May, 2021

iRobot showing Digital Strength, but will it be enough?

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iRobot showing Digital Strength, but will it be enough?

Last quarter, IRBT handily beat estimates and grew its bottom line by 14.4% YoY.

Results were driven by healthy demand and a strong eCommerce showing. Digital orders, including those fulfilled through digital retail partners, increased +70% YoY, representing 60% of total revenue.

LikeFolio shows eCommerce mentions for iRobot’s top products (Roomba, Braava, or namesake iRobot) increased +12% YoY in the quarter being reported. This is a deceleration vs. +26% YoY we recorded in the prior quarter, but still high comparatively.

Comprehensive Purchase Intent mentions in 21Q1 fell -17% YoY as iRobot enters tough comps vs. covid-induced buying recorded at this time last year.

Investors should also consider:

  • Tariff-related headwinds. On its last call, the company noted that the resumption of tariffs for products made in China and imported to the U.S. could be a headwind in 2021 (in 2020, the company received a tariff exclusion). This is something that our data will not capture. 
  • The International component. Around 52% of IRBT revenue is generated in the US. LikeFolio data captures English-speaking mentions, so may not capture all facets of international growth.

IRBT reports 21Q1 results May 3 after the bell.

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