iRobot Corp., the Bedford, MA, U.S.-based maker of military and home appliance robots, reported record results for 2011 with most of the growth coming from home robots. Most of the Home Robots Division growth came from overseas markets.
iRobot said fourth-quarter 2011 revenue was up 15% to $130.8 million, compared to $114.0 million for 4Q 2010. Revenue for full-year 2011 was up 16% to $465.5 million from $401.0 million for full-year 2010.
Net income in 4Q 2011 was $10.6 million, up from $7.0 million in 4Q 2010. Full-year 2011 net income was $40.2 million, up from $25.5 million in 2010.
"Our record financial results in 2011 were exceptional on all fronts, driven by especially strong performance in our Home Robots division," said Colin Angle, chairman and CEO.
"As we look at 2012, we feel very good about the growth opportunity for our home robot business in 2012 and beyond. However, we expect a decline in top and bottom line in our G&I (Government and Industrial Robots) division this year due to our current limited visibility in our defense business."
Strong demand overseas drove a 21% increase in full-year home robot revenue from 2010 to 2011. International home robot revenue was $ 195,764,000 - 70% of total home robot revenue for the year (compared to $151,430,000 in 2010). Domestic home robot revenue in 2011 was $82,787,000 (compared to $77,918,000 in 2010).
Home Robot Division unit shipments in 4Q 2011 were 358,000, down from 380,000 units in 4Q 2010. Unit shipments for the full year were 1,371,000 in 2011, up from 1,269,000 in 2010.
iRobot reported that its average gross selling price for home robots was $218 in 4Q 2011, up from $194 in 4Q 2010. The average gross selling price in full-year 2011 was $207, up from $189 in 2010.
iRobot expects full-year 2012 revenue of $465 - $485 million. It expects 1Q 23012 revenue of $90 - $100 million.
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