iRobot continues to gain in 2017, reporting revenue growth of $205.4 million for the third quarter ended September 30, compared with $168.6 million for the third quarter of 2016.
The company recently completed the acquisition of its largest European distributor, which it expects will enable it to capitalize in the market and drive robotic floor care adoption.
“U.S. household penetration of robotic vacuum cleaners is still less than 10%, so there is plenty of runway domestically and even more overseas. With the leading global segment share, at a time when adoption is accelerating, we are in an excellent position to capitalize on the momentum to drive future growth,” said Colin Angle, chairman and chief executive officer of iRobot.
In the third quarter, the positive impact of its targeted marketing programs in the U.S., EMEA and Japan drove year-over-year revenue growth of 22%. Third quarter consumer revenue grew 34% in the U.S., 31% in EMEA, and 65% in Japan over last year’s quarter.
“Based on our third quarter results, and on our fourth quarter outlook fueled by continued positive momentum in the U.S. and in EMEA, where growth is accelerating, we are increasing our full-year 2017 financial expectations. The U.S. and EMEA are now expected to grow 40% and 45% respectively for the full year,” said Angle. “We expect 2017 revenue of $870 to $880 million, a 33% to 34% increase over 2016 consumer revenue, operating income of between $55 million and $65 million, and EPS of between $1.65 and $2.00, including the impact of our recent European distributor acquisition.”