Wednesday, November 30, 2022
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Nautilus seeks a purchaser or different ‘strategic alternate options’ as pandemic health increase wanes

Vancouver train gear firm Nautilus mentioned Monday it might promote the struggling enterprise and it has employed an adviser to discover “strategic alternate options.”

Nautilus makes the well-known model of treadmills, train bikes and different exercise gear that bear the corporate’s title. It additionally owns the Bowflex line of house gyms and the Schwinn bicycle model.

Gross sales soared early within the pandemic as individuals tailored to doing extra at house. However like Peloton, DocuSign and different pandemic-era investor favorites, Nautilus has stumbled as individuals returned to regular life.

Income fell 11% final 12 months and the Vancouver firm reported a $28 million loss within the fiscal 12 months that resulted in March, down from a $112 million revenue within the prior 12 months.

Nautilus shares have misplaced virtually 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 prematurely of Nautilus’ announcement.

Nautilus mentioned it has employed funding financial institution Evercore to assist it consider its subsequent steps. The corporate insisted its future is vibrant, regardless the end result of its strategic assessment, due to latest 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 clients, staff, and distributors,” CEO Jim Barr mentioned in a written assertion.

Nautilus mentioned it has no timetable for finishing its strategic assessment and gained’t touch upon developments till the method is full.

— Mike Rogoway | | 503-294-7699 | Twitter: @rogoway |

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