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  "documentTitle": "iRobot Corp (IRBT)",
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  "authorName": "Spruce Point Management",
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  "notes": "Uses rhetorical questions to cast doubt on the company's IP strategy.",
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      "text": "There are other indirect signs that IRBT lacks influential and highly prized IP in its portfolio",
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      "text": "If its patents were so valuable, wouldn't IRBT: 1. Need to defend itself with litigation frequently against its mounting competitors? 2. Look to monetize its IP?",
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      "text": "IRBT currently has zero licensing revenue, and doesn't appear to have a strategy to extract any near term value. Numerous former IRBT employees have left to join new robotics start-ups, yet it doesn't appear that any have required licensing its patents",
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      "text": "Is IRBT the next great hidden patent value stock like Eastman Kodak or the next Motorola Mobility? Time will tell, but as we have suggested, having over 200 patents internationally has not prevented European market share losses.",
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      "text": "IRBT spent almost nothing on litigation expense: $155k and $1.2m in 2012 and 2013. Why did the company wait until late 2013 to defend itself and tout the defense through first ever press releases against a Chinese company?",
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      "text": "1) http://investor.irobot.com/phoenix.zhtml?c=193096&p=irol-newsArticle&ID=1897317&highlight= 2) http://investor.irobot.com/phoenix.zhtml?c=193096&p=irol-newsArticle&ID=1852644&highlight=",
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