iRobot Provides Preliminary Q1 EPS $(2.13)-$(2.00) Vs $(1.98) Est.; Revenue $137M-$142M Vs $158.62M Est.; Reiterates FY24 EPS Outlook Of $(3.73)-$(3.30) Vs $(3.58) Est.; Revenue $825M-$865M Vs $837.71M Est.

Author: Benzinga Newsdesk | March 11, 2024 04:19pm

 iRobot Corp. (NASDAQ:IRBT), a leader in consumer robots, today announced its GAAP and non-GAAP financial expectations for the first quarter ending March 30, 2024, and reiterated its previously announced financial outlook for the fiscal year ending December 28, 2024 ahead of meetings with institutional investors.  

First Quarter 2024 Outlook

iRobot is providing GAAP and non-GAAP financial expectations for the first quarter ending March 30, 2024. A detailed reconciliation between the Company's GAAP and non-GAAP expectations is included in the attached financial tables.



 

First Quarter 2024:

Metric	GAAP		Adjustments		Non-GAAP
Revenue	$137 - $142 million		—		$137 - $142 million
Gross Margin	22% to 23%		~1%		23% to 24%
Operating Income (Loss)	$7 – $11 million		~($54) million		($47) – ($43) million
Net Loss Per Share	($0.22) – ($0.09)		~($1.91)		($2.13) – ($2.00)

Reiterates 2024 Financial Outlook

iRobot is reiterating its GAAP and non-GAAP financial expectations for the fiscal year ending December 28, 2024 as well as first half and second half color, previously announced in its fourth-quarter and year-end 2023 news release on February 26, 2024. A detailed reconciliation between the Company's GAAP and non-GAAP expectations is included in the attached financial tables.

Fiscal Year 2024:

Metric	GAAP		Adjustments		Non-GAAP
Revenue	$825 - $865 million		—		$825 - $865 million
Gross Margin	31% to 33%		~1%		32% to 34%
Operating Loss	($41) – ($29) million		~($17) million		($58) – ($46) million
Net Loss Per Share	($3.13) – ($2.70)		~($0.60)		($3.73) – ($3.30)

• For the first half of 2024, revenue is expected to decline in the high teens to low 20s percentage range compared to the first half of 2023, with Q2 expected to be the weaker quarter year-over-year as the Company expects a shifting of orders into Q3.
• For the second half of the year, the Company anticipates a mid-single-digit percentage improvement in revenue compared to the second half of 2023.
• iRobot anticipates that the majority of the gross margin improvement will occur in the second half of the year as the Company ramps its initiatives.

Posted In: IRBT