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

EMEA also showed strong growth, up more than 20% for the year. In 2012, we expected continued growth in both the US and overseas markets from expanded distribution of new products, improvement in the domestic economy and further expansion into Latin America and China.

Our government business grew nearly 10% in 2011 in a difficult and ever-changing environment that included a continuing resolution, program cancellations, a new secretary of defense, significant troop withdrawals and ongoing budget reductions. We responded quickly to meet the soldiers’ needs for a light weight reconnaissance robot with FirstLook, demonstrating the adaptability of our technology, relevance of our products and our close working relationship with the soldiers in the field.

In 2011, we made our first foray into the healthcare market with considerable IR&D investment and work done under a joint development and licensing agreement with InTouch Health. As many of you know, I have been passionate about finding a way to help solve the challenges of our aging thesis to serve these applications in hospitals and ultimately in the home are enormous. Since 2002, iRobot’s revenue has been generated primarily by the sale of Roomba, PackBot and SUGV robots. In 2011, we introduced our prototype Ava robot and demonstrated how our Aware software supports autonomy, navigation, and motor control, and provides interfaces with third party developed technology. Our Ava robot will change the way the world thinks about robots.

Turning now to our financial results, we delivered EPS and EBITDA far exceeding our fourth quarter and full year expectations, on revenue in line with our expectations. Full year 2011 revenue of $465 million grew 16% year-over-year, while earnings per share of $1.44 and EBITDA of 73 million increased approximately 50% over last year. Our exceptional results were driven by strong performance in our Home Robot business. We demonstrated our ability to improve profitability, while continuing to invest in research & development and marketing, critical to maintaining our industry-leading position.

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