RTTNews | May 10, 2021 11:27PM EDT

23:26 Monday, May 10, 2021 (RTTNews.com) - Nautilus Inc. (NLS) reported that its net income for the three-month transition period ended March 31, 2021 was $30.4 million or $0.93 per share, compared to $2.2 million or $0.07 per share, for the same period last year.

As previously disclosed, the company changed its fiscal year from the twelve months beginning January 1 and ending December 31 to the twelve months beginning April 1 and ending March 31 in order to include the primary fitness season for exercise equipment, October to March, in the same fiscal year.

Net sales were $206.1 million, up 119.9% compared to $93.7 million for the same period last year and up 143.3%, excluding sales related to the Octane brand, which was sold in October 2020. Sales growth was driven primarily by continued demand for connected fitness bikes and treadmills, like the Bowflex VeloCore bike and T22 Treadmill, and robust sales of SelectTech weights.

For the first quarter fiscal 2022, the company expects net sales to grow between 40% and 50% versus prior year or between 51% and 62% when excluding Octane Fitness which was sold in calendar year 2020.

The company reiterated its target of about $1 billion in total revenue by fiscal year 2026, which would represent a 5-year CAGR of 10%.

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