Sam Boughedda

Investing.com — Shares of fitness equipment company Nautilus Group Inc (NYSE:) plunged over 18% after extended trading ended Monday, after the company announced fourth-quarter earnings.

Nautilus recorded a $0.58 per share loss on $119.72 million in revenue. Investing.com polled analysts and expected a $0.58 loss per share on revenues of $121.57 millions.

The company reported a 41.9% decline in revenue compared to last year. This was partly due to lower demand for cardio products. However, SelectTech’s strong sales of SelectTech benches and weights partially compensated the decrease.

As a result, the gross profit margins of this company was 17.5% as compared to 38.4% last fiscal year. This decrease can be attributed to rising product costs and logistics as well as discounting.

“We continue to successfully execute on our multi-year plan of transforming Nautilus into a leading digitally enabled at-home fitness company. Strong performance in the fourth quarter and fiscal year. Our strategic decision to pull forward key technology and marketing investments is paying off, as we have increased JRNY® members to over 325,000 at year-end, exceeding our initial expectations by 30%,” said Jim Barr, Nautilus, Inc. Chief Executive Officer.

Nautilus projects fiscal year 2023 revenue of $380 million to $460 million.