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BEDFORD, Mass. - iRobot Corp. (NASDAQ: IRBT), known for its consumer robotics and currently valued at $192.83 million in market capitalization, announced the appointment of Neal P. Goldman as an independent director to its Board of Directors, effective immediately. This expansion increases the board’s size to nine directors, with eight serving independently.
Goldman brings a wealth of experience in strategic planning, financial management, and corporate turnaround consulting - expertise particularly valuable as InvestingPro data shows iRobot faces significant challenges with a negative EBITDA of $105 million and revenue decline of 13% over the last twelve months. His career includes leadership roles across technology and retail sectors. He is currently the CEO of SAGE Capital Investments, LLC, and Chairman of the Board at Talos Energy. His past roles include Managing Director at Och Ziff Capital Management and Founding Partner of Brigade Capital Management.
Andrew Miller, Chairman of the Board at iRobot, expressed enthusiasm for Goldman’s addition, highlighting his expertise as beneficial during the company’s strategic pivot, known as the Elevate strategy. Miller emphasized Goldman’s track record in guiding companies through transformative periods.
Goldman commented on the company’s status as a leader in the consumer robot market and expressed eagerness to contribute to iRobot’s ongoing growth and innovation.
The announcement coincides with iRobot’s release of its fourth quarter and full-year 2024 earnings, providing updates on business operations and performance. Since introducing the first Roomba robot vacuum in 2002, iRobot has sold over 50 million robots globally and continues to develop cleaning, mapping, and navigation technologies.
The company’s forward-looking statements, while expressing confidence in continued growth and innovation, are subject to risks and uncertainties that could impact future results. According to InvestingPro analysis, which offers 12 additional key insights about iRobot’s financial health, analysts anticipate sales decline in the current year and do not expect profitability. iRobot cautions investors about placing undue reliance on these projections, which are based on the information available as of the date of the press release. The company commits to updating the public should any new information arise that may affect these forward-looking statements.
This expansion of the board and the appointment of Goldman is a strategic move for iRobot as it navigates a dynamic industry landscape, with the stock currently trading below its InvestingPro Fair Value despite falling 36% over the past year. The company aims to reinforce its position as a global innovator in consumer robotics while addressing its financial health, which InvestingPro rates as weak with an overall score of 0.94. The information for this article is based on a press release statement and financial data from InvestingPro.
In other recent news, iRobot Corporation disclosed preliminary financial results for the fourth quarter, reporting an anticipated revenue of approximately $171 million, which fell short of the estimated $188 million according to Bloomberg Consensus. The company expects a GAAP operating loss of around $59 million and a non-GAAP operating loss of about $47 million, influenced by increased seasonal promotional spending and a one-time charge for excess inventory write-offs. Despite these challenges, iRobot projects cash and cash equivalents of approximately $134 million by the end of fiscal 2024, surpassing internal forecasts. The company remains optimistic about 2025, with expectations for a stronger second half driven by a new product lineup. In line with these developments, iRobot recently unveiled its largest range of new Roomba products, featuring advanced technology and enhanced capabilities. The new lineup is set for release in North America and select European markets in March 2025. Additionally, iRobot’s CEO, Gary Cohen, highlighted a strategic shift in product development aimed at improving financial performance and long-term shareholder value.
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