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Dec 31, 2022
iRobot Q4 2022 Earnings Report
Reported Q4 and full year 2022 financial results.
Key Takeaways
iRobot reported a decrease in revenue for Q4 2022 to $357.9 million, compared to $455.4 million in Q4 2021. The GAAP operating loss was ($84.8) million, compared to ($44.9) million in Q4 2021. GAAP net loss per share was ($3.07), compared to ($1.17) in Q4 2021.
Q4 2022 revenue was $357.9 million, a decrease from $455.4 million in Q4 2021, impacted by lower orders from retailers and distributors in North America and EMEA.
GAAP operating loss for Q4 2022 was ($84.8) million, compared to ($44.9) million in Q4 2021, reflecting lower revenue and decreased gross profit margin due to increased promotional activities.
GAAP net loss per share was ($3.07) for Q4 2022, compared to ($1.17) for Q4 2021.
As of December 31, 2022, cash, cash equivalents, and short-term investments totaled $117.9 million.
iRobot
iRobot
iRobot Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
iRobot anticipates that the decline in 2023 GAAP and non-GAAP operating expenses will range from mid-single digits to low double-digits on a percentage basis from 2022 GAAP and non-GAAP levels.
Positive Outlook
- The company plans to reduce its workforce by approximately 7%, or approximately 85 employees, primarily by streamlining certain functions across the company.
- iRobot’s 2023 operating plan incorporates scaled back working media and other demand-generation activities.
- Limited investment in non-robotic product categories.
- Minimal new hiring plans in 2023.
- iRobot expects to record restructuring charges of approximately $4 million in the first quarter of 2023.
Challenges Ahead
- Market conditions will remain challenging into 2023.
- The company has initiated a new restructuring program that is expected to deliver net annualized savings of approximately $14 million.
- iRobot has temporarily reduced robot production at its contract manufacturing partners in China and Malaysia.
- Orders are expected to be relatively muted during the first quarter of 2023 due in part to the shifting of certain orders into the second quarter of 2023.
- Decline in 2023 GAAP and non-GAAP operating expenses will range from mid-single digits to low double-digits on a percentage basis from 2022 GAAP and non-GAAP levels.