iRobot Corp. (IRBT, Financial) filed Quarterly Report for the period ended 2010-04-03.
Irobot Corp. has a market cap of $465.2 million; its shares were traded at around $18.54 with a P/E ratio of 42.1 and P/S ratio of 1.5.
The $18.3 million increase in revenue from our government and industrial division was driven by a $13.1 million increase in government and industrial robot revenue, a $3.6 million increase in product life cycle revenue (spare parts and accessories), and a $1.6 million increase in recurring contract development revenue generated under research and development contracts. The $13.1 million increase in government and industrial robots revenue was due to a 77.3% increase in units shipped and a 15.8% increase in net average selling prices in the three month period ended April 3, 2010 as compared to the three month period ended March 28, 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 ending April 3, 2010. The $3.6 million increase in product life cycle revenue is the result of a higher installed base of our government and industrial robots. The $1.6 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 April 3, 2010 were 266 units compared to 150 units in the three months ended March 28, 2009.
Research and development expenses increased by $0.9 million, or 25.7%, to $4.5 million (4.7% of revenue) in the three months ended April 3, 2010 from $3.6 million (6.3% of revenue) for the three months ended March 28, 2009. The increase in research and development expenses is primarily due to increases in compensation, recruiting and consulting costs associated with internal research and development projects and expenses related to our newly created healthcare business unit.
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 months ended April 3, 2010, these expenses amounted to $6.6 million compared to $7.3 million for the three ended March 28, 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 $11.1 million for the three months ended April 3, 2010, compared to $10.9 million for the three months ended March 28, 2009, respectively.
Selling and marketing expenses increased by $0.7 million, or 7.6%, to $9.6 million (10.2% of revenue) in the three months ended April 3, 2010 from $9.0 million (15.7% of revenue) in the three months ended March 28, 2009. This was driven by an increase in our home robots division of $0.4 million attributable to increases in sales commission expenses as a result of higher sales and an increase in various other marketing expenses in the three months ended April 3, 2010 as compared to the three months ended March 28, 2009. Selling and marketing expenses in our government and industrial division increased by $0.3 million attributable to an increase in compensation expenses for selling and bid and proposal activities in the three months ended April 3, 2010 as compared to the three months ended March 28, 2009.
Other income (expense), net, amounted to $29,000 for the three months ended April 3, 2010 compared to $(0.3) million for the three months ended March 28, 2009. Other income (expense), net, for the three month period ended April 3, 2010 was related to interest income of $0.2 million offset by foreign currency exchange losses of $0.2 million resulting from foreign currency exchange rate fluctuations. Other income (expense), net, for the three month period ended March 28, 2009 was directly related to foreign currency exchange losses resulting from foreign currency exchange rate fluctuations.
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Irobot Corp. has a market cap of $465.2 million; its shares were traded at around $18.54 with a P/E ratio of 42.1 and P/S ratio of 1.5.
Highlight of Business Operations:
Total revenue for the three months ended April 3, 2010 increased to $94.9 million, or 66.7%, compared to $56.9 million for the three months ended March 28, 2009. Revenue increased approximately $19.7 million, or 60.1%, in our home robots division and increased approximately $18.3 million, or 75.8%, in our government and industrial division.The $18.3 million increase in revenue from our government and industrial division was driven by a $13.1 million increase in government and industrial robot revenue, a $3.6 million increase in product life cycle revenue (spare parts and accessories), and a $1.6 million increase in recurring contract development revenue generated under research and development contracts. The $13.1 million increase in government and industrial robots revenue was due to a 77.3% increase in units shipped and a 15.8% increase in net average selling prices in the three month period ended April 3, 2010 as compared to the three month period ended March 28, 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 ending April 3, 2010. The $3.6 million increase in product life cycle revenue is the result of a higher installed base of our government and industrial robots. The $1.6 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 April 3, 2010 were 266 units compared to 150 units in the three months ended March 28, 2009.
Research and development expenses increased by $0.9 million, or 25.7%, to $4.5 million (4.7% of revenue) in the three months ended April 3, 2010 from $3.6 million (6.3% of revenue) for the three months ended March 28, 2009. The increase in research and development expenses is primarily due to increases in compensation, recruiting and consulting costs associated with internal research and development projects and expenses related to our newly created healthcare business unit.
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 months ended April 3, 2010, these expenses amounted to $6.6 million compared to $7.3 million for the three ended March 28, 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 $11.1 million for the three months ended April 3, 2010, compared to $10.9 million for the three months ended March 28, 2009, respectively.
Selling and marketing expenses increased by $0.7 million, or 7.6%, to $9.6 million (10.2% of revenue) in the three months ended April 3, 2010 from $9.0 million (15.7% of revenue) in the three months ended March 28, 2009. This was driven by an increase in our home robots division of $0.4 million attributable to increases in sales commission expenses as a result of higher sales and an increase in various other marketing expenses in the three months ended April 3, 2010 as compared to the three months ended March 28, 2009. Selling and marketing expenses in our government and industrial division increased by $0.3 million attributable to an increase in compensation expenses for selling and bid and proposal activities in the three months ended April 3, 2010 as compared to the three months ended March 28, 2009.
Other income (expense), net, amounted to $29,000 for the three months ended April 3, 2010 compared to $(0.3) million for the three months ended March 28, 2009. Other income (expense), net, for the three month period ended April 3, 2010 was related to interest income of $0.2 million offset by foreign currency exchange losses of $0.2 million resulting from foreign currency exchange rate fluctuations. Other income (expense), net, for the three month period ended March 28, 2009 was directly related to foreign currency exchange losses resulting from foreign currency exchange rate fluctuations.
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