NEW YORK, July 25, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against iRobot Corporation (NASDAQ: IRBT) on behalf of long-term stockholders following a class action complaint that was filed against iRobot on March 8, 2024 with a Class Period from August 5, 2022 to January 26, 2024. Our investigation concerns whether the board of directors of iRobot have breached their fiduciary duties to the company. iRobot des ...

iRobot's first AutoWash™ Dock adds automatic mop pad washing and self-cleaning for a more hands-free customer experiencePowered by iRobot OS Intelligence, new Enhanced Dirt Detect™Technology recognizes and cleans the dirtiest areas even moreBEDFORD, Mass., July 23, 2024 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today introduced its most advanced robot vacuum and mop, the Roomba Combo® 10 Max Robot + AutoWash™ Dock. The newly designed 2-in-1 Roomba Combo 10 Max brings independ ...

BEDFORD, Mass., July 18, 2024 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced that it will issue its second-quarter 2024 financial results after market close on Tuesday, August 6, 2024. The earnings press release will be posted to the company's investor relations website at https://investor.irobot.com/news-releases. On August 7, the company will host a live conference call and webcast to review the financial results and to discuss the company's outlook.Conference ca ...

As the field of robotics progresses and enters more and more industries, robotics stocks are becoming increasingly promising investments.AI machine learning (ML) are some of the critical aspects that have formed the basis of robotics today. The advancements in these technologies are allowing the robots to do more and work more efficiently.The application of robotics technology is on the rise in various industries such as manufacturing, healthcare, supply chain and even in sales. Some of them include industr ...

Beano5 iRobot Corp. (NASDAQ:IRBT) used to be one of my go-to stocks in assessing the robotics theme. The company introduced the first Roomba robot vacuum in 2002, and I can still remember the novelty of seeing that little spinning robot vacuum in action. However, the company dropped off my radar after Amazon (AMZN) agreed to purchase the iRobot in August 2022, and I stopped following the company. To my surprise, I was recently browsing through stock charts of Consumer Discretionary stocks when I came ac ...

BEDFORD, Mass., June 13, 2024 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, announced the addition of Julien Mininberg, former chief executive officer of Helen of Troy, to its board of directors. Mr. Mininberg brings a wealth of global consumer product experience in areas including sales, marketing, retail, finance, mergers and acquisitions, organizational restructuring, strategic planning and corporate turnarounds.iRobot announced the addition of Julien Mininberg to its board of ...

BEDFORD, Mass., June 11, 2024 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced that it granted equity awards on June 7, 2024 as a material inducement to the employment of the company's newly-hired Chief Executive Officer, Gary S. Cohen. Notice of Issuance of Inducement Grant In connection with the appointment of Mr. Cohen as Chief Executive Officer effective May 6, 2024, iRobot granted Mr. Cohen employment inducement awards consisting of (a) 290,000 time-based restri ...

Core Viewpoint - iRobot reported a narrower-than-expected net loss in Q1 2024, but revenue declined year-over-year, raising questions about future performance and market trends [2][3][7]. Financial Performance - iRobot's Q1 2024 adjusted loss was $1.53 per share, better than the expected loss of $2.03 and an improvement from a loss of $1.67 in the same quarter last year [2]. - Revenue for the quarter was $150 million, exceeding the Zacks Consensus Estimate of $139 million, but down 6.4% year-over-year due to lower sales across all product categories [3]. - Premium and mid-tier robots accounted for 81% of total robot revenues, a decrease from 88% in the previous year [3]. Sales and Product Performance - Total product units shipped were 456 thousand, reflecting a year-over-year increase of 4.6%, while average selling prices decreased by 13.9% [3]. - Revenue from solo and other products was $94 million, down 30.4% year-over-year, with units shipped declining by 28.4% [3]. - Revenue from 2-in-1 products increased by 124% year-over-year to $56 million, with units shipped rising from 63 thousand to 189 thousand [3]. Regional Revenue Breakdown - Domestic operations contributed 45.9% of revenues, totaling $68.9 million, a 4.3% decline year-over-year [4]. - International revenues decreased by 8.2% year-over-year to $81.1 million [4]. Margin Analysis - Cost of revenues decreased by 7.8% year-over-year to $113.9 million, while adjusted gross profit was $36.9 million, down 2.6% year-over-year [5]. - Adjusted gross margin expanded by 90 basis points to 24.6% [5]. - Research and development expenses were $33.9 million, down 17.9% year-over-year, and selling and marketing expenses fell by 30.1% to $29.7 million [5]. Balance Sheet and Cash Flow - As of the end of Q1 2024, iRobot had cash and cash equivalents of $118.4 million, down from $185.1 million at the end of Q4 2023 [6]. - The company generated net cash of $1.44 billion from operating activities, a significant increase from a net cash outflow of $94.5 million in the prior-year period [6]. Future Outlook - For Q2 2024, iRobot expects net sales between $167 million and $172 million, down from $237 million in the same quarter last year [7]. - The company projects an adjusted loss per share in the range of $1.74 to $1.81, higher than the adjusted loss of $1.42 in the previous year [7]. - For the full year 2024, net sales are forecasted to be between $815 million and $860 million, a decrease from $891 million in 2023 [7]. Market Sentiment - Estimates for iRobot have trended upward recently, indicating a potential for improved performance [8][10]. - The stock currently holds a Zacks Rank 2 (Buy), suggesting expectations for above-average returns in the coming months [10].

Core Viewpoint - iRobot is undergoing significant challenges, including declining revenue and profitability issues, while the appointment of a new CEO raises hopes for a turnaround [1][2][3]. Financial Performance - iRobot's revenue fell by 6% year over year in Q1 2024, with a positive cash flow of $1 million primarily due to a one-time $75 million payment from Amazon [2]. - The company anticipates an operating loss between $32 million to $44 million for 2024, indicating ongoing financial struggles [2]. Brand and Market Position - Despite challenges, iRobot remains a well-known brand, expecting to generate over $800 million in revenue this year, providing a substantial base for the new CEO to work with [3]. - The company faces fierce competition and a challenging consumer environment, which has led to falling sales and margins [4]. Management and Strategy - The new CEO, Gary Cohen, is tasked with addressing the company's declining gross profit margins, which have hindered profitability despite substantial revenue [3]. - The market's reaction to iRobot's stock has been volatile, with significant price swings reflecting investor sentiment amid uncertainty about the company's future [4].

Turnaround plays are risky options, although they do possess a lot of potential upside if they go well.When Amazon's deal to acquire iRobot (IRBT 3.12%) fell through earlier this year, it was as if the air was let out of the robot vacuum maker's stock. Almost in an instant, shares went over a cliff. The company has been struggling to gain traction ever since. Its sales have been declining, the business is struggling to stay out of the red, and cash burn is also a concern. After all of this, iRobot's stock i ...