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Sep 28, 2024
iRobot Q3 2024 Earnings Report
iRobot's Q3 2024 financial performance reflected progress on the "iRobot Elevate" strategy, with increased non-GAAP gross margin and improved operating cash use, but overall results fell short of expectations due to market headwinds, leading to a revised full-year outlook.
Key Takeaways
iRobot reported Q3 2024 financial results, showing progress in its turnaround strategy with expanded non-GAAP gross margin and improved operating cash use. However, overall results missed expectations due to market headwinds, leading to a revision of the full-year 2024 outlook. The company is on track to exceed operating expense targets while continuing to invest in growth areas.
Non-GAAP gross margin increased by 590 basis points year-over-year due to restructuring and iRobot Elevate initiatives.
Cash and cash equivalents totaled $99.4 million as of September 28, 2024.
Total headcount reduced by 41% since year-end 2023.
Revenue increased 23% in the U.S., declined 20% in Japan, and declined 11% in EMEA over the prior-year period.
Revenue by Geographic Location
Forward Guidance
iRobot provided GAAP and non-GAAP financial expectations for the fourth quarter ending December 28, 2024 and updated the full-year 2024 outlook it provided on August 7, 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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