BEDFORD, Mass. - iRobot Corp . (NASDAQ: NASDAQ:IRBT) announced the launch of its latest innovation, the Roomba Combo 10 Max Robot + AutoWash Dock, a 2-in-1 robot vacuum and mop designed to provide a more autonomous cleaning experience. The new device features the company's first AutoWash Dock, which automatically cleans the mop pad, and integrates Enhanced Dirt Detect Technology for improved cleaning performance.
The Roomba Combo 10 Max aims to reduce the need for user intervention by handling multiple cleaning tasks independently. It vacuums and mops various floor types, empties its debris, and self-cleans. The AutoWash Dock also refills the robot's water tank and dries the mop pad, with a capacity to manage dirt disposal for up to 60 days and water supply for 7 days.
The product is engineered with a 4-Stage Cleaning System, including Dual Multi-Surface Brushes and a Power-Lifting Suction that is reportedly 100% stronger than its i Series counterpart. It features Carpet Boost for increased suction on carpets and SmartScrub for deep mopping. Additionally, the robot transitions from vacuuming to mopping with technology to keep carpets dry.
Enhanced by iRobot OS, the Roomba Combo 10 Max uses camera technology to detect dirtier areas and clean them more thoroughly. It also boasts faster smart mapping, room type labeling, and voice control compatibility with Alexa, Siri, or Google (NASDAQ:GOOGL) Assistant devices. Furthermore, the device is slated to become Matter-enabled and compatible with the Apple (NASDAQ:AAPL) Home ecosystem in Q4 2024.
iRobot emphasizes its commitment to customer data privacy and security, ensuring that user data is encrypted and not sold, with customizable privacy settings in the iRobot Home app.
The Roomba Combo 10 Max is available for pre-sale in North America on iRobot.com, with shipments starting in August and a starting price of $1399. The product is also available for pre-sale in Europe and will reach other international markets in the coming months.
This announcement is based on a press release statement from iRobot Corporation.
In other recent news, iRobot Corp. recently reported an unexpected Q1 earnings beat, with an adjusted EPS of -$1.53, surpassing the consensus estimate of -$1.87. The company's revenue slightly decreased to $150 million from $160.3 million in the same quarter of the previous year, yet exceeded Wall Street's forecast of $152.74 million. This financial performance follows iRobot's restructuring plan and a workforce reduction by 30%.
In a significant executive change, iRobot announced the immediate departure of its Chief Research and Development Officer, Faris Habbaba, who secured a severance package. The company also recently appointed Gary Cohen as its new CEO, bringing his expertise from roles at companies like Gillette, Timex, and Energizer.
In merger news, a $1.4 billion acquisition attempt by Amazon (NASDAQ:AMZN) was blocked by both European and U.S. antitrust regulators, leading to an ongoing inquiry by the House Oversight Committee into the FTC's collaboration with the European Commission.
In product developments, iRobot launched the Roomba Combo Essential robot vacuum, an affordable 2-in-1 vacuum and mop. These are the recent developments surrounding iRobot Corp.
InvestingPro Insights
As iRobot Corp. (NASDAQ: IRBT) launches its innovative Roomba Combo 10 Max, the financial metrics and market performance of the company provide a broader context for investors. With a market capitalization of $320.07 million, the company is navigating through challenging times, reflected in its revenue decline over the last twelve months as of Q1 2024, with a reported decrease of 16.3%. This is coupled with a negative P/E ratio of -1.41, underscoring the company's current lack of profitability.
InvestingPro Tips reveal that analysts do not anticipate iRobot will be profitable this year, and the company has not been profitable over the last twelve months. However, it's worth noting that liquid assets exceed short-term obligations, indicating that the company maintains a degree of financial flexibility. Additionally, iRobot operates with a moderate level of debt, which may afford some resilience in managing its financial commitments.
While the stock has experienced significant price volatility and has taken a substantial hit over the last six months with a 39.77% drop, there has been a strong return over the last month, marked by a 22.31% increase. These fluctuations highlight the potential opportunities and risks for investors in the short term.
For those interested in a deeper analysis, there are 10 additional InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/IRBT. To enhance your investment research on iRobot and other stocks, consider subscribing to InvestingPro. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking a wealth of financial data and insights to inform your investment decisions.
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