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iRobot Reports Third - Quarter 2021 Financial Results 7 % Revenue Growth in Q321 Underpins Stronger - than - Expected Q321 Operating Income and EPS BEDFORD , Mass . , Oct. 27 , 2021 / PRNewswire / -- iRobot Corp. ( NASDAQ : IRBT ) , a leader in consumer robots , today announced its financial results for the third quarter ended October 2 , 2021 . Colin Angle , chairman and chief executive officer of iRobot , stated , " We were pleased with our third - quarter financial results , especially considering the many challenges associated with an increasingly stressed and fragile supply chain environment . Our revenue performance benefited from the timing of orders that shifted into the third quarter . The combination of higher - than - anticipated revenue , better - than - expected gross margin and prudent spending enabled us to exceed our third - quarter operating profitability and EPS expectations . " Angle added , " We have continued to execute well on our strategy . Our recently launched Genius 3.0 Home Intelligence and Roomba j7 + showcase the many unique ways that our Al , machine vision and other software - centric innovations delight consumers and differentiate our robots in the marketplace . We were also pleased to see that our iRobot Select subscription service is building momentum in the U.S. and our connected customer base continues to expand globally . " Commenting on the company's 2021 outlook , Angle concluded , " As we entered the third quarter , we had already navigated through a range of supply chain issues that had impacted our ability to fulfill anticipated orders and substantially increased our cost base . As we continue to manage through component availability challenges and contend with protracted shipping timeframes , shipping delays and related logistical issues , we have refined our FY21 revenue outlook accordingly . While we have further adjusted our spending plans to mitigate against recent , sharp increases in our transportation costs , we have updated our FY21 operating profit and EPS outlook to reflect recent regulatory developments that indicate that tariff relief is now more likely to occur next year and , if granted , it will not be retroactive earlier than October 12 , 2021. Had a tariff exclusion retroactive to January 1 been granted this year , our FY21 EPS would have remained within the expectations we set at the end of July . " Financial Performance Highlights Revenue for the third quarter of 2021 grew 7 % to $ 440.7 million over $ 413.1 million in the third quarter of 2020. Revenue for the first nine months of 2021 of $ 1,109.5 million increased 25 % from $ 885.6 million in the same period last year . The third - quarter 2021 revenue performance was led by 15 % growth in EMEA , 5 % growth in the U.S. , and 2 % in Japan over the prior year period . 14 % revenue growth in mid - tier and premium robots , which accounted for 87 % of total quarterly robot sales . We estimate that iRobot's third - quarter 2021 revenue to support e - commerce , which spans the company's own website and app , dedicated e - commerce websites and the online arms of traditional retailers , grew by 8 % over the third quarter of 2020 and represented 60 % of third - quarter 2021 revenue . iRobot's direct - to - consumer ( DTC ) revenue of $ 40 million grew 13 % from the prior year's third quarter . The company's third - quarter 2021 GAAP operating income was $ 40.5 million , compared with GAAP operating income of $ 81.0 million in the third quarter of 2020. Third - quarter 2021 non - GAAP operating income of $ 48.0 million compared with non - GAAP operating income of $ 93.1 million in the same period one year ago . GAAP operating income for the first nine months of 2021 was $ 43.8 million , compared with GAAP operating income of $ 131.1 million in the first nine months of 2020. Non - GAAP operating income for the first nine months of 2021 was $ 71.9 million versus non - GAAP operating income of $ 119.3 million in the same period one year ago . iRobot's GAAP net income per share was $ 2.06 for the third quarter of 2021 , compared with GAAP net income per share of $ 3.27 in the third quarter of 2020. Non - GAAP net income per share was $ 1.67 for the third quarter of 2021 versus non - GAAP third - quarter 2020 net income per share of $ 2.58 . GAAP net income per share for the first nine months of 2021 was $ 2.17 , compared with $ 4.69 in the first nine months of 2020. Non - GAAP net income per share for the first three quarters of 2021 was $ 2.32 , compared with $ 3.31 in the same period of 2020 . As of October 2 , 2021 , the company's cash , cash equivalents and short - term investments were $ 247.9 million , compared with $ 415.8 million as of July 3 , 2021 and $ 483.7 million at the end of 2020. The sequential decrease in iRobot's cash position was due primarily to using $ 100 million to repurchase its common stock through an accelerated share repurchase ( ASR ) program and operating cash outflows associated with changes in working capital . The company , which has no debt , also has access to an unsecured revolving line of credit of $ 150 million , with an additional $ 75 million accordion feature . Third - Quarter and Recent Business Highlights In September 2021 , iRobot introduced the Roomba® j7 + Robot Vacuum with Genius TM 3.0 Home Intelligence . Powered by iRobot Genius 3.0 , and featuring Precision Vision Navigation , the Roomba j7 + gets smarter with each use - learning how to best navigate floors , remembering specific rooms and certain furniture , cleaning where it is most needed and recognizing and avoiding objects like cords and pet waste that can derail a cleaning mission . iRobot's confidence in its PrecisionVision Navigation technology underpins its Pet Owner Official Promise ( P.O.O.P. ) , under which the company will replace any Roomba j7 + that doesn't avoid solid pet waste . 1 The launches of Roomba j7 + and Genius 3.0 have received extensive favorable coverage across the U.S. and Europe , including Fast Company , Tech Crunch , CNET , Vacuum Wars , Frandroid , Stern and El Pais . In early October 2021 , iRobot expanded its subscription - based iRobot Select membership program to include the recently announced RoombaⓇ j7 + robot vacuum with Clean Base Automatic Dirt Disposal , along with benefits that provide customers with an entirely new and personalized ownership experience . Last week , iRobot announced an exclusive partnership with Bona US to provide customers with BonaⓇ Hardwood Floor Cleaner and BonaⓇ Hard - Surface Cleaner solutions , and the BonaⓇ PowerPlus® Microfiber Deep Cleaning Pad that are custom designed and certified for the iRobot BraavaⓇ jet m6 robot mop . The co - branded cleaning solutions and microfiber pads will be sold at select retailers in the U.S. and Canada , as well as iRobot.com . The company's community of engaged , connected customers who have opted - in to its digital communications grew to 12.5 million , an increase of 60 % from the third quarter of 2020 . During the third quarter of 2021 , the company executed a $ 100 million ASR program , repurchasing 1,198,218 shares of common stock at an average purchase price of $ 83.46 per share . iRobot is planning to hold an Investor Day on December 9 , 2021. Additional details about this event , including registration information , will be made publicly available within the next several weeks .