Founded in 1990 by The Massachusetts Institute of Technology roboticists with the vision of making practical robots a reality, the award-winning robotic vacuum cleaner Roomba was a greatest hit in the market. With the robotic vacuum cleaner booming, the company’s revenue increased steadily and got listed in NASDAQ market in 2005, under the symbol IRBT.
In the early days, iRobot developed Genghis™, a robot designed for space exploration. In 1997, the company designed “Sojourner” for Mars exploration due to request from NASA. Since the introduction of its Roomba® robot vacuum cleaner in 2002, iRobot has sold more than 25 million robots and become a leading global consumer robot company with strong revenue growth over the past decade.
Besides the robotic vacuum cleaner, the company also launched mopping robots (Braava series) and Terra robots for mowing. The company also built iRobot HOME App software to manage all the robotic productions within the smart phone application. With this application, customers can connect and integrate all the products with connected devices in the home, and with other cloud resources and services. The company is seeking to build an ecosystem of robots and technologies to enable the smart home.
Here are the products of iRobot.
The company released new feathered Imprint™ Smart Map in 2008. With this technology, the cleaning robot will learn and remember the floorplan and determine the best way to clean based on the orientation of each room, furniture placement, etc. Once the robot has learned the space the customer can demand to clean a room, multiple rooms, or an entire level of the floor all from the iRobot HOME App.
iRobot continues to be the largest player in each market globally. The revenue and operating income increases steadily.
iRobot takes 52% of the robotic vacuum cleaner market globally in 2018.
The company is engaging in loT/Smart Home industry now. But this market seems to impact great to the company in the near future.
iRobot forecasts their cumulative sales of products in loT market will soar to more than 9 million USD in 2019.
After 2019 Q1 earnings announcement on April 23rd, the company raised their revenue forecast for FY 2019 from the actual revenue of $1,093 million in FY 2018 to the range of $1,280 million to $1,310 million. But the management forecast gross margin from 51% in FY 2018 to 48% for FY 2019. The company said the gross margin declines because of new products without scale and cost optimization. Also, iRobot released that they are going to launch five new products in 12 months, as well as taking steps to diversify supply chain inside and outside of China assuming the tariffs will continue a long term.
Here is iRobot stock chart for the last 6 months. ( NASDAQ: IRBT)
The original article was published by Stockclip, Inc. on 02/06/2019.