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IROBOT: The Good, The Bad And The Ugly

|Includes:iRobot Corporation (IRBT)

The Good.

Last quarter report proves that Roombas are selling well, year over year growth is strong at 20%, that's high growth business territory deserving much higher multiple. Healthy sales of home robots continues to prove the concept, people are exited about home automation and perfectly willing to buy imperfect, early stage product. Roomba is becoming a status appliance in countries like Japan, Russia, France, etc, assuring further market expansion.

The Bad.

Lack of real product innovation, boring and dull design, slow introduction of even minor innovations and improvements. Slow foreign market expansion. Plans to expand in Latin America and China were announced more than a year ago yet management still describes it as in early stage. Since Apple demonstrated how great design practically creates new product categories many consumer companies devote more attention to design, not IROBOT. No strategy to leverage home robots success into various small office/institutional/industrial cleaning/maintenance applications.

The Ugly.

Management lacks clear strategic vision. Uninspiring leadership. Inarticulate management without any sign of spark and enthusiasm for excellence and innovation in robotic industry.

Stocks: IRBT