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iRobot Corporation Message Board

  • lamazzi lamazzi Apr 24, 2013 11:40 AM Flag

    From the CC

    Last quarter the government disclosed a $14.4 million order for more than 600 FirstLook robots. This order was anticipated and included in our 2013 expectations. In addition we received a $7 million international order at the beginning of the quarter which we discussed on the last call. We now have more than 80% of the roughly $50 million in 2013 expectations in either booked orders or funded backlog and are highly confident in achieving the full year number which will be down from last year.
    Also important to note is that we expect non-DoD revenue to comprise more than 40% of 2013 D&S revenue compared with 16% of 2012 revenue.

    We began shipping the RP-VITA to InTouch in Q1 2013. To date we have shipped roughly 2 dozen robots on which ITH has integrated their proprietary technology for telemedicine to facilitate its use in remote diagnosis and treatment. Half of these robots have been shipped by ITH to both new and prior users of InTouch’s products.

    Shortly after the two explosions near the Boston Marathon finish line, we contacted the Massachusetts State Police to offer assistance and robots in addition to the ones they owned. On Friday, during the intensive manhunt, our robots were once again front and center, keeping law enforcement officials out of harm’s way. The Mass State Police expressed their gratitude for iRobot’s timely responsiveness.

    We expect year-over-year double digit revenue growth to continue throughout 2013 driven by both product mix and unit volume. Based on current indications from our retailers and distributors, we anticipate revenue to be relatively level from Q2 through Q4.

    Q1 gross margin was 43.8% compared with 38.4% last year, and opex was 35% of revenue compared with 38% last year.

    At the end of Q1, we had cash, including investments, totaling $138 million compared with $182 million last year and operating cash flow was roughly breakeven.

    Sentiment: Buy

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