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IRobot CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: IRBT

U.S. government funding and program delays, however, continue to negatively impact our expectations for the Defense & Security business unit. We have received notification of contract delays for both FirstLook and the two BCTM combat brigades which we expected to drive second half revenue in that business unit.

Our steadily increasing Home Robot global reach is enabling us to substantially offset the impact of U.S. government spending issues on our Defense & Security business. Therefore, we are reaffirming our expectations for full year 2012 revenue, which we provided in February and affirmed in April and are increasing our expectations for full year 2012 EPS and Adjusted EBITDA.

We anticipate full year 2012 revenue of between $465 million and $485 million, EPS of between $0.90 and $1.00 and Adjusted EBITDA of between $59 million and $63 million. For the third quarter we anticipate revenue of $125 million to $130 million, EPS between $0.30 and $0.36 and Adjusted EBITDA of $17 million to $20 million.

Now, I would like to take you through some of the details of the second quarter and our expectations for the rest of 2012.

In Home Robots, expanded distribution of our Roomba 700 domestically and very strong demand overseas, particularly in Japan, continued to fuel revenue growth. Asia Pacific grew more than 85% in the second quarter and totaled approximately 30% of Home Robot revenue in Q2. Our business continues to thrive in Europe despite the negative news that has dominated the headlines. Total EMEA revenue grew 42% in Q2 over last year and Western Europe, which comprised approximately 30% of Home Robot revenue, grew 40%.

Overall international Home Robot revenue increased 56% year-over-year. We have partnered with distributors who understand their markets and our products well and we expect international Home Robot demand to contribute significantly to revenue for the remainder of 2012.

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