Summary
IRBT's Roomba was the first robotic vacuum to get substantial traction in the market.
The company's growth may become less dependent on the Roomba thanks to the development of a modular technology enabling IRBT to license intellectual property.
Rapid growth in home robotics taking place in upper market homes is a tailwind for premium product producer IRBT.
iRobot Corporation (IRBT) is a strong contender for your investment money among the high-flying stocks of today's marketplace.
Founded in 1990 by three MIT graduates, one of the original founders, CEO Colin Angle, continues to lead the company. As an investor I always like founder stories especially when the business has continued to grow because I take it as a hint the founder is competent and successful when it comes to expanding the business.
Speaking of expansion, sales at IRBT recently broke $1B for the trailing twelve month period, marking a record yearly revenue for the business. The game-changing Roomba i7+, the robot vacuum's latest iteration, makes up the majority of sales.
