iRobot Home Robotics Business Doubles Revenue in 1Q
Apr 30, 2010
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iRobot Corp. said revenue from its international home robotics business more than doubled in Q1 2010 year-over-year to $37 million and comprised nearly 70% of the company's total home robot revenue for the quarter. The company makes the well-known Roomba vacuum robots and other home reobotics.
iRobot's government and industrial robot business revenue increased 76% in 1Q 2010 over 1Q 2009, and product backlog was $35 million at the end of Q1 2010.
"Revenue, earnings per share and adjusted EBITDA significantly exceeded expectations for the quarter,” said iRobot chairman and CEO Colin Angle. "As a result of outstanding performance by both divisions in the first quarter and good visibility on the rest of 2010, we are increasing our full-year financial expectations."
The company reported first quarter adjusted EBITDA of nearly $14 million, or 14% of revenue, and the company generated $11 million of operating cash flow. Cash and investments increased $31 million year-over-year to more than $85 million at the end of the quarter on April 3, 2010.
Revenue for the first quarter of 2010 increased 67% to $95 million, compared to $57 million for the same quarter one year ago. Gross margin increased to 35% of revenue, compared to 29% of revenue in the first quarter of 2009. Net income in the first quarter of 2010 was $6 million, compared to a net loss of $2 million in the first quarter of 2009.
iRobot management expects full-year 2010 revenue of $375 - $385 million.
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