iRobot Provides Business Update
iRobot Corp., a leader in consumer robots, provided an update on its business.
As coronavirus disease 2019 (COVID-19) spreads across the globe, the health and safety of iRobot’s employees and partners is its top priority and iRobot, like so many organizations, has asked its employees to work from home where possible. The pandemic has disrupted certain iRobot sales and manufacturing supply chain activities and constrained the company’s ability to address those and other related challenges.
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While iRobot has mobilized its global teams to address these challenges, the company currently anticipates first-quarter 2020 revenue will be between $175 million and $185 million.
Countering the challenging macroeconomic climate, iRobot has learned that its request for an exclusion for its Roomba® robot vacuum products from Section 301 tariffs has advanced to “stage 3” of the exemption process. Stage 3 focuses on determining whether an exclusion would be administrable. The company views the progression of its exclusion request to stage 3 as an important milestone and a validation of its rationale for an exclusion.
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As a result of the uncertainty surrounding COVID-19, including its duration and broader macroeconomic impact, as well as the evolving tariff exclusion process, iRobot is withdrawing its financial expectations for 2020 provided last month on February 5, 2020. The company is not updating its outlook at this time but plans to share additional insight about its plans moving forward in conjunction with announcing its first-quarter results in late April 2020.
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