Technogym, Cesena, Italy, reported €124.7 million ($148 million) in first quarter 2018 revenue, a 6.1 percent increase year-over-year, according to financials released on May 15.
This increase represents year-over-year growth of 12 percent, when measured at constant exchange rates.
Chairman and CEO Nerio Alesandri attributed the first quarter's success to strong growth in each of its main geographic markets, fueled by its new Skill Line product series.
“After the important sales result of approximately 600 million Euro registered in 2017, Technogym continues to grow in the first quarter of 2018 and to gain market shares in all main geographic areas," Alesandri said in a media release that accompanied the earnings report. "Product and digital ecosystem innovation remains the company’s strategic priority both in the sport performance sector, in which thanks to SKILL LINE Technogym has defined a new product category, and in the design and lifestyle sector with ARTIS and PERSONAL lines. In the first quarter of 2018, we have launched SKILLRUN, the innovative treadmill specifically designed for athletic training and completely integrated in our digital ecosystem."
Alesandri also praised Technogym's digital initiatives, such as its My Wellness Cloud and UNITY software, the latter of which allows Technogym cardio equipment to interface with GymKit via the Apple Watch.
"Besides product innovations, Technogym continues to innovate also on processes, in order to realize the new Technogym 4.0, based on IoT connected equipment, on the Mywellness cloud platform, on the CRM system and on the new SAP IT system, a challenging strategic project that Technogym has been activating at global level in the last week to allow the company to face future challenges," Alesandri said.
The majority of the brand's business for the quarter was conducted in Europe (€64.49 million or $76.48 million) and through field sales (€86.39 million or $102.45 million), according to the report.
In February, Technogym reported a 7.7 percent increase in its year-end 2017 revenue.
"Technogym continues to grow faster than the market," Alesandri said in a company release. "Despite the unstable international scenario, the company has registered a double-digit growth in North America and Asia, two strategic areas for the medium-long term development. The potential of Technogym’s brand, management and product portfolio is very high; therefore, we are confident that we will be able to reach this year’s goals.”
At constant exchange rates, the company reported quarterly consolidated revenue growth of 6.6 percent.
Technogym saw substantial growth in the following markets: Asia-Pacific (23.2 percent), North America (18.7 percent), Italy (15.2 percent) and greater Europe (7.3 percent). Alesandri also cited success with partners in the company's premium club, hospitality, corporate and medical segments.
In March, Technogym reported its first year-end financials since going public in May 2015—€555 million ($587 million), an 8.5 percent increase year-over-year.