Welcome to our dedicated page for iRobot Corporation news (Ticker: IRBT), a resource for investors and traders seeking the latest updates and insights on iRobot Corporation stock.
iRobot Corporation (NASDAQ: IRBT), founded in 1990 by roboticists from the Massachusetts Institute of Technology, is a leading provider of consumer robots. The company is renowned for its innovative home robots that transform the way people clean. iRobot’s flagship product, the Roomba® robot vacuum, has sold over 50 million units globally and is celebrated for its advanced cleaning, mapping, and navigation capabilities.
iRobot's product portfolio extends beyond the Roomba, including the iRobot Braava® family of mopping robots and the Roomba Combo® series that combines vacuuming and mopping functions. The company’s solutions leverage state-of-the-art technologies to create thoughtful and intelligent home innovations aimed at making life easier for consumers.
Recently, iRobot has been undergoing significant structural and leadership changes. In early 2024, the company announced a major operational restructuring plan to align its cost structure with market conditions, focusing on profitability and strategic growth. This restructuring includes a workforce reduction of 31%, cost-saving measures, and a renewed emphasis on iRobot's most profitable segments.
Concurrently, iRobot has experienced a leadership transition. Colin Angle, the long-standing Chairman and CEO, has stepped down. Glen Weinstein, the Executive Vice President and Chief Legal Officer, was appointed as the interim CEO, and Andrew Miller became the Chairman of the Board. In May 2024, Gary Cohen, an executive with a robust background in corporate turnarounds, was named the new CEO.
Financially, iRobot reported a challenging 2023 with a 25% revenue decline year-over-year, primarily due to supply chain issues and global conflicts. However, the company remains optimistic, expecting a more stable financial outlook in 2024. Innovations like the new Roomba Combo Essential, an affordable robot vacuum and mop, aim to boost sales and brand loyalty.
iRobot's commitment to innovation continues as it focuses on enhancing product performance and expanding its market presence. The company’s strategic initiatives and new leadership are expected to pave the way for sustainable value creation and profitability.
iRobot Corp. (NASDAQ: IRBT), a leader in consumer robotics, will host a virtual Investor Day on December 9, 2021, from 9:00 a.m. to 12:00 p.m.. The event will feature presentations from key executives, including Colin Angle, chairman and CEO, and Julie Zeiler, CFO. Investors can access the live webcast on the company's Investor Relations page, with a replay available afterward. iRobot is known for its innovative home cleaning robots, having sold over 30 million units globally.
iRobot Corp. (NASDAQ: IRBT) announced the acquisition of Aeris Cleantec AG, enhancing its product portfolio in the growing air purifier market, projected to grow from $3.4 billion in 2020 to $6.7 billion by 2027. The move aims to integrate Aeris' products with iRobot's existing technology, promising innovations in air purification. Although the acquisition is expected to modestly dilute iRobot's 2022 earnings, it could improve profitability by 2023. Aeris’ management will join iRobot, facilitating a smooth integration.
iRobot Corp. (NASDAQ: IRBT) has appointed Karen Golz, former Global Vice Chair of Ernst & Young, to its board of directors, effective immediately. Golz brings a wealth of experience in accounting, auditing, and regulatory matters, having worked with various global organizations. She currently serves on several other boards, enhancing iRobot's leadership team. In related news, Elisha Finney steps down for personal reasons, leaving 9 directors, with 8 being independent. Colin Angle, CEO, stated Golz's expertise will be invaluable as the company aims to expand its operations and portfolio.
iRobot Corp. (NASDAQ: IRBT) has partnered with Amazon to enhance voice-enabled intelligence for home robots, improving automation and user interaction. This collaboration allows iRobot's robotic vacuums to respond to voice commands via Alexa, enabling specific room cleaning and more personalized routines. The integration includes advanced features like 'Clean Around the [Object]' and 'Do Not Disturb' settings. CEO Colin Angle emphasized the aim of making home robots more thoughtful and responsive, promising to enhance the user experience further.
iRobot Corp. (NASDAQ: IRBT) announced its third-quarter financial results for 2021, revealing a revenue increase of 7% to $440.7 million, bolstered by strong demand for mid-tier and premium robots. Despite challenges in the supply chain affecting costs, the company exceeded operating profit and EPS expectations. Revenue guidance for FY21 is $1.555 - $1.590 billion. iRobot continues to innovate with the launch of the Roomba j7+ and expands its subscription service. However, the company anticipates potential tariff impacts and increased transportation costs in its financial outlook.
iRobot Corp (NASDAQ: IRBT) and Bona have announced an exclusive partnership to enhance their robotic mopping solutions. The collaboration will introduce Bona Hardwood Floor Cleaner, Bona Hard-Surface Cleaner, and Bona PowerPlus Microfiber Deep Cleaning Pad designed specifically for the iRobot Braava jet m6. These products will be available in select retailers in the U.S. and Canada, as well as online. Additionally, new Braava jet m6 orders will start including these co-branded solutions in Q4 2021, fully transitioning by Q1 2022.
iRobot Corp. (NASDAQ: IRBT) will release its third-quarter 2021 financial results after market close on October 27, 2021. Following this, a live conference call will take place on October 28 at 8:30 a.m. ET to discuss the results and future outlook. Interested investors can listen to the call via the company's website. A replay of the conference call will be available until November 4. iRobot is recognized for pioneering the home robot cleaning market with products like Roomba and Braava, having sold over 30 million robots globally.
iRobot Corp. (NASDAQ: IRBT) has expanded its subscription-based iRobot Select membership program to include the Roomba j7+ vacuum. For a $99 activation fee and $29 monthly subscription, members receive a premium cleaning experience, including automatic accessory replenishment and dedicated support. This program allows for robot upgrades every three years and has received positive feedback from customers since its pilot a year ago. iRobot aims to enhance customer satisfaction with personalized service and an innovative cleaning solution.
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