Danish collaborative robot pacesetter Universal Robots reported record revenue
Editor’s brief: The past 3 years has not been easy, for individuals and businesses alike. How people and businesses work and operate changed radically. Businesses shrank or shuttered. Entire industries experienced a deep freeze, such as aviation and hospitality. As the world thaws, growth began to set in, only to be bombarded with global conflicts. Still, some shining stars continued to push on, and inspired optimistic signs for other industries to follow. One such company is the Teradyne-owned Universal Robots (UR), proponent of the colloborative robots (cobots) paradigm, headquartered in Odense, Denmark. UR presented a stellar Q4 2022 revenue of USD 85 million, bringing the whole year revenue 5% ahead of the previous year 2021. Read more below.
SINGAPORE – Universal Robots, the Danish manufacturer of collaborative robots (cobots) reported Q4 revenue of USD 85 million, bringing 2022 annual revenue to USD 326 million, up 5% from 2021. Over the course of the year, growth was 12% when adjusted for inflation.
The company’s Chief Financial Officer, Kim Andreasen, said: “We are proud to have continued to grow our business despite facing a difficult macroeconomic environment in 2022. We focused on those things we are able to control, and we overcame supply chain challenges to report our highest annual revenue to date.”
After the conflict in Ukraine broke out in 2022, automation demand in Europe slowed. The fluctuation in exchange rates has also been a headwind to expansion for Universal Robots’ financial results.
Poised to meet growing demand
Despite the change in global markets, overall demand for automation is predicted to continue to grow in 2023 and beyond, driven by growing labor shortages and changing workplace expectations.
Universal Robots has taken steps in 2022 to meet this growing demand. The company’s President, Kim Povlsen, said: “We invested last year in building world-class expertise in welding, palletizing and machine tending. We have also been working with our ecosystem partners to make automation easier for our customers than ever before. 2022 has been an important year for the company overall. We started construction on new headquarters, reached our 1000 employee milestone and launched a ground-breaking new cobot.”