BEDFORD, Mass. - iRobot Corp . (NASDAQ: NASDAQ:IRBT), a prominent player in the consumer robot market, announced today the release of its new Roomba Combo® Essential robot vacuum. This latest model, priced at $275, is designed to be an affordable 2-in-1 vacuum and mop with enhanced features compared to its predecessor, the Roomba 600 Series. Alongside this launch, the company revealed that it has reached a significant milestone, having sold over 50 million robots globally.
The Roomba Combo Essential aims to improve the cleaning experience by combining vacuuming and mopping capabilities with smart navigation and customizable settings. It boasts 18 times more suction power than the Roomba 600 Series and offers a longer battery life, enabling up to 120 minutes of cleaning. Users can control the device through the iRobot Home app or voice commands, with options to adjust suction and liquid levels according to the task.
Barry Schliesmann, iRobot's chief product officer, stated that the Roomba Combo Essential honors the legacy of the Roomba 600 Series by delivering better performance and additional functionalities, making automated cleaning more accessible to a wider audience.
The robot vacuum is equipped with a 4-Stage Cleaning System, which includes a V-Shaped Multi-Surface Brush and a microfiber mop pad, allowing it to vacuum and mop hard floors in a single pass. The iRobot OS also powers features like Clean While I'm Away and suggested cleaning schedules based on past usage.
In North America, the Roomba Combo Essential is available for purchase on iRobot.com and will hit select retailers starting April 7. A vacuum-only version, the Roomba® Vac Essential, will also be available at select retailers with a price tag of $249.99. Canadian availability for both models is set to begin on April 12.
iRobot is also offering a trade-in program for current Roomba 600 Series customers in the U.S., providing a $50 credit towards the new Roomba Combo Essential.
This announcement is based on a press release statement from iRobot Corporation.
InvestingPro Insights
As iRobot Corp. (NASDAQ: IRBT) expands its product line with the Roomba Combo® Essential, the company's financial health and market performance continue to be crucial factors for investors. According to InvestingPro data, iRobot's market capitalization stands at 227.91 million USD, reflecting the market's current valuation of the company. Despite the innovative strides in product development, the company's price-to-earnings (P/E) ratio is at -0.82, indicating that investors are not expecting short-term profitability. This is further supported by the fact that analysts have revised their earnings downwards for the upcoming period, as per one of the InvestingPro Tips.
Moreover, iRobot's revenue has seen a decline of 24.74% over the last twelve months as of Q4 2023, which may be a concern for investors looking at the company's growth trajectory. However, it's worth noting that the company's liquid assets exceed short-term obligations, suggesting that iRobot has a reasonable buffer for managing its immediate financial commitments.
For those considering a deeper dive into iRobot's financials and future outlook, there are additional InvestingPro Tips available. These tips can provide further insights into the company's cash burn rate, price volatility, and valuation multiples. Investors can find these tips by visiting InvestingPro's dedicated page for iRobot at https://www.investing.com/pro/IRBT. Additionally, users can take advantage of a special offer using the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
With a total of 16 additional InvestingPro Tips available, investors can gain a comprehensive understanding of iRobot's financial health and make more informed investment decisions.
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