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BEDFORD, Mass. - iRobot Corp. (NASDAQ: IRBT), known for its consumer robotics and currently valued at $194 million in market capitalization, today announced the release of its largest array of new products, featuring a suite of Roomba vacuum cleaners and mop combos. The launch includes advanced technology such as debris-compacting systems and dual-spinning mop pads designed for tough cleaning tasks. According to InvestingPro analysis, the company’s stock appears slightly undervalued at its current price of $6.31.
The newly introduced robots boast a sleek design and enhanced capabilities, coupled with an updated Roomba Home app for more intuitive user control. This range represents the most extensive product launch in iRobot’s 35-year history. While Gary Cohen, iRobot CEO, highlighted the significance of the launch as a testament to the company’s innovative strides, InvestingPro data shows the company faces challenges with a 13% revenue decline and negative EBITDA of $105 million in the last twelve months. InvestingPro subscribers have access to 8 more key insights about iRobot’s financial health.
The 2025 product lineup, set for release in North America and select European markets starting March 18, features the Roomba 105 Vac Robot series with significantly increased suction power, the Roomba 205 DustCompactor Vac Robot, and the Roomba Plus 405 and 505 Combo Robots with AutoWash Docks. These robots are equipped with improved mopping functions, automatic carpet detection, and advanced navigation systems, including ClearView Lidar Navigation and PrecisionVision AI Technology.
The design of the new robots reflects a modern aesthetic with warm colors and finishes, aiming to blend seamlessly into home interiors, as described by Insun Hong, Director of Industrial Design at iRobot. The company also plans to launch an extensive marketing campaign with the slogan "Roomba. Made for This," which will be featured on various media platforms.
Pre-orders for the new Roomba robots will begin on March 18, with retail availability following on March 23. The announcement of this launch is based on a press release statement from iRobot, which outlines the features and availability of the new product range.
iRobot has been a prominent player in the consumer robot market since the introduction of the first Roomba vacuum in 2002. With over 50 million robots sold worldwide, the company continues to innovate in the realms of cleaning, mapping, and navigation technology. For detailed analysis of iRobot’s financial metrics and future prospects, including exclusive Fair Value calculations and financial health scores, visit InvestingPro.
In other recent news, iRobot Corporation announced its preliminary fourth-quarter revenue, reporting approximately $171 million, which fell short of the Bloomberg Consensus estimate of $188 million. The company also disclosed an expected GAAP operating loss of about $59 million and a non-GAAP operating loss of approximately $47 million. Despite these figures, iRobot anticipates having around $134 million in cash and cash equivalents by the end of fiscal 2024, surpassing its internal forecasts. The shortfall in revenue was partly attributed to increased seasonal promotional spending and a one-time charge related to excess inventory write-offs and losses on purchase commitments. CEO Gary Cohen noted a strategic shift in product development, aiming to enhance financial performance and shareholder value. Looking forward, iRobot expects growth in 2025, driven by new product launches and reduced product costs. The company plans to share further details in its upcoming fourth-quarter and year-end 2024 conference call. Additionally, iRobot’s management will participate in two investor conferences in January 2025, with live webcasts available on the company’s investor relations website.
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