SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 25, 2007

   iROBOT CORPORATION   

(Exact Name of Registrant as Specified in its Charter)

          Delaware          

(State or Other Jurisdiction of Incorporation)

000-51598		77-0259335
(Commission File Number)		(IRS Employer Identification No.)

63 South Avenue, Burlington, Massachusetts		01803
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (781) 345-0200

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02 Results of Operations and Financial Condition.

     On April 25, 2007, iRobot Corporation announced its financial results for the quarter ended March 31, 2007. A copy of the press release is being furnished as Exhibit 99.1 to this Report on Form 8-K.

     The information in this Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits:

99.1

Press Release issued by the registrant on April 25, 2007, furnished herewith.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						iRobot Corporation
April 25, 2007		By:		/s/		Glen D. Weinstein
						Glen D. Weinstein
						General Counsel and Secretary

EXHIBIT INDEX

Exhibit Number		Description
99.1		Press Release issued by the registrant on April 25, 2007, furnished herewith.

Exhibit 99.1

Contacts:
Elise Caffrey		Nancy Dussault
Investor Relations		Media Relations
iRobot Corp.		iRobot Corp.
(781) 418-3003		(781) 418-3323
ecaffrey@irobot.com		ndussault@irobot.com

iRobot Reports First-Quarter 2007 Results

BURLINGTON, Mass., April 25, 2007 — iRobot Corp. (NASDAQ: IRBT) today announced its financial results for the fiscal quarter ended March 31, 2007.

“In Q1, we delivered our 11^th consecutive quarter of year-over-year revenue growth,” said Colin Angle, chief executive officer of iRobot. “Our financial performance in the quarter was on plan and consistent with our expectations. These results coupled with our excellent visibility for the rest of the year, particularly in our government business, give us a high level of confidence in meeting our first-half and full-year financial guidance. We are therefore reaffirming the guidance we provided on Feb. 12, 2007.”

Financial Highlights:

•		Revenues for the first quarter of 2007 grew to $39.5 million, compared with $38.2 million for the same quarter one year ago.
•		Gross profit for the first quarter declined to $11.1 million (28.2 percent of sales), compared with $12.2 million (31.9 percent of sales) in the first quarter of 2006.
•		Net loss in the first quarter of 2007 was $5.5 million compared with a net loss in the first quarter of 2006 of $2.9 million.

Business Highlights

•		iRobot announced that it received an order of more than $2.8 million for 22 iRobot PackBot® EOD robots and spare parts from the German Federal Defense Forces. Successful training on the robots delivered in 2006 was one of the reasons for exercising this follow-on order.
•		iRobot received an additional $14 million order from Naval Sea Systems Command (NAVSEA) for 101 bomb-disposal robots plus spare parts, under its Man Transportable Robotic Systems (MTRS) contract.
•		The iRobot Roomba® franchise is robust, with the robots available in more stores this year than a year ago, and both sell in and sell through are up year over year.
•		iRobot expanded its family of home robots with the introduction of iRobot Verro™ Pool Cleaning Robots.
•		iRobot announced a strategic alliance with The Boeing Company to accelerate the SUGV introduction into service by creating the SUGV Early. This first SUGV will be ready for delivery in mid-2008.

•

iRobot named Sandra Lawrence president and general manager of the Home Robots division.

First-Quarter Conference Call

iRobot will host a conference call tomorrow at 8:30 a.m. ET to discuss its financial results for the fiscal quarter ended March 31, 2007, business outlook, and outlook for future financial performance. To access the call, investors should dial 913-981-5592 approximately 10 minutes prior to the initiation of the teleconference and reference iRobot. A live, audio broadcast of the conference call also will be available at http://investors.irobot.com/events.cfm. An archived version of the broadcast will be available on the same Web site shortly after the conclusion of the live event. A replay of the telephone conference call will be available through midnight on May 2, and can be accessed by dialing 719-457-0820, access code 4188346.

About iRobot Corp.

iRobot is a provider of robots that perform dull, dirty or dangerous missions in a better way. The company’s proprietary technology, iRobot AWARE Robot Intelligence Systems, incorporates advanced concepts in navigation, mobility, manipulation and artificial intelligence. This proprietary system enables iRobot to build behavior-based robots, including its family of consumer and military robots. For additional information about iRobot, please visit www.irobot.com.

For iRobot Investors

Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corp.’s expectations concerning future financial performance, investments in and expansion of its business, product development, product introduction and marketing plans, and demand for and market acceptance of its products. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: our ability to operate in an emerging market, fluctuations in our operating results and the seasonality of our business, our ability to enhance our current consumer robots or develop new consumer robots, our dependence on the U.S. federal government and government contracts, our ability to expand our product offering beyond our current markets, market acceptance of our products, our ability to manage our rapid growth, changes in government policies or spending priorities and competition. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot Corp. undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot Corp., see the disclosure contained in our public filings with the Securities and Exchange Commission.

iRobot Corporation
Consolidated Statement of Operations
(in thousands, except per share amounts)

		For the three months ended
		March 31,				April 1,
		2007				2006
		(unaudited)
Revenue
Product revenue		$	34,121			$	33,356
Contract revenue			5,366				4,853
Total			39,487				38,209
Cost of Revenue
Product revenue			23,486				22,467
Contract revenue			4,884				3,549
Total			28,370				26,016
Gross Profit			11,117				12,193
Operating Expense
Research & development			4,156				2,783
Selling & marketing			8,049				8,816
General & administrative			5,327				4,417
Total			17,532				16,016
Operating loss			(6,415	)			(3,823	)
Other income, net			931				920
Pre-tax loss			(5,484	)			(2,903	)
Income tax expense			17				14
Net loss		$	(5,501	)		$	(2,917	)
Net loss per common share:
Basic		$	(0.23	)		$	(0.12	)
Diluted		$	(0.23	)		$	(0.12	)
Shares used in Per Common Share Calculations:
Basic			23,902				23,375
Diluted			23,903				23,375
Stock-based compensation included in above figures:
Cost of product revenue		$	120			$	55
Cost of contract revenue			77				54
Research & development			(9	)			91
Selling & marketing			157				32
General & administrative			312				255
Total		$	657			$	487

iRobot Corporation
Condensed Consolidated Balance Sheet
(in thousands)

		March 31,				December 30,
		2007				2006
		(unaudited)				(audited)
Assets
Cash and equivalents		$	9,397			$	5,583
Short term investments			60,400				64,800
Accounts receivable, net			16,237				28,510
Unbilled revenues			1,543				1,961
Inventory, net			16,199				20,890
Other current assets			1,833				2,863
Total current assets			105,609				124,607
Property, plant and equipment, net			11,258				10,701
Total assets		$	116,867			$	135,308
Liabilities and stockholders’ equity
Accounts payable		$	17,815			$	27,685
Accrued expenses			5,113				7,020
Accrued compensation			4,545				5,227
Deferred revenue			526				457
Total current liabilities			27,999				40,389
Stockholders’ equity			88,868				94,919
Total liabilities and stockholders’ equity		$	116,867			$	135,308

iRobot Corporation
Supplemental Information
(unaudited)

		For the three months ended
		March 31,				April 1,
		2007				2006
Revenues by business unit (in thousands):
Home Robots		$	19,441			$	23,209
Government & Industrial			20,046				15,000
		$	39,487			$	38,209
Units shipped by business unit:
Home Robots (in thousands)			129				129
Government & Industrial			97				71