iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today announced its financial results for the second quarter ended June 30, 2012.
- Revenue for the second quarter of 2012 was $111.4 million, compared with $108.1 million for the same quarter one year ago. Revenue for the first half of 2012 was $209.3 million, compared with $214.4 million last year.
- Net income in the second quarter of 2012 was $7.4 million, compared with $8.0 million in the second quarter of 2011. For the first half, net income was $8.0 million, compared with $15.5 million a year ago.
- Quarterly earnings per share were $0.26, compared with $0.29 in the second quarter last year. First-half earnings per share were $0.28, compared with $0.56 in 2011.
- Adjusted EBITDA for the second quarter of 2012 was $16.2 million, compared with $16.3 million in the second quarter of 2011. For the first half, Adjusted EBITDA was $22.3 million, compared with $31.5 million a year ago.
“Our second-quarter performance was very good given the challenging environment. Strong growth in both our international and U.S. markets drove a 50% year-over-year increase in Home Robot revenue. Our steadily increasing Home Robot global reach is enabling us to substantially offset the continuing impact of U.S. government funding on our Defense & Security business and to remain on track to meet our revenue and increase our profit expectations for fiscal year 2012,” said Colin Angle, chairman and chief executive officer of iRobot.
- Home Robot domestic revenues grew 40% year-over-year. The positive impact of our Q2 advertising campaign to reach our target customer, the modern professional, is evident in the second-quarter 2012 results. International revenues grew more than 55% in Q2 over last year. Total EMEA revenue grew 42% in the second quarter over last year and Western Europe, which comprised approximately 30% of Home Robot revenue, grew 40%. As a result, we have increased our full-year expectations for this business unit.
- Our Home Robot product return experience has improved as the result of our sustained investment in product quality. In the second quarter we adjusted our accrual rates for Home Robot product returns, resulting in a benefit to revenue and earnings. Revenue, EPS and Adjusted EBITDA for the company would have been $108.2 million, $0.18, and $12.8 million respectively, without the $3.3 million or $0.08 per share positive adjustment.
- We were awarded three new contracts totaling approximately $27 million for SUGV and PackBot robots, spares and software upgrades. U.S. government funding and program delays, however, continue to negatively impact our Defense & Security business unit. We have reflected that impact in our lower full-year expectations for this business unit.
- We announced, with InTouch Health, the unveiling of the RP-VITA™ telemedicine robot. The robot combines InTouch Health’s state-of-the-art telemedicine solutions with iRobot’s autonomous navigation capabilities, mobility, interactive communication and situational awareness from the Ava program.
Financial ExpectationsManagement provides the following expectations with respect to the third quarter ending September 29, 2012 and full year ending December 29, 2012.
|Revenue||$125 - $130 million|
|Earnings Per Share||$0.30 - $0.36|
|Adjusted EBITDA||$17 - $20 million|
|Fiscal Year 2012:||Current||Prior|
|Revenue||$465 - $485 million||$465 - $485 million|
|Earnings Per Share||$0.90 - $1.00||$0.75 - $0.95|
|Adjusted EBITDA||$59 - $63 million||$56 - $63 million|
|Full-Year 2012 BU Revenue:||Current||Prior|
|Home Robots||$365 - $375 million||$345 - $355 million|
|Defense & Security Robots||$100 - $110 million||$120 - $130 million|
|Date:||Wednesday, July 25, 2012|
|Time:||8:30 a.m. ET|
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