iFIT Health & Fitness Files for IPO

Image: iFIT

iFIT Health & Fitness has filed to go public.

Formerly known as ICON, iFIT is the parent company of NordicTrack, ProForm, Freemotion, and SWEAT, among other fitness brands.

Founded in 1977, the company holds 400 patents across connected fitness software, content, and equipment.

By the Numbers 

According to iFIT’s S-1, the company was bolstered by the pandemic, seeing record sales and membership growth.

Revenue. In fiscal 2019, sales reached $700M. Last year, that number jumped to $851.7M. Climbing again in fiscal 2021, revenue reached $1.7B.

Members. Across its portfolio, the company claims 6.1M members with 1.5M fitness subscribers, who pay to access content, in over 120 countries.

Engagement. In fiscal 2021, workout participation was up 229% to 112M workouts. Of note, iFIT’s average net monthly churn rate of 2.3% only accounts for subscribers who own “interactive fitness equipment with a high-definition touchscreen.”

By comparison… Peloton reported $937M in revenue for fiscal Q4 2021. Looking ahead to 2022, the company is forecasting $5.4B in revenue with 3.63M connected fitness subscribers.

The big picture: Across the fitness industry, connected equipment makers and brick-and-mortar operators are lining up to go public. In recent months, Beachbody, Xponential Fitness, and F45 Training made their stock market debut.

Hoping the at-home workout craze sticks, Echelon, Hydrow, or Tonal could follow iFIT.

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