iRobot Corporation (NASDAQ: IRBT) saw its stock surge up again from a low in late March. Should you buy the company’s stock now? Here are some of the details you should know to help you decide.
This past month, the iRobot Corporation (NASDAQ: IRBT) stock price jumped over 30%. One of the biggest reasons for the increase in the stock price was that iRobot was approved for an exclusion for Roomba robot vacuums from Section 301 tariffs so the company would be able to receive a refund for tariffs since September 2018.
Through the first two months of the year, iRobot’s quarterly revenue was trending towards the low end of the original targets that ranged from $210 million to $220 million.
“However, the disruption from COVID-19 affected our sales and supply chain activities in March. The largest factor associated with the shortfall was our inability to completely fulfill first-quarter demand for our i7+ and s9+ products due to design-driven engineering and supply chain challenges that were unexpectedly complicated by the impact of COVID-19 on our organization, our contract manufacturers and some suppliers,” said iRobot Chairman, CEO and founder Colin Angle. “Our revenue was also affected by suboptimal Q1 manufacturing volumes in China as our contract manufacturers did not ramp back up to full capacity until late March as well as some order reductions, delays, and cancelations for our products by retailers. Overall, revenue declined by 28% in the U.S., 11% in EMEA, and 14% in Japan.”
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iRobot decided to implement a series of cost-reduction actions intended to realign and reprioritize resources. This includes cutting 5% of the workforce, furloughs, and making changes to the 2020 hiring plans. This is expected to reduce 2020 spending by about $30 million.
The Roomba line of devices represented around 88% of the company’s mix with Braava making up the remainder. Within the Roomba mix, the company generated most of its quarterly revenue from robots where price points were $500 and up.
The Q1 operating expenses of $93 million increased by 4% and it represented 48% of revenue. As the COVID-19 situation and evolved during the final month of the quarter, iRobot increased the bad debt reserve by over $4 million to reflect the financial challenges facing retailers.
As of the end of Q1, iRobot had $264 million in cash and investments. Plus the company has no debt and access to a $150 million credit facility — which they believe gives them the requisite financial strength to navigate through the challenging times. And the company’s cash position will be fortified by the anticipated refund of about $57 million in traffic expense, of which $47 million is reflected in the prior period P&Ls and $10 million is for products currently in inventory. Later this spring, CFO Alison Dean will be succeeded by VP of Finance Julie Zeiler.
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