iRobot Announces Third Quarter Financial Results | Financial Buzz

iRobot Announces Third Quarter Financial Results

iRobot Corp. (NASDAQ: IRBT) has reported financial for the third quarter ended September 26th, 2020.  Third quarter revenue amounted to USD 413.1 Million, a 43% rise compared to USD 289.4 Million in the same period a year ago.  The increase reflected a 86% increase in premium robot revenue with a 36% overall unit growth.  Revenue for the first three quarters of 2020 totaled to USD 885.6 Million.  Operating income summed up to USD 81 Million as net income per share reached USD 3.27.

Colin Angle, chairman and chief executive officer of iRobot, stated, “We delivered an extraordinarily strong financial performance while executing well across our global organization to achieve a number of important strategic milestones. Our third-quarter 2020 revenue growth of 43% over the prior year’s quarter reflects another quarter of substantially stronger-than-expected orders from retailers tied to favorable sell-through trends, anticipated demand for the upcoming holiday season and incremental orders to support certain customer events, as well as robust direct-to-consumer sales growth. We saw revenue in each geography exceed our original plans with notable strength in U.S. order levels. The higher-than-expected revenue, combined with a solid gross margin performance and prudent spending, helped drive substantial growth in operating income and EPS.”

“The pandemic continues to shine a light on how our robots can help individuals and families keep their floors clean while freeing them to spend their time doing the other things in their lives that they need or want to do,” observed Angle. “Consumer demand for our premium Roomba and Braava robots remained robust during the third quarter. We made tangible progress to further differentiate our product offerings and extend high-value innovation across our product portfolio with the launch of the Genius™ Home Intelligence platform and the new Roomba i3 and i3+ during the third quarter. Customer response to our Genius platform and the i3 Series has been excellent thus far.”

Angle concluded, “Our team continues to rise to the occasion, addressing a multitude of challenges tied to the global pandemic with commitment, focus and resiliency. As a result of our excellent third-quarter 2020 performance, sustained sell-through trends, the extension of our tariff exclusion until year-end and a range of exciting opportunities ahead, we now expect to deliver strong full-year 2020 results with annual revenue, gross margin, operating profitability and EPS all on course to exceed our original 2020 targets.”