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iRobot Posts $6.2 Million Net in First Quarter

Posted on May 3, 2010 by HFN Staff

BEDFORD, Mass.--iRobot, manufacturer of home robots such as the Roomba line of vacuum cleaners, reported first-quarter net income of $6.2 million, reversing a $1.8 million net loss from the first quarter of last year.

The turnaround was part of a quarterly performance which exceeded the company's expectations, according to Colin Angle, chairman and chief executive officer. Total revenue, including both products and contracts, was $94.9 million, up a dramatic 67 percent over the 2009 first quarter. Revenue received a strong boost from international sales of home robots, which more than doubled year over year and which accounted for about 70 percent of total home-robot revenue in the quarter.

Gross margin jumped 600 basis points to 34.5 percent. Both increases easily trumped a 15 percent rise in iRobot's total expenses in the quarter.

Based on the first quarter, iRobot said it now expects total revenue for the 2010 fiscal year to be between $375 million and $385 million.