iRobot Corp.(NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, has announced its fourth-quarter and full year 2011 financial results. Revenue for the fourth quarter of 2011 increased 15 percent to $130.8 million, compared with $114.0 million for the same quarter one year ago. Revenue for the full year 2011 increased 16 percent to $465.5 million from $401.0 million for the full year 2010.
Net income in the fourth quarter of 2011 was $10.6 million, compared with $7.0 million in the fourth quarter of 2010. Net income for the full year 2011 was $40.2 million, compared with $25.5 million for the same period in 2010.
Strong demand in overseas markets drove a 21 percent year-over-year increase in full-year home robot revenue. International home robot revenue of $196 million comprised 70 percent of total home robot 2011 revenue.
Government & industrial robot revenue grew 9 percent in 2011, driven by shipments of Small Unmanned Ground Vehicles and spares.
The company issued new guidance, saying it expects the government side of its business to take a 20 percent hit in 2012, due to a combination of reduced defense budget growth, and a slowing of new projects during an election year. iRobot expects its revenues to shift from a breakdown of 40 percent government and industrial and 60 percent consumer, to 30 percent government and industrial and 70 percent consumer.
iRobots Black Thursday
IRobot Corp.’s stock lost a third of its value on Thursday February 9, after the company announced it would likely lose a significant chunk of its revenue from military contracts in the current year, due to constrained Department of Defense budgets.
iRobot's earlier announcement to move robotics from the battlefields into hospitals by investing 6 million into a minority share in Intouch Health has not convinced the market.
iRobot Red Zone Decline