Peloton Interactive Inc. and the US Consumer Product Safety Commission has announced a long-awaited fix for the fitness company’s recalled Tread+ machine, which was pulled from the market two years ago after multiple injuries and one death.
The repair included installing a rear guard on the treadmill, protecting people from being pulled near the machine’s back roller, according to a statement Thursday. The guard, which consumers can have professionally installed for free, has “a breakaway design that moves away from the treadmill when it comes into contact with a person or object, turning off the unit’s power and slowing down the belt.”
Shares gained 3.5% to $7.39 after the announcement. They remain down more than 7% this year.
Peloton recalled the Tread+ in May 2021 because users, children and pets could be pulled under the heavy machine. One child died, and there were 90 reports of injuries, including many after the recall date. Peloton received a total of 351 reports of these “pull-unders.”
The company, which saw a surge in usage in the early days of the pandemic, is struggling to get its business back on track. Demand dropped after consumers began returning to offices and gyms, and Peloton was left with a lot of inventory. It also has other product recalls beyond the Tread+, including one affecting its lower-end Tread machine.
Recently, the company recalled about 2.2 million units of its flagship exercise bike due to a safety hazard posed by the product’s seat. That news sent the stock to an all-time low last week.
The Tread + guard is currently in production and should be delivered in the fall of this year, Peloton said.
Photo: A Peloton store in Corte Madera, California, US, on Thursday, Feb. 3, 2022./Bloomberg
Copyright 2023 Bloomberg.
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