iRobot revenues up by 30%

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iRobot has published second-quarter financial results on Wednesday, indicating positive trends in its domestic business unit. Revenues in this segment increased 30% in a year over year basis, following the 12% increase they reported after Q1.

The Roomba 500 series is still the one that pulls the market. Majority of the new Roomba 700 series robots were top of the line Roomba 780 models (sold around $600 each), and sales through the company's website were up by 32% in the period. Besides sales, better placement of robots in select retail channels allowed gross margins to increase from 39% to 44% since the same period last year.
International sales were more moderate. Most of the 16% was driven by the growing Asian, especial Japanese demand, but international sales still provide 65% of the revenue of the home robot division. The company is in talk to enter the Chinese market in 2012.

Due to the current economic situation, they refrain from increasing expectations for the holiday season, but for the full year outlook the company raises the revenue expectations of the home robot segment from $270 million to $275 million.
iRobot has signed an agreement on cross-licensing of patent portfolios with InTouch Health, giving a potential for a quicker growth in the development of healthcare telepresence robots.

Despite the good looking numbers, some analysts point out that increasing revenues might not be enough to convince investors. While during Q1 inventory increase was a problem, during the last quarter the growth of accounts receivable caused the negative cash flow.

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