Irobot Corp (IRBT) 10-Q Quarterly Report Thu Oct 31 2019



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iRobot Corp.				iRobot Corp.
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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 - Expense Highlight
Our core technologies serve as reusable building blocks that we adapt and expand to enhance existing products, develop next-generation versions of our products and design and launch new products, reducing the time, cost and risk associated with product development.
Other - Other Highlight
Effective September 24, 2018, tariffs were set at 10%, and effective May 10, 2019, tariffs further increased to 25%.
Other - Other Highlight
Effective September 24, 2018, tariffs were set at 10%, and effective May 10, 2019, tariffs further increased to 25%.
Financial - Earnings Highlight
Gross Profit Gross margin decreased to 47.3% in the three months ended September 28, 2019 compared to 51.1% in the three months ended September 29, 2018.
Financial - Income
The $7.9 million income tax...Read more
Financial - Income
The $5.7 million income tax...Read more
Financial - Income
The $8.5 million income tax...Read more
Financial - Income
The $15.6 million income tax...Read more
Revenue - Product
The $24.9 million increase in...Read more
Revenue - Product
The $79.3 million increase in...Read more
Financial - Income
Our effective income tax rate...Read more
Revenue - Product
Our future capital requirements will...Read more
Other - Other
Effective December 30, 2018, we...Read more
M & A - Other
Amortization of Acquired Intangible Assets...Read more
Revenue - Product
Revenue for the nine months...Read more
Revenue - Product
In the nine months ended...Read more
Revenue - Product
In the event our revenue...Read more
Revenue - Product
The following table sets forth...Read more
Other - Other
As of September 28, 2019,...Read more
Financial - Expense
This increase was primarily attributable...Read more
Financial - Expense
This increase was primarily attributable...Read more
Other - Other
Accordingly, our capital spending is...Read more
M & A - Other
In addition, we made strategic...Read more
Financial - Earnings
Gross margin decreased to 47.6%...Read more
Financial - Income
Our effective income tax rate...Read more
Financial - Debt
The credit facility contains customary...Read more
Other - Other
Additional funds may not be...Read more
Financial - Income
Other income, net includes interest...Read more
Other - Other
The lender's base rate is...Read more
Other - Other
Some of the forward-looking statements...Read more
Revenue - Product
These estimates and judgments include,...Read more
Other - Other
Our continued success depends upon...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Irobot Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

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