iRobot Corp. (IRBT, Financial) filed Quarterly Report for the period ended 2010-07-03.
Irobot Corp. has a market cap of $484.2 million; its shares were traded at around $19.23 with a P/E ratio of 25.9 and P/S ratio of 1.6.
Total revenue for the six months ended July 3, 2010 increased to $192.7 million, or 63.0%, compared to $118.3 million for the six months ended June 27, 2009. Revenue increased approximately $38.5 million, or 57.6%, in our home robots division and increased approximately $35.9 million, or 70.0%, in our government and industrial division.
The $35.9 million increase in revenue from our government and industrial division was driven by a $22.6 million increase in government and industrial robot revenue, an $8.6 million increase in product life cycle revenue (spare parts and accessories), and a $4.7 million increase in recurring contract development revenue generated under research and development contracts. The $22.6 million increase in government and industrial robots revenue was due to a 71.4% increase in units shipped and an 8.6% increase in net average selling prices in the six month period ended July 3, 2010 as compared to the six month period ended June 27, 2009. This increase in average selling price was due to product mix primarily attributable to a significant number of SUGV 310 units shipped in the six month period ending July 3, 2010. The $8.6 million increase in product life cycle revenue is the result of a higher installed base of our government and industrial robots, which, during the six month period ended July 3, 2010 included product life cycle revenue related to our SUGV 310 product. The $4.7 million increase in recurring contract development revenue generated under research and development contracts was primarily attributable to an increase in funding of our SUGV program. Total government and industrial robots shipped in the six months ended July 3, 2010 were 516 units compared to 301 units in the three months ended June 27, 2009.
In addition to our research and development activities classified as research and development expense, we incur research and development expenses under funded development arrangements with governments and industrial third parties. For the three and six months ended July 3, 2010, these expenses amounted to $8.0 million and $14.6 million compared to $7.8 million and $15.1 million for the three and six months ended June 27, 2009. These expenses have been classified as cost of revenue rather than research and development expense. The combined investment in future technologies, classified as cost of revenue and research and development expense, was $13.7 million and $24.8 million for the three and six months ended July 3, 2010, compared to $11.7 million and $22.6 million for the three and six months ended June 27, 2009, respectively.
Selling and marketing expenses increased by $1.6 million, or 18.4%, to $10.6 million (10.8% of revenue) in the three months ended July 3, 2010 from $8.9 million (14.6% of revenue) in the three months ended June 27, 2009. This was driven by an increase in our home robots division of $1.1 million attributable to increases in sales commission expenses as a result of higher sales and an increase in marketing, compensation and employee-related expense supporting our international home robot sales for the three months ended July 3, 2010 as compared to the three months ended June 27, 2009. Selling and marketing expenses in our government and industrial division increased by $0.4 million attributable to an increase in compensation expenses relating to bid and proposal activities in the three months ended July 3, 2010 as compared to the three months ended June 27, 2009.
Selling and marketing expenses increased by $2.3 million, or 13.0%, to $20.2 million (10.5% of revenue) in the six months ended July 3, 2010 from $17.9 million (15.1% of revenue) in the six months ended June 27, 2009. This was driven by an increase in our home robots division of $1.6 million attributable to increases in sales commission expenses as a result of higher sales and an increase in marketing, compensation and employee-related expense su
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Irobot Corp. has a market cap of $484.2 million; its shares were traded at around $19.23 with a P/E ratio of 25.9 and P/S ratio of 1.6.
Highlight of Business Operations:
The $17.7 million increase in revenue from our government and industrial division was driven by a $9.5 million increase in government and industrial robot revenue, a $5.1 million increase in product life cycle revenue (spare parts and accessories), and a $3.1 million increase in recurring contract development revenue generated under research and development contracts. The $9.5 million increase in government and industrial robots revenue was due to a 65.6% increase in units shipped and a 2.1% increase in net average selling prices in the three month period ended July 3, 2010 as compared to the three month period ended June 27, 2009. This increase in average selling price was due to product mix primarily attributable to a significant number of SUGV 310 units shipped in the three-month period ended July 3, 2010. The $5.1 million increase in product life cycle revenue is the result of a higher installed base of our government and industrial robots which during the three month period ended July 3, 2010 includes product life cycle revenue related to our SUGV 310 product. The $3.1 million increase in recurring contract development revenue generated under research and development contracts was primarily attributable to an increase in funding of our SUGV program. Total government and industrial robots shipped in the three months ended July 3, 2010 were 250 units compared to 151 units in the three months ended June 27, 2009.Total revenue for the six months ended July 3, 2010 increased to $192.7 million, or 63.0%, compared to $118.3 million for the six months ended June 27, 2009. Revenue increased approximately $38.5 million, or 57.6%, in our home robots division and increased approximately $35.9 million, or 70.0%, in our government and industrial division.
The $35.9 million increase in revenue from our government and industrial division was driven by a $22.6 million increase in government and industrial robot revenue, an $8.6 million increase in product life cycle revenue (spare parts and accessories), and a $4.7 million increase in recurring contract development revenue generated under research and development contracts. The $22.6 million increase in government and industrial robots revenue was due to a 71.4% increase in units shipped and an 8.6% increase in net average selling prices in the six month period ended July 3, 2010 as compared to the six month period ended June 27, 2009. This increase in average selling price was due to product mix primarily attributable to a significant number of SUGV 310 units shipped in the six month period ending July 3, 2010. The $8.6 million increase in product life cycle revenue is the result of a higher installed base of our government and industrial robots, which, during the six month period ended July 3, 2010 included product life cycle revenue related to our SUGV 310 product. The $4.7 million increase in recurring contract development revenue generated under research and development contracts was primarily attributable to an increase in funding of our SUGV program. Total government and industrial robots shipped in the six months ended July 3, 2010 were 516 units compared to 301 units in the three months ended June 27, 2009.
In addition to our research and development activities classified as research and development expense, we incur research and development expenses under funded development arrangements with governments and industrial third parties. For the three and six months ended July 3, 2010, these expenses amounted to $8.0 million and $14.6 million compared to $7.8 million and $15.1 million for the three and six months ended June 27, 2009. These expenses have been classified as cost of revenue rather than research and development expense. The combined investment in future technologies, classified as cost of revenue and research and development expense, was $13.7 million and $24.8 million for the three and six months ended July 3, 2010, compared to $11.7 million and $22.6 million for the three and six months ended June 27, 2009, respectively.
Selling and marketing expenses increased by $1.6 million, or 18.4%, to $10.6 million (10.8% of revenue) in the three months ended July 3, 2010 from $8.9 million (14.6% of revenue) in the three months ended June 27, 2009. This was driven by an increase in our home robots division of $1.1 million attributable to increases in sales commission expenses as a result of higher sales and an increase in marketing, compensation and employee-related expense supporting our international home robot sales for the three months ended July 3, 2010 as compared to the three months ended June 27, 2009. Selling and marketing expenses in our government and industrial division increased by $0.4 million attributable to an increase in compensation expenses relating to bid and proposal activities in the three months ended July 3, 2010 as compared to the three months ended June 27, 2009.
Selling and marketing expenses increased by $2.3 million, or 13.0%, to $20.2 million (10.5% of revenue) in the six months ended July 3, 2010 from $17.9 million (15.1% of revenue) in the six months ended June 27, 2009. This was driven by an increase in our home robots division of $1.6 million attributable to increases in sales commission expenses as a result of higher sales and an increase in marketing, compensation and employee-related expense su
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