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Jun 27, 2020
iRobot Q2 2020 Earnings Report
Reported stronger-than-expected second-quarter performance with revenue growth driven by premium robots and improved profitability.
Key Takeaways
iRobot reported Q2 2020 revenue of $279.9 million, an 8% increase year-over-year, driven by a 43% increase in premium robot revenue. GAAP EPS was $2.07, and non-GAAP EPS was $1.06. The company experienced growth in the U.S. and Japan, offsetting a decline in EMEA. They anticipate 2020 revenue will be relatively unchanged to slightly higher than 2019.
Revenue increased by 8% year-over-year to $279.9 million, driven by 43% growth in premium robot revenue.
GAAP operating income was $70.3 million, a significant increase from $5.3 million in Q2 2019.
GAAP net income per share was $2.07, compared to $0.25 in the same quarter last year.
The company's community of connected customers grew 13% sequentially to approximately 6.9 million.
iRobot
iRobot
Forward Guidance
iRobot anticipates 2020 revenue will be relatively unchanged to slightly higher than 2019. They are focused on converting second-half top-line results and prudent spending into a solid operating profitability and EPS performance.
Positive Outlook
- Relatively low inventory levels at retailers.
- Solid year-to-date sell-through momentum globally.
- Incrementally more optimistic about second-half revenue growth prospects.
- Focus on converting top-line results and prudent spending into solid profitability.
- Potential extension of tariff exclusion.
Challenges Ahead
- Considerable macroeconomic uncertainty.
- Limited visibility into the timing and magnitude of second-half orders.
- Uncertainty regarding the extension of the tariff exclusion.
- Impact of COVID-19 on business and global economy.
- Potential impact of tariffs on goods imported into the United States.