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IRobot Corp (Nasdaq: IRBT) | Company Profile, History, Competitors

 

iRobot (NASDAQ: IRBT) designs, manufactures and sells consumer robots. Product lines include robotic vacuum cleaners, wet floor care robots and pool care robots. iRobot sells their products under the brands Roomba, Braava, and Mirra. The company was founded in 1990 and based in Bedford, MA.

IRobot was founded in 1990 by Colin Angle, who formerly worked at MIT's Artificial Intelligence laboratory. IRobot manufactures home robots for vacuum cleaning, wet floor cleaning and pool care. IRobot holds over 400 US patents.

Business Overview

Agilent operates in three main segments.
  • Floor Vacuum Cleaners (90% of 2017 Revenues): Sells floor vacuum robots under the Roomba brand.
  • Wet Floor Care Robots (9% of 2017 Revenues): Sells robots to clean hard floors under the Braava brand.
  • Pool Care Robots (1% of 2017 Revenues): Sells robots to clean residential pools under the Mirra brand.

Floor Vacuum Cleaners (Roomba) Segment

The company produces low-end and high-end floor vacuum robots. 

The low-end floor vacuum robots use intelligent sensors and have operating times of up to 60 minutes.

The high-end floor vacuum robots use vSLAM technology and have operating times of up to 120 minutes. vSLAM uses dynamic imaging to track the location of the robot. The robots have a camera on top that continuously takes pictures of the surroundings and have built-in software that actively analyzes and maps the home. This allows the robots to clean each spot only once, which competitor robots may clean each spot up to three times.

Wet Floor Care (Braava) Segment

In 2012, the company acquired Evolution Robotics, which sold the Mint brand of mopping robots. Post the acquisition, the robots were rebranded as Braava. The Braava robots can clean hard floors, such as stone, tile and wood. The robot can dry and damp mop floors using cleaning cloths. 

The company also sells the Scooba robot, which uses a clean tank to sweep and scrub hard floors.

Pool Care (Mirra) Segment

The company's Mirra robot is used to clean residential pools, remove debris from pool floors, walls and stairs. The robot was developed under the iRobot brand with a partnership with Aquatron. 

The company also sells the Looj robot, which is used to clean entire stretches of gutters in homes.

Future Strategy

The company expects to expand its product portfolio to include lawnmowing and perhaps entering the smart home market in areas such as home security cameras. The company may also partner with other smart home developers (Google, Apple, Amazon) and share its smart mapping technology.

Patents

As of 2017, the company held 403 US patents, 650 foreign patents, and 450 patent applications pending worldwide.

Management

Colin Angle (CEO): Colin Angle serves as CEO and co-founder since 1990. Prior, he was President of Artificial Creatures, the predecessor to iRobot. Earlier, he worked at MIT's Artificial Intelligence Laboratory. He graduated with a Bachelor's degree from MIT and a Master's degree from MIT. His master thesis produced Genghis, a six-legged autonomous walking robot that is now at the Smithsonian.

Alison Dean (CFO): Alison Dean serves as CFO since 2013. Prior, she held various positions at iRobot, including VP Corporate Finance, Principal Accounting Officer and VP Financial Planning & Analysis. Before that, she worked at 3Com Corporation. She graduated with a Bachelor's degree from Brown University and an MBA from Boston University.

Financials

 $ USD in millions    2013    2014 2015 2016 2017
 Revenues $487 $557 $617 $661 $884 
 Gross Profit $266 $299  $328  $341  $451 
 Operating Profit $33 $53  $61  $58  $73 
 Net Income$28 $38 $44  $42  $51 
 EPS$0.97 $1.28 $1.49 $1.51 $1.85