iRobot Reports Q2 Growth, Names Saeger SVP/Engineering

iRobot reported that for its second quarter ended June 27, 2015, revenue grew to $148.8 million, compared with $139.8 million for the same quarter in 2014. 

Revenue for the first half of 2015 was $266.7 million, compared with $254 million last year.

iRobot chairman and CEO, Colin Angle, said that in the U.S., the company’s home robot revenue grew 24% year over year driven by sales of Roomba 800, while in China, its home robot revenue was up 60% in the second quarter of 2015 compared with the previous second quarter.

“Our second quarter results exceeded our expectations. Incremental marketing investments we made in the United States and overseas have successfully driven sell-through that we expect to result in second half replenishment orders,” he said.

iRobot also reported that its net income in the second quarter of 2015 was $7.3 million, compared with $8.5 million in the second quarter of last year. Net income for the first half of 2015 was $12 million, compared with $13.8 million a year ago.

The company’s quarterly earnings per share were $0.24 for the second quarter of 2015, compared with $0.28 in the second quarter last year. First-half earnings per share were $0.40, compared with $0.46 in 2014.

iRobot’s adjusted EBITDA for the second quarter of 2015 was reported to be $17.8 million, compared with $16.2 million in the second quarter of 2014. For the first half of 2015, adjusted EBITDA was $30.9 million, compared with $30.4 million a year ago.

In addition, iRobot recently announced that Tim Saeger will join the company as svp/engineering, effective August 3. The company stated he will drive development of key robotic technologies and oversee the company’s product roadmap. Previously, Saeger was vp/gm, home entertainment at Bose, where he was responsible for all aspects of product and technology development.

iRobot also announced that Paolo Pirjanian will resign as its chief technology officer effective August 14 to pursue a new entrepreneurial role. He will remain with the company through October 9 to ensure a successful transition of responsibilities. Once the transition is complete, iRobot will begin a search to fill the CTO position.