iRobot Creates Health Care Business Unit, Names New President

Big news today, folks. iRobot is now a health care company! And we all know that's where the big money is in this economy. Maybe, just maybe, Wall Street will start to wake up to IRBT? iRobot CEO Colin Angle is going to make the big announcement at the TEDMED conference, including the hiring of a new president of its newly created health care business unit.

Angle says the company's goal is to "add a million years of independent living" to customers. Pretty ambitious, and if successful, pretty darn lucrative. Nursing homes are tens of thousands a year. Multiply that times a million, and you end up with tens of billions saved.

Here's the press release:

BEDFORD, Mass.--(BUSINESS WIRE)--iRobot Corp. (Nasdaq: IRBT - News) today announced that Colin Angle, iRobot’s chairman and chief executive officer, will discuss the role of robots in the future of healthcare during a presentation at the TEDMED conference in San Diego, Calif.
At the event, Angle will also introduce Tod Loofbourrow, president of iRobot’s newly-created healthcare business unit. The new business unit is committed to exploring the potential of robotics as an assistive technology to promote wellness and enhance quality of life for seniors. In this role, Loofbourrow will be responsible for all aspects of the group’s strategy, research and operations. He will report directly to Angle.
“Hiring Tod to lead our new healthcare business unit underscores the significance of this market opportunity, as well as the commitment the company is making in this space,” said Angle. “Our healthcare mission is to add a million years of independent living to our customers. As the leader in practical robots, we believe that we will have something unique and significant to offer in the field of healthcare.”
iRobot believes that next-generation practical robots have the potential to help caregivers perform critical work and extend the time that people can live independently. Robots may be capable of assisting in senior care in a variety of real-life situations, including household chores and the on-time administration of medication. This could ultimately lower the cost for care.
Loofbourrow joins iRobot with more than 25 years of senior leadership experience in the high-technology sector. Most recently, he served as chairman, chief executive officer and founder of Authoria, Inc., a leader in the benefits and talent management market.
“I joined iRobot because I believe that the business has the potential to make a significant difference in the field of healthcare,” said Loofbourrow. “People want to stay in their homes and live independently for as long as they can. This is a company with millions of robots currently assisting people in their homes. With $2.2 trillion spent every year on healthcare in the United States, I believe that the long-term potential of robotics to extend independent living is profound.”
Prior to Authoria, Loofbourrow was chief executive officer and founder of Foundation Technologies, Inc., which developed the first-ever “Managed Second Surgical Opinion” system for managed care. He holds a bachelor’s degree from Harvard University and a graduate certificate from Oxford University. He has taught business courses at Harvard University and lectured at Stanford, MIT Sloan School of Management, Harvard Business School, Yale and Babson College.

Tags: iRobot, robot, health care