iRobot: Time To Ride The Exponential Potential Of Robotics
Tue, Jul. 26, 4:04 PM
Mon, Jul. 25, 5:35 PM
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Mon, May 16, 12:58 PM
- Proxy firms ISS and Glass Lewis both issued recommendations that shareholders with iRobot (IRBT -1%) vote for Red Mountain Capital Partners nominees Lawrence Peiros and Willem MEsdag for board slots.
- The iRobot annual meeting is scheduled for May 25.
- Previously: iRobot charts new direction after defense business sale (April 4)
- Previously: Board nominee battle at iRobot rages on (April 6)
Tue, Apr. 26, 4:04 PM
Mon, Apr. 25, 5:35 PM
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Wed, Apr. 6, 9:17 AM
- Red Mountain sends a letter to iRobot (NASDAQ:IRBT) shareholders backing its two candidates to the board of directors. The investment group says that IRobot's share price underperformance is directly linked to poor management oversight.
- A response from the company in support of its two candidates, Mohamad Al and Michael Bell, leans on their heavy experience in technology and product development.
- Now read iRobot: Smart Strategy Shift
Mon, Apr. 4, 8:31 AM
- The sale of iRobot's (NASDAQ:IRBT) defense and security business to Arlington Capital Partners sails through closing. Looking ahead, iRobot's strategy is to focus on connected home products and international expansion.
- The company says the $45M in proceeds from the sale will be used to help fund its accelerated share repurchase program.
- Now read iRobot: Smart Strategy Shift
Fri, Mar. 18, 7:27 AM
Tue, Mar. 15, 10:31 AM
- Activist firm Red Mountain is digging in for an extended proxy battle with iRobot (IRBT -0.2%) after the company appointed Michael Bell to its board of directors without adding its own nominees.
- Red Mountain's pick for the board include former Clorox COO Lawrence Peiros.
- Previously: iRobot activist Red Mountain launches proxy battle (Feb. 18 2016)
- Previously: iRobot makes major corporate governance changes (Mar. 14 2016)
Mon, Mar. 14, 9:26 AM
- iRobot (NASDAQ:IRBT) says it will seek to declassify its board at the company's annual meeting.
- Other corporate governance changes include an elimination of the supermajority voting requirement and a granting of proxy access to shareholders holding at least 3% of shares for at least three years.
- In the future, an independent lead independent director will be appointed when the CEO of the company is also the Chairman.
Tue, Mar. 1, 11:59 AM
- iRobot (IRBT +1.2%) has struck an $85M accelerated buyback (ASR) deal with JPMorgan. The purchases will count towards iRobot's existing 2016 buyback program, though which the company plans to repurchase over $100M worth of shares.
- Final settlement of the ASR transactions is expected in Q3. The purchases will be partly funded by the pending sale (for up to $45M) of iRobot's defense/security robot business.
- The move comes two weeks after activist Red Mountain Capital (has called for buybacks and the defense/security unit sale, among other things) launched a proxy battle by nominating two directors for election at iRobot's 2016 annual meeting.
Thu, Feb. 18, 6:16 PM
- "The iRobot Board of Directors and management team have had extensive discussions with Red Mountain over the last 10 months," says iRobot (NASDAQ:IRBT) while confirming major shareholder Red Mountain Capital's plans to nominate two directors for election at the company's 2016 annual meeting. "The Company's goal has been to work with Red Mountain constructively, and iRobot is disappointed that Red Mountain has chosen to take this path."
- Red Mountain's nominees: Former Goldman banker Willem Mesdag and former Clorox COO Lawrence Peiros. The firm currently owns 1.78M iRobot shares.
- Red Mountain's move comes in spite of iRobot's decision to sell its defense/security robot business and expand its buyback program - actions the firm had previously called for.
- iRobot's board currently has eight members. CEO Colin Angle serves as chairman. (board bio page)
Wed, Feb. 10, 5:53 PM
- Though iRobot (NASDAQ:IRBT) beat Q4 estimates, the company is guiding for Q1 revenue of $125M-$135M and EPS of -$0.03 to $0.04, below a consensus of $137.9M and $0.25.
- Full-year guidance is for revenue of $630M-642M and EPS of $1.20-$1.40, below a consensus of $692.9M and $1.64. The guidance assumes the pending sale of iRobot's defense/security robot unit will close in Q1. The defense robot unit had 2015 revenue of $55M.
- CEO Colin Angle suggests iRobot will invest aggressively in its home robot ops. "Looking over a 3-year horizon, it is critical that we make strategic investments today to drive diversification of Home revenue for the future. This will include product diversification through more significant contributions from wet floor care as well as future revenue opportunities from connected, mapping products. This will also include more significant regional diversification as China continues to ramp and Japan returns to growth."
- With the help of the Roomba 980 launch, home robot division revenue rose 31% Y/Y in Q4 to $175.2M - U.S. sales totaled $84.3M, and international sales $90.9M. Home robot unit shipments rose 35% Y/Y to 771K, and ASP by $7 to $262. Chinese sales were up over 70% Y/Y. GAAP operating expenses rose 14% to $72.3M.
- iRobot has dropped to $30.58 after hours.
- iRobot's Q4 results, earnings release
Wed, Feb. 10, 5:40 PM
Wed, Feb. 10, 4:06 PM
- iRobot (NASDAQ:IRBT): Q4 EPS of $0.60 beats by $0.04.
- Revenue of $206.42M (+29.5% Y/Y) beats by $4.17M.
- Shares +3.35%.
Tue, Feb. 9, 5:35 PM
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