IRobot Withdraws Guidance, Posts Adj. Loss In Q2; Details Cost-Reduction Actions

iRobot Corp. (IRBT) said the company has withdrawn its 2022 financial expectations issued in early May 2022, as well as its long-term financial targets provided in December 2021. Given the ongoing disruptions and uncertainty, iRobot is suspending its practice of providing financial guidance.

Separately, iRobot announced it has entered into a definitive agreement to be acquired by, Inc. (AMZN) in a deal valued at approximately $1.7 billion, including iRobot’s net debt.

To better align cost structure with near-term revenue, iRobot is in the process of initiating a restructuring of its operations, which is expected to deliver net savings in the range of approximately $5 million to $10 million in 2022 and approximately $30 million to $40 million in 2023. The actions are expected to result in a net reduction of approximately 140 employees, which represents 10% of the company’s workforce. iRobot expects to record restructuring charges totaling between $5 million and $6 million over the next two quarters with the majority of the restructuring charges anticipated in the third quarter of 2022.

iRobot’s GAAP net loss per share was $1.60 for the second quarter of 2022, compared with a GAAP net loss per share of $0.10, last year. GAAP operating loss was $63.9 million, compared with a GAAP operating loss of $3.0 million. Non-GAAP net loss per share was $0.35 for the second quarter of 2022 compared to non-GAAP net income per share of $0.27, prior year.

Revenue for the second quarter of 2022 was $255.4 million, compared with $365.6 million, prior year.

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