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June 17, 2006 Stock Pick: iRobot Corporation (IRBT)

Stock Price: $23.32

iRobot Corporation designs and sells robots for the consumer, government and industrial markets. The Company has developed technology incorporating concepts in navigation, mobility, manipulation and artificial intelligence to build robots.

iRobot designed and sells the popular Roomba floor vacuuming robot and Scooba floor washing robot advertised on TV. The company also has a robot called the PackBot used for tactical military operations such as battlefield reconnaissance and bomb disposal.

IRBT has grown revenue consistently over the past three years from $54.31 million in 2003 to $95.04 million in 2004 to $141.96 million in 2005. Net income in 2003 was a loss at $7.41 million, in 2005 net income came in positive at $2.61 million. IRBT has a strong balance sheet with over $76 million in cash and current assets exceeding current liablities by a ratio of 3.15 to 1.

iRobot was just awarded a possible $64.3 million Indefinite Delivery-Indefinite Quantity contract from the Navy for its iRobot PackBot EOD robots, spare parts, training and repair services. The company may or may not receive $64.3 million, but even if IRBT receives a portion of the deal, it will still be a positive for the stock.

IRBT is just now beginning to level up from its low for the year.

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