The first quarter was not kind to iRobot, which suffered larger losses and lower sales as well as a Wall Street estimate miss.
In the quarter iRobot Corp. recorded a net loss of $81.1 million, or $2.95 per diluted share, versus a net loss of $30.4 million, or $1.12 per diluted share, in the year-earlier period. Adjusted for one-time events, net loss was $45.8 million, or $1.67 per diluted share, versus a net loss of $18 million, or 66 cents per diluted share, in the year-prior quarter.
iRobot missed a Zacks Investment Research analyst consensus earnings estimate of $1.32.
Revenue was $160.3 million versus $292 million in the year-before quarter. Operating loss was $81.3 million compared to $23.3 million in the period a year previous, while adjusted operating loss was $62.2 million versus $18.5 million.
Given its pending acquisition by Amazon, announced in August 2022, iRobot’s practice of providing full-year financial guidance remains suspended, the company noted.
In the quarter, iRobot indicated that, as expected, relatively muted orders impacted the 2023 first quarter, due in part, to order timing. Revenue from mid-tier robots, with an SRP between $300 and $499, and premium robots, with an SRP of $500 or more, represented 88% of total robot sales in the quarter versus 86% from the same period a year past.
From a geographic perspective, first-quarter 2023 revenue declined 53% in the United States, 35% in Japan and 29% in Europe, the Middle East and Africa, versus the same period last year.
iRobot stated business highlights from the first quarter included Newsweek listing it as one of the Most Trusted Companies in America 2023. iRobot ranked eighth in Appliances and Electronics category along with companies such as GoPro, Sonos and Bose. The company’s Roomba j7+ came in among the winners of the 2022 Good Design Awards and won the best overall robot vacuum of 2023 designation from CNN. Forbes cited it as one of the best vacuums for pet hair. The Roomba Combo j7+, an advanced 2-in-1 robot that debuted in September 2022, garnered a 2023 Clean House Award from Better Homes & Gardens, according to iRobot.
