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IRobot's CEO Discusses Q1 2012 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 first quarter of 2012, as well as our business outlook for the rest of 2012. And John Leahy, Chief Financial Officer, will review our financial results for the first quarter and provide our financial expectations for the full year 2012 and the second quarter ending June 30, 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. We kicked off the 2012 with a better than anticipated quarter. The results and outlook for our Home Robot business are excellent, while the near-term visibility in our Defense and Security business continues to be limited.

Total Q1 revenue of $98 million was at the high-end of our expectations for the quarter, while adjusted EBITDA of $6 million and EPS of $0.02 for the quarter, both exceeded our expectations. Strong growth in both our international and U.S. markets fueled a 20% year-over-year increase in Home Robot revenue.

We are successfully expanding our distribution of new products and increasing our penetration in existing markets, while establishing a presence in new markets. Our steadily increasing Home Robot global reach is enabling us to weather continuing U.S. budget issues impacting are Defense and Security business.

Based on our view of the rest of the year, we are reaffirming our financial expectations shared this past February, to deliver full year 2012 revenue of $465 million to $485 million, EPS between $0.75 and $0.95 and adjusted EBITDA of $56 million to $63 million. Our outlook by business unit has changed and due to significant growth in Home Robots, we now expect that business to comprise approximately 75% of total company revenue for the year.

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