FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., May 24, 2023 /PRNewswire/ — Home fitness equipment is one of the markets that has actually benefitted from the pandemic. Home fitness equipment refers to any equipment or tool used during physical activity at home to improve the experience or results of a workout regimen by adding fixed or adjustable quantities of resistance or to otherwise improve the strength or conditioning effects of that exercise. The main product types of home fitness equipment are treadmills, elliptical machines, rowing machines, strength training equipment, and others with applications in homes, small gyms, offices, and others. A recent report from The Business Research Company projected that the global home fitness equipment market size is expected to grow from $15.13 billion in 2022 to $16.55 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The report said: “Precautionary healthcare coupled with an increasing preference for customized workout regimes has contributed to the growth of the home fitness equipment market. Today people are inclined towards maintaining an active lifestyle with regular exercise which can maintain a healthy weight and decrease the risk of chronic diseases. According to the Mayo Clinic, an American nonprofit academic medical center, 150 to 300 minutes of moderate-intensity activity is needed in a week which includes physical activities such as fast walking or swimming as an important part of preventive care and to prevent weight gain. People prefer to have a customized workout and are getting trained by online experts and individual training courses in order to meet their requirements. Preventive and precautionary healthcare and customized workout regimes have increased the demand for home fitness equipment market.” Active Companies from around the markets with current developments this week include: Interactive Strength Inc. d/b/a FORME (NASDAQ: TRNR), Planet Fitness, Inc. (NYSE: PLNT), Peloton (NASDAQ: PTON), Nautilus, Inc. (NYSE: NLS), BellRing Brands, Inc. (NYSE: BRBR).
Business Research added: “Virtual reality fitness equipment, accessories and apps are the emerging trends in the home fitness equipment market to get physical workouts, which can inspire and motivate to keep up fitness goals with fun games and real-life training scenarios. They not only inspire and motivate into working out and firming up the body but also saves thousands of dollars on cross trainers, treadmills and stationary bikes. For instance, the VR Fitness Company is creating the world’s first reality gym experience by providing virtual reality fitness machines that are built to give a safe and fun aerobic session for all fitness levels and making exercise a lot more fun and exciting. Virtual reality accessories are also available in the market which is connected to fitness equipment over Bluetooth and are compatible with the fitness equipment.”
FORME (NASDAQ: TRNR) BREAKING NEWS: Interactive Strength Inc. d/b/a FORME launches start of European expansion plan by exploring partnership with SIGNA Sports United – Interactive Strength Inc. d/b/a FORME (“TRNR” or “the Company”), a NASDAQ listed maker of premium smart home gyms and provider of virtual personal training services, has launched its European expansion strategy by exploring a partnership with SIGNA Sports United N.V. (“SSU”), a NYSE-listed specialist sports e-commerce company with businesses in bike, tennis, outdoor, and team sports. SSU has more than 80 online sites and partners with 500 shops serving over 6 million customers worldwide.
“SIGNA Sports United has the largest reach of any specialist sports e-commerce company and they have a strategy to continue to acquire segment leaders,” said Trent Ward, co-founder and CEO of FORME. “We are hoping to serve new customers across Europe in the most cost-effective manner, which means working with a partner that has a strong commercial positioning, and ideally fulfillment and logistics capabilities. Scale is a priority for us in any strategic partnership.”
FORME’s focus on helping people “live better for longer” directly supports consumers who are passionate about their active lives. FORME’s smart home gyms and virtual personal training services can enhance and extend those consumer’s participation in bike, tennis, outdoor and team sports.
FORME already installs their smart home gyms in luxury hotels internationally and is now planning to expand sales and distribution of equipment and virtual personal training services for consumers in Europe. Read this and more news for TRNR at: https://ir.formelife.com/
In other industry developments and happenings in the market this week:
Planet Fitness, Inc. (NYSE: PLNT) recently reported financial results for its first quarter ended March 31, 2023. “Our strong momentum from the end of 2022 continued into the first quarter, driving membership to more than 18.1 million, which reflects the Company’s highest quarterly net member growth since the first quarter of 2020. Our business continues to rebound from the impact of COVID-19 shutdowns with more than 50 percent of our U.S. stores opened prior to 2019 back to or above pre-pandemic membership levels, with member growth driving our 9.9 percent increase in system-wide same stores sales,” said Chris Rondeau, Chief Executive Officer.
“Our brand’s resiliency despite inflation and other macroeconomic factors was apparent in our first quarter member trends, with all generational groups back to pre-pandemic population penetration levels, a continued overall lower cancellation rate, as well as our perks program offering even more value with discounts to help our members offset increased pricing on everyday items. We believe we are financially well-positioned to invest in growth areas, such as technology and a small dedicated international team, while also returning cash to shareholders, including the $50 million in shares repurchased year-to-date.”
Peloton (NASDAQ: PTON) recently announced the start of the company’s next chapter as it repositions from the perception of an in-home bike company to reflect everything Peloton has to offer to everyone, at any level, wherever they are. With Peloton’s amazing content on its award-winning hardware and App, today’s relaunch ignites a vibrant new brand identity and campaign; introduces new Membership tiers; and releases a new content feature, Peloton Gym. With today’s relaunch, Peloton is declaring itself open and available for everyone to experience its expert Instructors and world-class content, even for free.
“With this brand relaunch we’re reflecting the vibrancy and fullness of everything Peloton has to offer to everyone. We’re shifting perceptions from in-home to everywhere, fitness enthusiasts to people at all levels, exclusivity to inclusivity across all Peloton Members present and future,” said Leslie Berland, Peloton’s Chief Marketing Officer. “Our Instructors and Members live and breathe the true Peloton experience every day. We’re excited to bring that energy and inspiration out into the world.”
Bowflex Parent, Nautilus, Inc. (NYSE: NLS) recently reported its unaudited operating results for the fiscal 2023 fourth quarter and year ended March 31, 2023. “We’re pleased to deliver fourth quarter and full year results that exceeded our expectations, reflecting the strength of our Direct segment and continued momentum on JRNY® as we execute on our long-term transformation under our North Star strategy,” said Jim Barr, Nautilus, Inc. Chief Executive Officer.
“We took deliberate steps throughout fiscal 2023 that enabled us to exit the year with a significantly improved inventory position and streamlined cost structure. Subsequent to quarter end, we further strengthened our balance sheet and monetized the value of certain non-core assets, enhancing our ability to manage through the current environment. These actions, coupled with our asset-light, semi-variable operating model, position us well to drive future profitable growth.”
BellRing Brands, Inc. (NYSE: BRBR) recently reported results for the second fiscal quarter ended March 31, 2023. Highlights Were: Second quarter net sales of $385.6 million; Operating profit of $58.0 million; net earnings available to common stockholders of $30.9 million and Adjusted EBITDA of $68.0 million; and Raised fiscal year 2023 net sales guidance to $1.61–$1.66 billion and Adjusted EBITDA guidance to $320–$335 million.
“We delivered a strong performance this quarter, coming in ahead of our expectations. Premier Protein and Dymatizesaw robust consumption growth, with both gaining share. Encouragingly, both brands gained new households with increased brand investment and continued category tailwinds. Our powder products were remarkably strong this quarter, aided by brand building investments,” said Darcy H. Davenport, President and Chief Executive Officer of BellRing. “Our shake capacity expansions remain on track, enabling significant future growth. Our momentum in the first half gives us greater confidence to deliver our second half expectations and drives our decision to raise our full year outlook.”
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