Nautilus seeks a buyer or other ‘strategic alternatives’ as pandemic fitness boom wanes – OregonLive
Nautilus CEO Jim Barr. The COVID-19 pandemic briefly resurrected Nautilus and its line of home exercise equipment, but the Vancouver company faltered as people's lives returned to normal. Jeff Manning/The Oregonian
Vancouver exercise equipment company Nautilus said Monday it may sell the struggling business and it has hired an adviser to explore “strategic alternatives.”
Nautilus makes the well-known brand of treadmills, exercise bikes and other workout gear that bear the company’s name. It also owns the Bowflex line of home gyms and the Schwinn bicycle brand.
Sales soared early in the pandemic as people adapted to doing more at home. But like Peloton, DocuSign and other pandemic-era investor favorites, Nautilus has stumbled as people returned to normal life.
Revenue fell 11% last year and the Vancouver company reported a $28 million loss in the fiscal year that ended in March, down from a $112 million profit in the prior 12 months.
Nautilus shares have lost almost 95% of their value since the stock peaked above $30 in February 2021. The stock closed Monday at $1.67 after the New York Stock Exchange briefly halted trading in advance of Nautilus’ announcement.
Nautilus said it has hired investment bank Evercore to help it evaluate its next steps. The company insisted its future is bright, regardless the outcome of its strategic review, because of recent investments that could expand Nautilus’ customer base.
“Given the state of the at-home fitness ecosystem, we believe the timing is right to comprehensively assess any opportunities that may accelerate our transformation and enhance value for our shareholders, while also benefitting our customers, employees, and vendors,” CEO Jim Barr said in a written statement.
Nautilus said it has no timetable for completing its strategic review and won’t comment on developments until the process is complete.
— Mike Rogoway | firstname.lastname@example.org | 503-294-7699 | Twitter: @rogoway |
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