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iRobot: Home Appliance Robots Drive 2Q Growth
Jul 24, 2013
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iRobot's home robotics business continued to drive company growth in the second quarter of 2013. The company makes home appliance robots, including Roomba floor care robots, as well as defense/security robots.

iRobot Corp. revenue in 2Q 2013 was $130.4 million, up from $111.4 million in 2Q 2012. Revenue in the first half of 2013 was $236.6 million, up from $209.3 million in the first half of 2012.

Net income in 2Q 2013 was $8.3 million, from $7.4 million in 2Q 2012. First half net income was $16.6 million, from $8.0 million in the first half of 2012.

Home Robot domestic United States revenue growth of 26%, along with international growth of 18%, drove a 20% year-over-year increase in Home Robot revenue in the second quarter of 2013.

"We had an excellent quarter following an outstanding Q1," said Colin Angle, chairman and chief executive officer of iRobot. "Our Home Robot business delivered strong results both domestically and overseas, and the outlook continues to be good. We announced our second remote presence market initiative, Enterprise Telepresence, in partnership with Cisco, and our Defense & Security business performed as expected."

The company increased the low end of its expected 2013 EPS range. "We expect to deliver fiscal 2013 revenue of $485 to $495 million, EPS between $0.88 and $1.00 and Adjusted EBITDA of $55 to $61 million," Angle said. "Our strong second-quarter results, driven by our Home Robot business, give us confidence that we will achieve our full-year expectations."

Full-year 2013 revenue from its Home Robots business is expected to be $435 - $440 million, while full-year 2013 revenue from Defense & Security Robots is expected to be $45 - $55 million.

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