U.S. Market Strengthens iRobot’s Third Quarter

iRobot pointed to healthy sales in the U.S. market as the company reported strong sales and earnings in its third quarter.

Revenue for the third quarter of 2020 ended September 26, was $413.1 million, an increase of 43% from $289.4 million in the third quarter of 2019. The growth primarily reflected an 86% increase in premium robot (list price of $500 or higher) revenue, as well as 36% overall unit growth. The third-quarter 2020 revenue performance was highlighted by 75% growth in the U.S., 22% growth in EMEA and 12% growth in Japan over the prior year period.

Net income was $93.2 million while net income per share was $3.27 for the third quarter of 2020, compared with net income of $35.5 million and net income per share of $1.24 in the third quarter of 2019.

Colin Angle, chairman and CEO of iRobot, said, “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,” said 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.”