO, Impinj: That’s correct, at the corporate level.

Jim Schneider, Senior Analyst, Goldman Sachs: Got it. As you mentioned about a minute ago, you’re back to a normal state of kind of low single-digit ASP declines. How do you expect that business to track, that trend to go going forward? I guess, do you expect to be able to achieve sort of a one-for-one offset in terms of cost versus ASP declines? Is that the plan of record?

Cary Baker, CFO, Impinj: That’s our plan. We return to kind of a normal cadence this year after a period of inflation, as I mentioned, in the 2022 timeframe. We would expect to support ASP declines with wafer cost down so that we can maintain our margin model. We’ll also look to expand gross margin much like we did with the M800 through innovation. To the extent we can make the die smaller and spread that wafer cost out further, we’ll look at ways to drive gross margin. When I think about it from a wafer cost down perspective, we’re really looking to help the price elasticity in the market.

Jim Schneider, Senior Analyst, Goldman Sachs: I know historically, at least there’s a lot of investor questions around your sort of inlay partner inventory levels. I think that’s been a source of volatility in the business over time. I know on the call you mentioned that channel inventory is pretty healthy relative to your inlay partner demand. Maybe characterize your level of visibility into those inlay partners, what you’re seeing right now.

Cary Baker, CFO, Impinj: Yeah, channel inventory is something we focus on all the time. We receive monthly reporting. We match that up to a forward look at demand and the different projects that are layering in, and we measure it for appropriateness. To be clear, we operate in a two-step distribution model. Anytime there’s a shock to the system, we will fill it in our channel inventory. In the first quarter, we saw a shock to the system. Our large logistics customer gave up low margin business, and as a result, they reduced their volume forecast for 2025 down by 8.5%. That had an immediate shock to the partners that support that account. When we learned of that change in volume forecast in mid-January, we knew immediately that we were over-inventoried by two to three weeks from those partners that support that account. We quickly mapped out a plan.

We were able to burn down that channel inventory in Q1, which enabled us to enter Q2 healthy. As we exited Q2, we continued to be healthy. We will be subject. We will see those impacts. We’re not immune to it, but our goal is to see it as quick as we can. First off, our goal is to make sure it doesn’t happen. When it does happen, identify it very quickly and then very quickly develop a plan to get out of it.

Jim Schneider, Senior Analyst, Goldman Sachs: Just winding up on a few financial questions, if I could. I think historically, your gross margins were tied mainly to the volume mix and then these silicon input costs we talked about a little bit already. You’ve maintained pretty good gross margins over time. I think I’m curious, if you think about your overall input costs beyond wafer pricing, if any, do you expect any benefits from an input cost perspective?

Cary Baker, CFO, Impinj: From a post-processing perspective, as we increase volumes, I would expect normal volume discounts on it. The wafer cost is the primary input. That’s the one that gets the key focus.

Jim Schneider, Senior Analyst, Goldman Sachs: Got it. I think your OpEx base has kind of grown at a pretty strong double-digit rate over the past few years. You talked about some of the reasons why that would be happening to enable the systems and the software and everything else. From here, what are the areas and functions you’re investing on the margin, and how do you think about OpEx growth or just leveraging the model going forward?

Cary Baker, CFO, Impinj: Yeah, this is a massive opportunity in front of us and we’re going to continue investing. Our primary focus of investment is the R&D line, investing in the new solutions that Chris described earlier. Even with that said, and that being the focus of investment, we expect leverage in the R&D line. As we move down to SG&A and specifically the S portion of that, we utilize a strong partner network to take our products to market. There will be leverage more so than R&D, but leverage in the SG&A lines as well.

Jim Schneider, Senior Analyst, Goldman Sachs: From a cyclical perspective, I think we’ve all seen lessons from COVID and the shocks to the supply chain system, especially cyclical shocks from a logistics and retail perspective that you can see. In terms of lessons learned going forward, if we do enter another downturn at some point in the future, what are the levers you think you can pull to protect both margins and the cash flow profile of business?

Cary Baker, CFO, Impinj: We always toggle our spend to the opportunity that we see. First half 2025 OpEx on both a GAAP and a non-GAAP basis is lower than first half of 2024. We saw uncertainty in the market and we adjusted. We’ll continue investing though. As I said, this is a big opportunity in front of us and we should expect us to try to capture it.

Jim Schneider, Senior Analyst, Goldman Sachs: Fair enough. Any questions from the audience? Anybody has?

Unidentified speaker: There’s a mic coming to you. Chris, I know you’ve been a thought leader in the space for a while. One thing that I wanted to ask was, other than food, what gets you really excited in RFID and what other opportunity doesn’t get enough attention?

Chris Diorio, CEO, Impinj: The food opportunity does get me excited because of the volumes. The opportunity to use machine learning at the edge to solve some of the enterprise use cases also gets me very excited. As you think about food and you think about retail apparel and footwear, predominantly it’s a handheld inventory counting in-store use case. We’ve got a human being in the loop. It’s carrying a handheld. They’re getting feedback from the handheld, and they’re able to adapt how they do inventory in the store. If you think about supply chain and logistics, the readers are going to be fixed. They’re on conveyors, they’re in trucks and vehicles, they’re in dock doors, they’re part of the infrastructure. You don’t have the human being in the loop to improve the performance or adapt. We have to build that adaptation into the devices themselves.

On the last earnings call, I spoke a little bit about machine learning at the edge. The opportunity for machine learning at the edge is real and powerful. Us using machine learning at the edge to drive enterprise solutions to give that supply chain visibility is an area of significant focus. Tying it all together with the software, the machine learning part, the software, and how you do all that, the learning at the edge as a software offering on top of our hardware devices, for me, is very exciting. After that, there’s the opportunity to get into more readers, to get into at least initially enterprise mobile devices where the reading is passively going on as people are just doing their jobs. That passive reading essentially gives physical history of not what the employees themselves are doing, but the items around them as they’re moving around a facility.

I think about that as the first instantiation of physical browsing history, but providing real value to the enterprise in terms of what their inventory is with nothing intentional happening from the person. The inventory happens just from the reader that’s in their pocket in an enterprise mobile device or that they’re using for some other function is doing inventory at the same time. Building the use cases and the models around that is also very exciting to me. Those are two key areas of focus for me. Cary, anything you’d add?

Cary Baker, CFO, Impinj: No, that’s perfect.

Jim Schneider, Senior Analyst, Goldman Sachs: We’ll just close on one final one, which is just, you know, you’ve done a lot of investor meetings today, presumably, and over the last several weeks, you know, what do you believe is the one thing that investors kind of overlook or is misunderstood about the Impinj story?

Chris Diorio, CEO, Impinj: I’m going to go a little bit philosophical on this one. If you think back a long time ago before barcodes came to be, and I’m old enough to remember going into some small stores where you went in and it was just price tag, price labels on items that somebody had to stick on. You go to the checkout and the checkout clerk either knew this stuff or checked the price on the item, and then barcodes got introduced. Barcodes changed everything. You got barcode scanners, you could automate the scanning, you could, I mean, think about what barcodes did for the retail environment. It was a fundamental transformation. It led to not just how you engaged in a store, it led to the rise of big box stores where you didn’t have a checkout person having to know the price of every single thing.

Checkout became automated and supply chain visibility became more automated. The transformation we’re driving where an item is readable wirelessly at up to 30 foot range without line of sight at up to 1,000 items per second, today actively, in the future passively, is as big a transformation for the entire retail infrastructure as the first introduction of barcodes was however many years ago. We are driving a foundational change in that retail environment, starting all the way from the beginning, starting from manufacturing, supply chain, store, point of sale, consumer use, end of life. It is truly a foundational change.

Jim Schneider, Senior Analyst, Goldman Sachs: I think it’s a great summary, a great place to end. Thanks to both for being here with us today. We appreciate it.

Cary Baker, CFO, Impinj: Thank you.

Chris Diorio, CEO, Impinj: Thank you.

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