The latest financial reports reveal that Teradyne’s robotics group has registered a notable $375 million in revenue for the fiscal year 2023. This performance stems from the group’s diverse portfolio, which includes entities such as Energid, Mobile Industrial Robots (MiR), and Universal Robots (UR). Despite a decrease from the previous year’s $404 million, the subsidiary companies, especially UR, achieved record-breaking sales in the final quarter.
Universal Robots Overcomes Yearly Dip with Record-Breaking Quarter
Universal Robots, a key player within Teradyne’s robotics family, reported a yearly revenue of $304 million, which, despite being a 7% decrease from 2022’s high of $326 million, culminated in the largest revenue quarter in the company’s history. The surging demand for UR’s cobot models UR20 and UR30 catalyzed a 21% growth in Q4 2023 compared to the same period in the previous year.
Teradyne’s Group-Wide Success and Strategic Growth
The robotics group of Teradyne, as a whole, earned a substantial $129 million in the fourth quarter alone. UR President Kim Povlsen attributes this success to strategic growth within key segments, despite challenging economic conditions. Povlsen is optimistic about the company’s foundation for further growth in 2024, highlighting software excellence as a driving force behind their achievements.
The two latest heavy-duty cobot arms from UR, the UR20 and UR30, have received strong market reception, particularly in applications such as palletizing, welding, and machine tending. The burgeoning demand led to an increase in UR20 production while the UR30 was introduced to address higher payload needs in a compact design.
Greg Smith, president and CEO of Teradyne, noted the record backlog for the UR20 model and the company’s successful channel strategy that boasts more than 50 OEM partners. With the robotics portfolio yet to fully penetrate its market opportunity, Teradyne anticipates a 10-20% revenue growth in the robotics sector for 2024.
Mobile Industrial Robots (MiR), another Teradyne subsidiary, also ended 2023 on a positive note, despite an overall 8% revenue decrease from the previous year. The company is gearing up for more successes following its ten-year anniversary and the introduction of new cloud software for AMR fleet optimization. MiR’s new president Jean-Pierre Hathout is expected to steer the company towards further technological and market advancements.
Teradyne’s robotics group stands poised for growth, banking on its innovative products and strategic market positioning. As the robotics industry continues to flourish, Teradyne’s portfolio with UR and MiR at the forefront is set to capitalize on the increasing demand for advanced automation solutions.
