iRobot(US:IRBT)2024-11-06 11:19Financial Performance - In Q3 2024, iRobot reported revenue of $193.4 million, a 3.9% increase from $186.2 million in Q3 2023[4] - The non-GAAP gross margin improved by 590 basis points year-over-year, reaching 32.4% compared to 26.5% in Q3 2023[7] - GAAP operating expenses decreased to $55.1 million in Q3 2024 from $107.5 million in Q3 2023, reflecting a significant reduction in costs[4] - iRobot's GAAP net loss per share improved to ($0.21) in Q3 2024, compared to ($2.86) in Q3 2023[6] - Revenue for the three months ended September 28, 2024, was $193,435 thousand, a 3.4% increase from $186,176 thousand for the same period in 2023[22] - Gross profit for the three months ended September 28, 2024, was $62,377 thousand, compared to $47,996 thousand for the same period in 2023, representing a 30.2% increase[22] - Operating income for the three months ended September 28, 2024, was $7,257 thousand, a significant improvement from a loss of $59,494 thousand in the same period last year[22] - Net loss for the nine months ended September 28, 2024, was $68,410 thousand, compared to a net loss of $241,117 thousand for the same period in 2023[24] - Non-GAAP gross profit for the three months was $62.8 million, compared to $49.4 million in the same period last year, reflecting a significant improvement[31] - GAAP operating income was $7.3 million, compared to a loss of $59.5 million in the same quarter last year[31] - Non-GAAP operating income for the three months was $15.1 million, a recovery from a loss of $40.6 million in the same period last year[31] Revenue Breakdown - Revenue from mid-tier and premium robots accounted for 79% of total robot sales in Q3 2024, slightly down from 80% in the same period last year[10] - In Q3 2024, revenue increased by 23% in the U.S., while it declined by 20% in Japan and 11% in EMEA compared to the prior year[9] - Domestic revenue increased to $105.1 million, up 23% from $85.8 million year-over-year, while international revenue decreased by 12% to $88.3 million[25] - Total robot units shipped reached 732, a 17% increase compared to 627 units shipped in the same quarter last year[25] - Average gross selling prices for robot units decreased to $313 from $331 year-over-year[25] Cost Management and Restructuring - iRobot has reduced its total headcount by 41% since the end of 2023 as part of its restructuring efforts[9] - Research and development expenses for the three months ended September 28, 2024, were $19,630 thousand, a decrease from $37,336 thousand in the same period last year[22] - Selling and marketing expenses for the three months ended September 28, 2024, were $29,270 thousand, down from $41,558 thousand in the same period last year[22] - The company is focusing on strategic initiatives and cost restructuring to enhance operational efficiency and productivity[28] Cash and Assets - As of September 28, 2024, iRobot's cash and cash equivalents totaled $99.4 million, down from $108.5 million at the end of Q2 2024[7] - Cash and cash equivalents at the end of the period were $99,447 thousand, down from $189,649 thousand at the end of the same period last year[24] - Total assets as of December 30, 2023, were $733,698 thousand, with total liabilities of $537,211 thousand[23] Future Guidance - iRobot plans to achieve a revenue range of $685 million to $710 million for the full fiscal year 2024[16] - GAAP Gross Profit guidance for Q4 2024 is projected to be between $42 million and $54 million, with a full year guidance of $168 million to $179 million[34] - Non-GAAP Gross Margin for Q4 2024 is expected to be between 24% and 27%, and for FY 2024, it is projected to be between 25% and 26%[34] - GAAP Operating Loss for Q4 2024 is estimated to be between $(43) million and $(34) million, while for FY 2024, it is projected to be between $(84) million and $(75) million[34] - Non-GAAP Operating Loss for Q4 2024 is expected to be between $(31) million and $(22) million, and for FY 2024, it is projected to be between $(104) million and $(95) million[34] - GAAP Net Loss Per Share for Q4 2024 is projected to be between $(1.88) and $(1.58), while for FY 2024, it is expected to be between $(4.27) and $(3.96)[34] - Non-GAAP Net Loss Per Share for Q4 2024 is estimated to be between $(1.50) and $(1.20), and for FY 2024, it is projected to be between $(4.91) and $(4.60)[34] - The number of shares used in diluted per share calculation for Q4 2024 is approximately 30.6 million[34] Operational Metrics - Days sales outstanding increased to 48 days, compared to 36 days in the previous period[32]