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Oct 02, 2021
iRobot Q3 2021 Earnings Report
iRobot's Q3 2021 financial results were released, showing revenue growth and better-than-expected profitability.
Key Takeaways
iRobot reported a 7% increase in revenue for Q3 2021, reaching $440.7 million. The company's GAAP operating income was $40.5 million, and GAAP net income per share was $2.06. Despite supply chain challenges, iRobot exceeded its operating profitability and EPS expectations.
Revenue grew by 7% to $440.7 million compared to Q3 2020.
GAAP operating income was $40.5 million, while non-GAAP operating income was $48.0 million.
GAAP net income per share was $2.06, and non-GAAP net income per share was $1.67.
The company's connected customer base grew to 12.5 million, a 60% increase from Q3 2020.
iRobot
iRobot
iRobot Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
iRobot has updated its full-year 2021 GAAP and non-GAAP financial expectations to reflect results to date, anticipated performance during the fourth quarter of 2021, expectations regarding the timing of a potential tariffs exclusion, and the impact of increased transportation costs.
Positive Outlook
- Revenue is expected to be between $1.555 and $1.590 billion.
- Non-GAAP Gross Profit is projected to be between $558 and $578 million.
- Non-GAAP Operating Income is anticipated to be in the range of $36 to $55 million.
- The company is managing through component availability challenges.
- iRobot is mitigating against recent, sharp increases in transportation costs.
Challenges Ahead
- The updated outlook reflects the company’s results to date.
- The updated outlook reflects anticipated performance during the fourth quarter of 2021.
- The updated outlook reflects expectations regarding the timing of a potential tariffs exclusion.
- The updated outlook reflects the impact of increased transportation costs.
- The company is contending with protracted shipping timeframes, shipping delays and related logistical issues.