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TheStreet Open House

IRobot's CEO Discusses Q4 2011 Results - Earnings Call Transcript

On today’s call, iRobot Chairman and CEO, Colin Angle, will provide a review of the company’s operations and achievements for the fourth quarter and full-year 2011, as well as our outlook on the business for 2012. And John Leahy, Chief Financial Officer, will review our financial results for the fourth quarter and full year 2011 and, Colin and John will also provide our outlook for the financial expectations for the first quarter ending March 31, 2012 and fiscal 2012. Then we’ll open the call for questions.

At this point, I’ll turn the call over to Colin Angle.

Colin Angle

Good morning and thank you for joining us. 2011 was another outstanding year for iRobot. We delivered record setting results. We launched two new consumer robots, the Roomba 700 series and the Scooba 230 and a new military robot, FirstLook. We introduced our first human interface robot, Ava, and signed a joint development and licensing agreement with InTouch Health, to explore potential opportunities for healthcare applications on iRobot platforms. We further expanded that relationship through a financial investment in early 2012. And we met our three year financial targets a year ahead of expectations. Based on our confidence in continuing to expand margins through increased product software content and operating expense leverage, I am excited to increase the profit target in our new three year goals.

In 2011 our Home Robot division had another great year. We began to see the positive impact of our increased marketing investments in Home Robots, as domestic revenues increased 6% year-over-year. Throughout 2010 and 2011, we strategically exited certain lower margin products, channels and retailers making this growth even more significant. Our international Home Robot revenues grew nearly 30%, driven by the Far East market which was up more than 50% in 2011 year over year.

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