iRobot Corp. (NASDAQ: IRBT) an American technology company that develops and produces consumer robots globally, announced its financial report for the first quarter completed on April 3, 2021. IRBT stock declined immensely adjacent to the news.
At last check in premarket trading, shares of iRobot Corporation (IRBT) were down -8.73% at $94.88. IRBT stock lost -4.45% to close Monday’s session at $103.96.Shares of the company fluctuated between $103.5004 and $110.81 throughout the day. In the past 12 months, the company’s stock has advanced 75.02%, and in the last one week, the stock has moved down -10.42%.
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First-Quarter 2021 Financial Report
Revenue generated in the first quarter of 2021 was $303.3 million, which depicted a 58% increase from $192.5 million in the same quarter the previous year. iRobot established top-line growth which showed expansion in various geographic segmentsand saw a surge in demand from the company’s distribution network in Europe, Middle east and Africa. IRBT also saw an increment in retail orders in North America, including several orders that were previously expected for the second quarter.
The company’s cash, cash equivalents and short-term investments accounted for $500.8 million, vs $483.7 million at the previous quarter and $263.5 million in the first quarter of the previous year. IRBTconsists of no outstanding debt, and can potentially use an unsecured revolving line of credit of $150 million, with $75 million in accordion feature.
GAAP operating income in the first quarter 2021 was $6.4 million, in comparison to GAAP operating loss of $20.2 million in same quarter of the previous year. First-quarter 2021 non-GAAP operating income generated $15.0 million vs non-GAAP operating loss of $14.4 million in the same period the previous year
During the first quarter of 2021, iRobot diversified itsproductsand expanded its community connecting 10.7M customers who have opted-in to its digital communications, reflecting a 74% increase during the first quarter in the previous year.
iRobot has also confirmed that it has entered into a Rule 10b5-1 plan to repurchase common stock worth $50 million. All share repurchases will take place as part of the $200 million stock repurchase program which the company had previously authorized.
IRBT has sold more than 30M robots world wide. The global enterprise is focused on expansion and diversification of its products however, financial result of the first quarter reduced investor interest with IRBT stock declining substantially.