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iRobot: A Strong Year for Home Robots
Oct 26, 2012
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iRobot's Home Robot business segment is having a good year in 2012. The company's Defense & Security Robots business segment, however, is facing decreasing 2012 revenues, which prompted the company to restructure the D&S business.

Overall, iRobot Corp. (Bedford, MA, U.S.) reported third quarter 2012 revenue was $126.3 million, up from $120.4 million in the third quarter of 2011. Third quarter 2012 (ending Sept. 29, 2012) net income was $15.2 million, from $14.1 million in 3Q 2011.

Revenue in the first nine months of 2012 was $335.6 million, from $334.7 million in the first nine months of 2011. Net income was $23.2 million, from $29.6 million in the first nine of 2011.

Home Robot revenue was up 33% in 3Q 2012, driven by strong growth in U.S. and international markets. Home Robot product returns improved, a result of sustained investment in product quality.

Colin Angle, iRobot chairman and CEO, noted that the company made several strategic decisions to strengthen the company in the third quarter of 2012, including the acquisition of Evolution Robotics (ER) for $74 million. ER makes the Mint automatic floor cleaning robot, designed exclusively for hard surface floors. The product is intended to complement iRobot's Roomba line of vacuum cleaner robots.

At the same time, Angle said, "The 2012 outlook for D&S has deteriorated and we expect further declines in 2013. To right-size the business we have restructured D&S and taken costs out."

Angle added: "We are taking these actions in order to invest in our high growth Home Robot business as well as our emerging high potential remote presence business, while meeting our commitment to profitable growth."

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