Vancouver train gear firm Nautilus stated Monday it could promote the struggling enterprise and it has employed an adviser to discover “strategic options.”
Nautilus makes the well-known model of treadmills, train bikes and different exercise gear that bear the corporate’s identify. It additionally owns the Bowflex line of dwelling gyms and the Schwinn bicycle model.
Gross sales soared early within the pandemic as folks tailored to doing extra at dwelling. However like Peloton, DocuSign and different pandemic-era investor favorites, Nautilus has stumbled as folks returned to regular life.
Income fell 11% final yr and the Vancouver firm reported a $28 million loss within the fiscal yr that resulted in March, down from a $112 million revenue within the prior 12 months.
Nautilus shares have misplaced nearly 95% of their worth because the inventory peaked above $30 in February 2021. The inventory closed Monday at $1.67 after the New York Inventory Change briefly halted buying and selling upfront of Nautilus’ announcement.
Nautilus stated it has employed funding financial institution Evercore to assist it consider its subsequent steps. The corporate insisted its future is vibrant, regardless the result of its strategic evaluate, due to current investments that might increase Nautilus’ buyer base.
“Given the state of the at-home health ecosystem, we consider the timing is true to comprehensively assess any alternatives that will speed up our transformation and improve worth for our shareholders, whereas additionally benefitting our prospects, staff, and distributors,” CEO Jim Barr stated in a written assertion.
Nautilus stated it has no timetable for finishing its strategic evaluate and gained’t touch upon developments till the method is full.
— Mike Rogoway | mrogoway@oregonian.com | 503-294-7699 | Twitter: @rogoway |
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