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Irobot Corp (IRBT) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 28, 2019

Irobot Corp

CIK: 1159167 Ticker: IRBT


EX-99.1
Contacts:
 
 
 
 
Andrew Kramer
 
 
 
Matthew Lloyd
Investor Relations
 
 
 
Media Relations
iRobot Corp.
 
 
 
iRobot Corp.
(781) 430-3003
 
 
 
(781) 430-3720
akramer@irobot.com
 
 
 
mlloyd@irobot.com
 
 
 
 
 

iRobot Reports Third-Quarter Financial Results
9% Revenue Growth Driven by Strong International Performance and
Timing of U.S. Shipments

BEDFORD, Mass., October 22, 2019 -
iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the third quarter ended September 28, 2019.

“We delivered 9% total revenue growth primarily due to 25% international growth and a large shipment to a major U.S. retailer that was previously planned for the fourth quarter,” said Colin Angle, chairman and chief executive officer of iRobot. “Higher revenue in combination with favorable gross margins and disciplined spending enabled us to deliver strong quarterly operating income and EPS. During the quarter, we executed our planned international product launches of the Roomba® s9 and Braava® jet m6 mop, made excellent progress with our manufacturing diversification initiative and began undertaking a series of strategic actions aimed at fortifying our robotic vacuum cleaner leadership.”

Angle commented, “Despite the severity of U.S. tariffs on robotic vacuum cleaners, and the direct and indirect disruptions they are having on U.S. category growth, we remain committed to delivering exceptional value to consumers and are mobilizing accordingly. Although our third-quarter results were strong, sell-through following our late July price increases was suboptimal. Given this outcome and our belief that the RVC category was at a growth inflection point prior to tariffs, we elected to roll back our pricing to pre-tariff levels on most of our products. We believe this action, in combination with robust investment in R&D and our go-to-market activities, will help us defend our category leadership.”

Angle concluded by saying, “Given our results and accomplishments to date, plans going forward and current market conditions, we have narrowed our full-year 2019 expectations. We now expect 2019 revenue between $1.2 to $1.21 billion on 10% to 11% growth, with an operating income between $75 million and $80 million, and EPS in the range of $2.60 to $2.80. We believe that the progress we’ve made thus far in 2019, combined with the initiatives now underway, will not only help us to bring 2019 to a successful conclusion but will also enhance our ability to drive long-term value creation. We move forward with confidence in our strategic direction and in our ability to capitalize on the many exciting opportunities we see ahead.”

Financial Results

Revenue for the third quarter of 2019 was $289.4 million, compared with $264.5 million for the third quarter of 2018. Revenue for the first nine months of 2019 was $787.2 million, compared with $707.9 million in the same period last year.
Operating income in the third quarter of 2019 was $42.6 million, compared with $37.3 million in the third quarter of 2018. For the first nine months of 2019, operating income was $70.1 million versus $76.0 million in the comparable 2018 period.



The following information was filed by Irobot Corp (IRBT) on Tuesday, October 22, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Irobot Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statement Of Shareholders' Equity Statement
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income Statement
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Activity Related To Warranty Accrual (Detail)
Commitments And Contingencies - Additional Information (Detail)
Derivative Instruments (Details)
Derivative Instruments (Notes)
Derivative Instruments (Tables)
Derivative Instruments Schedule Of Derivative Instruments (Details)
Derivative Instruments Schedule Of Derivative Instruments (Tables)
Description Of Business
Fair Value Measurements (Notes)
Fair Value Measurements Fair Value On A Recurring Basis (Details)
Goodwill, Other Intangible Assets And Other Assets
Goodwill, Other Intangible Assets And Other Assets (Tables)
Goodwill, Other Intangible Assets And Other Assets - Additional Information (Detail)
Goodwill, Other Intangible Assets And Other Assets - Other Intangible Assets (Detail)
Goodwill, Other Intangible Assets And Other Assets Finite-Lived Intangible Assets, Schedule Of Future Amortization (Details)
Goodwill, Other Intangible Assets And Other Assets Schedule Of Goodwill (Details)
Income Taxes (Details)
Income Taxes (Notes)
Industry Segment, Geographic Information And Significant Customers
Industry Segment, Geographic Information And Significant Customers (Tables)
Industry Segment, Geographic Information And Significant Customers - Additional Information (Detail)
Industry Segment, Geographic Information And Significant Customers - Segment Information About Revenue, Cost Of Revenue, Gross Margin And Income Before Income Taxes (Detail)
Inventory
Inventory (Details)
Inventory (Tables)
Leases (Notes)
Leases (Tables)
Leases Financial Statement Impact Of Adopting Asc 842 (Details)
Leases Lease Cost (Details)
Leases Maturity Of Operating Lease Liability (Details)
Leases Supplemental Cash Flow (Details)
Revenue Recognition (Notes)
Revenue Recognition Contract Balances (Details)
Revenue Recognition Contract Balances (Tables)
Revenue Recognition Disaggregation Of Revenue (Details)
Revenue Recognition Disaggregation Of Revenue (Tables)
Revenue Recognition Significant Judgments (Details)
Stockholders Equity (Details)
Stockholders Equity (Notes)
Subsequent Event (Details)
Subsequent Event (Notes)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Basic And Diluted Net Income Per Share (Detail)
Summary Of Significant Accounting Policies Other Assets (Details)

Material Contracts, Statements, Certifications & more

Irobot Corp provided additional information to their SEC Filing as exhibits

Ticker: IRBT
CIK: 1159167
Form Type: 10-Q Quarterly Report
Accession Number: 0001159167-19-000037
Submitted to the SEC: Thu Oct 31 2019 12:04:58 PM EST
Accepted by the SEC: Thu Oct 31 2019
Period: Saturday, September 28, 2019
Industry: Household Appliances

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