Identiv, Inc. (NASDAQ:INVE) Q4 2022 Earnings Conference Call March 2, 2023 5:00 PM ET
Company Participants
Steven Humphreys - Chief Executive Officer
Justin Scarpulla - Chief Financial Officer
Amir Khoshniyati - General Manager and Vice President-Transponder Business
Conference Call Participants
Craig Ellis - B. Riley Securities
Brian Ruttenbur - Imperial Capital
Jaeson Schmidt - Lake Street
Anthony Stoss - Craig-Hallum
Operator
Good afternoon. Welcome to Identiv’s Presentation of its Fourth Quarter and Fiscal 2022 Earnings Call. My name is John and I will be your operator this afternoon. Joining us for today’s presentation are the Company’s CEO, Steve Humphreys; and CFO, Justin Scarpulla.
Following management’s remarks, we will open the call for questions. Before we begin, please note that during this call, management may be making references to non-GAAP financial measures or guidance, including adjusted EBITDA, non-GAAP gross margin and non-GAAP operating expenses.
In addition, during the call, management will be making forward-looking statements. Any statements that refer to expectations, projections, or other characteristics of future events, including future financial results, future business and market conditions, and future plans and prospects is a forward-looking statement. Actual results may differ materially from those expressed in these forward-looking statements. For more information, please refer to the risk factors discussed in documents filed from time-to-time with the SEC, including the Company’s latest annual report on Form 10-K and quarterly report on Form 10-Q. Identiv assumes no obligation to update these forward-looking statements which speak as of today.
I would now turn the call over to CEO, Steve Humphreys for his comments. Sir, please proceed.
Steven Humphreys
Thanks, operator. And thank you all for joining us today. In 2022, we built out our teams and technologies, executed our strategic plan and made progress towards our target business model. This shows in our 2022 results. We delivered record revenue and adjusted EBITDA, while expanding our gross margins.
Revenue was $112.9 million, reflecting 9% year-over-year growth while full year adjusted EBITDA grew 33% year-over-year to $5.4 million. Gross margins were strong, up 72 basis points over fiscal 2021 to 37.6%. Our IoT security strategy is to focus on high value solutions in verticals that value the technical benefits we bring to their products.
We have to be carefully balancing and limiting our participation in more commodity products but we need some participation in the low end because it drives lower average costs, because of volume and scale. But we have to be very selective so that serves our scale needs but doesn’t dilute our margins or our strategic focus. We struck this balance in 2022. It shows in our gross margins, and in the nearly 20% revenue growth in our RFID-based IoT business.