iRobot Corp. (IRBT, Financial) filed Quarterly Report for the period ended 2010-10-02.
Irobot Corp. has a market cap of $499.4 million; its shares were traded at around $20.2 with a P/E ratio of 26.6 and P/S ratio of 1.7. IRBT is in the portfolios of Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
The $5.3 million increase in revenue from our government and industrial division was driven by a $1.9 million increase in government and industrial robot revenue, a $3.7 million increase in product life cycle revenue (spare parts and accessories), partially offset by a $0.4 million decrease in recurring contract development revenue generated under research and development contracts. The $1.9 million increase in government and industrial robots revenue was primarily due to a 17.0% increase in units shipped partially offset by a 5.9% decrease in net average selling prices in the three month period ended October 2, 2010 as compared to the three month period ended September 26, 2009. The decrease 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 October 2, 2010. The $3.7 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 October 2, 2010 includes product life cycle revenue related to our SUGV 310 product. The $0.4 million decrease in recurring contract development revenue generated under research and development contracts was the result of decreases in funding of our PackBot, Warrior and Research programs partially offset by an increase in funding of our SUGV program. Total government and industrial robots shipped in the three months ended October 2, 2010 were 186 units compared to 159 units in the three months ended September 26, 2009.
Total revenue for the nine months ended October 2, 2010 increased to $287.0 million, or 45.7%, compared to $196.9 million for the nine months ended September 26, 2009. Revenue increased approximately $48.8 million, or 43.9%, in our home robots division and increased approximately $41.2 million, or 48.1%, in our government and industrial division.
The $48.8 million increase in revenue from our home robots division for the nine months ended October 2, 2010 was driven by a 33.9% increase in units shipped and a 9.7% increase in net average selling price as compared to the nine months ended September 26, 2009. Total home robots shipped in the nine months ended October 2, 2010 were 889,000 units compared to 664,000 units in the nine months ended September 26, 2009. The increase in home robot division revenue and units shipped was primarily attributable to increased international sales of our home robot products resulting from our increased efforts to expand our global presence. In the nine months ended October 2, 2010, international home robot revenue increased $47.7 million, domestic home robot revenue from our retail channel increased $2.8 million, and domestic home robot revenue from our direct channel decreased $1.7 million as compared to the nine months ended September 26, 2009. Home robot division revenue from international sales, which consist of products having a higher average selling price than products sold to domestic customers, was 66.9% of total home robot division revenue in the nine month period ending October 2, 2010 as compared to 53.3% in the nine month period ended September 26, 2009.
The $41.2 million increase in revenue from our government and industrial division was driven by a $24.6 million increase in government and industrial robot revenue, a $12.3 million increase in product life cycle revenue (spare parts and accessories), and a $4.3 million increase in recurring contract development revenue generated under research and development contracts. The $24.6 million increase in government and industrial robots revenue was due to a 52.6% increase in units shipped in the nine month period ended October 2, 2010 as compared to the nine month period ended September 26, 2009. The $12.3 million increase in product life cycle revenue is the result of a higher installed base of our government and industrial robots, which, during the nine month period ended October 2, 2010 included product life cycle revenue related to our SUGV 310 product. The $4.3 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 offset by decreases in funding of our PackBot and Warrior programs. Total government and industrial robots shipped in the nine months ended October 2, 2010 were 702 units compared to 460 units in the nine months ended September 26, 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 nine months ended October 2, 2010, these expenses amounted to $6.5 million and $21.1 million, respectively, compared to $8.0 million and $23.1 million for the three and nine months ended September 26, 2009, respectively. 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 $12.7 million and $37.5 million, respectively, for the three and nine months ended October 2, 2010, compared to $11.2 million and $33.8 million for the three and nine months ended September 26, 2009, respectively.
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Irobot Corp. has a market cap of $499.4 million; its shares were traded at around $20.2 with a P/E ratio of 26.6 and P/S ratio of 1.7. IRBT is in the portfolios of Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Total revenue for the three months ended October 2, 2010 increased to $94.2 million, or 19.8%, compared to $78.6 million for the three months ended September 26, 2009. Revenue increased approximately $10.3 million, or 23.3%, in our home robots division and increased approximately $5.3 million, or 15.4%, in our government and industrial division.The $5.3 million increase in revenue from our government and industrial division was driven by a $1.9 million increase in government and industrial robot revenue, a $3.7 million increase in product life cycle revenue (spare parts and accessories), partially offset by a $0.4 million decrease in recurring contract development revenue generated under research and development contracts. The $1.9 million increase in government and industrial robots revenue was primarily due to a 17.0% increase in units shipped partially offset by a 5.9% decrease in net average selling prices in the three month period ended October 2, 2010 as compared to the three month period ended September 26, 2009. The decrease 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 October 2, 2010. The $3.7 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 October 2, 2010 includes product life cycle revenue related to our SUGV 310 product. The $0.4 million decrease in recurring contract development revenue generated under research and development contracts was the result of decreases in funding of our PackBot, Warrior and Research programs partially offset by an increase in funding of our SUGV program. Total government and industrial robots shipped in the three months ended October 2, 2010 were 186 units compared to 159 units in the three months ended September 26, 2009.
Total revenue for the nine months ended October 2, 2010 increased to $287.0 million, or 45.7%, compared to $196.9 million for the nine months ended September 26, 2009. Revenue increased approximately $48.8 million, or 43.9%, in our home robots division and increased approximately $41.2 million, or 48.1%, in our government and industrial division.
The $48.8 million increase in revenue from our home robots division for the nine months ended October 2, 2010 was driven by a 33.9% increase in units shipped and a 9.7% increase in net average selling price as compared to the nine months ended September 26, 2009. Total home robots shipped in the nine months ended October 2, 2010 were 889,000 units compared to 664,000 units in the nine months ended September 26, 2009. The increase in home robot division revenue and units shipped was primarily attributable to increased international sales of our home robot products resulting from our increased efforts to expand our global presence. In the nine months ended October 2, 2010, international home robot revenue increased $47.7 million, domestic home robot revenue from our retail channel increased $2.8 million, and domestic home robot revenue from our direct channel decreased $1.7 million as compared to the nine months ended September 26, 2009. Home robot division revenue from international sales, which consist of products having a higher average selling price than products sold to domestic customers, was 66.9% of total home robot division revenue in the nine month period ending October 2, 2010 as compared to 53.3% in the nine month period ended September 26, 2009.
The $41.2 million increase in revenue from our government and industrial division was driven by a $24.6 million increase in government and industrial robot revenue, a $12.3 million increase in product life cycle revenue (spare parts and accessories), and a $4.3 million increase in recurring contract development revenue generated under research and development contracts. The $24.6 million increase in government and industrial robots revenue was due to a 52.6% increase in units shipped in the nine month period ended October 2, 2010 as compared to the nine month period ended September 26, 2009. The $12.3 million increase in product life cycle revenue is the result of a higher installed base of our government and industrial robots, which, during the nine month period ended October 2, 2010 included product life cycle revenue related to our SUGV 310 product. The $4.3 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 offset by decreases in funding of our PackBot and Warrior programs. Total government and industrial robots shipped in the nine months ended October 2, 2010 were 702 units compared to 460 units in the nine months ended September 26, 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 nine months ended October 2, 2010, these expenses amounted to $6.5 million and $21.1 million, respectively, compared to $8.0 million and $23.1 million for the three and nine months ended September 26, 2009, respectively. 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 $12.7 million and $37.5 million, respectively, for the three and nine months ended October 2, 2010, compared to $11.2 million and $33.8 million for the three and nine months ended September 26, 2009, respectively.
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