iRobot Goes from Loss to Profit in Second Quarter
Posted on July 29, 2010 by
BEDFORD, Mass.-Riding the wave of a significant increase in home-robot sales, iRobot posted second-quarter net income of $5.3 million, compared to a net loss of $2.6 million in the second quarter of last year.
The company said in its statement on the quarter's results that international home-robot revenues jumped by more than 80 percent in the quarter, while domestic revenue from home robots rose 20 percent. This helped boost net revenue by 59 percent to $97.8 million. Among iRobot's home-robot products is the Roomba floor-vacuuming robot.
iRobot's gross margin finished the quarter at 34.7 percent, 800 basis points ahead of the second-quarter gross margin last year. Total operating expenses increased 27 percent, but dropped 670 basis points as a percentage of total sales to 26.2 percent.
Colin Angle, iRobot's chairman and chief executive officer, said the results "significantly exceeded expectations for the quarter. Angle added that the company now expects full fiscal-year revenue to range between $385 million and $390 million, up dramatically from the $298.6 million in total revenue in fiscal 2009.