Business Context and Reporting Period
Company: Impinj, Inc.
Filing Type: Form 8-K (Current Report)
Date: August 2, 2018
Reporting Period: Three and six months ended June 30, 2018
Impinj issued a press release on August 2, 2018, announcing preliminary financial results for the quarter ended June 30, 2018. The company subsequently canceled its scheduled investor call to discuss these results.
Key Financial Metrics
Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The financial results referenced in the attached press release are described as preliminary and prepared by management.
Material Changes and Events
- Investigation Initiated: The Audit Committee of the Board of Directors has commenced an independent investigation regarding a complaint filed by a former employee.
- Regulatory Notification: Impinj has contacted the SEC to advise that an independent investigation is underway.
- Reporting Delay: The company will not be in a position to file its Form 10-Q for the period until the Audit Committee completes its investigation.
- Uncertainty: Impinj is currently unable to determine if changes will be required to its reported results of operations for the three and six months ended June 30, 2018, or if there will be an impact on internal controls over financial reporting.
Guidance, Outlook, and Risks
Outlook: The company cannot predict the duration or outcome of the investigation. Forward-looking statements regarding the timing of the investigation, the filing of periodic reports, and future financial results are subject to significant uncertainty.
Risks and Contingencies:
- Discovery of additional information relevant to the investigation.
- Findings, conclusions, and recommendations of the Audit Committee.
- Review of findings by the independent registered public accounting firm.
- Delays in completing and filing reports with the SEC.
Investor Verification Checklist
- Verify the status and findings of the independent investigation initiated by the Audit Committee.
- Confirm whether the preliminary financial results for the quarter ended June 30, 2018, require restatement or adjustment.
- Monitor for the filing of the delayed Form 10-Q and any subsequent updates on internal control over financial reporting.
- Review the attached press release (Exhibit 99.1) for the specific preliminary financial figures, noting they are subject to change.