As it conducts a strategic review of business alternatives, iRobot sales slid in the first quarter and fell into the red.
Net loss was $87.3 million, or $2.84 per diluted share, versus net income of $8.6 million, or 30 cents per share, in the year-previous quarter. Adjusted for one-time events, net loss was $60 million, or $1.95 per share, versus net loss of $43 million, or $1.53 per share, in the year-before period, the company reported.
iRobot missed a published Wall Street analyst estimate that anticipated a loss of 77 cents per diluted share on revenues of $134 million.
Revenue was $101.6 million versus $150 million in the year-prior quarter. Operating loss was $45.8 million versus operating income of $11.9 million in the year-earlier period, while adjusted operating loss was $31.5 million versus $40 million.
The company pointed out recent highlights included the rollout in North America and select European markets of technologically innovative Roomba vacuums and 2-in-1 vacuums and mops, as well as the availability of the Roomba Max 705 Vac Robot + AutoEmpty Dock.
In addition, the company noted that as previously announced, the iRobot board of directors is conducting a review of strategic alternatives, including, but not limited to, exploring a potential sale or strategic transaction, and refinancing the company’s debt. In the meantime, iRobot stated that the company remains actively engaged in ongoing collaborative and constructive discussions with its primary lender. iRobot amended its existing term loan to extend the covenant waiver under the term loan to June 6.
“We continued to make meaningful progress on our iRobot Elevate turnaround strategy in the first quarter and initiated the largest new product launch in iRobot’s history,” said Gary Cohen, the company’s CEO, in announcing the financial results. “We are encouraged by the positive reactions from distributors, retailers and consumers, and expect to see an uptick in sales later in the year as availability of our suite of new, technologically innovative Roomba vacuums and 2-in-1 vacuums and mops expands. As our board of directors continues its review of strategic alternatives for our business, we remain focused on executing our proven strategy and delivering the products our customers have come to know and love.”
