Technogym Sees Double-Digit Revenue Growth in Q1, Strong B2B Sales

Technogym has reported revenue of €174.6 million ($190.7 million) in the first quarter of 2023, up 15% from €151.6 million in the same period last year.

The fitness operator’s B2B commercial segment also increased 26%, the result of Technogym’s continued expansion, especially in the hospitality, residential and corporate health arenas.

“Investments in innovation and branding, coupled with a unique market strategy, have continued to yield significant results for the company, even in the first quarter of this year, following a record revenue year in 2022,” Nerio Alessandri, founder and CEO of Technogym, said in a statement.

Alessandri, a wellness visionary who founded the company in 1983, designed the first piece of Technogym equipment in his garage in Italy. The fitness company has since met numerous customers worldwide, building a growing interest in the Technogym ecosystem.

“In the most innovative countries, where physical exercise is already prescribed by medical doctors and it’s a parameter to lower insurance premiums, we are recognized as an integral part of life science, as enablers of the wellness lifestyle,” Alessandri said.

Technogym has been on a roll as of late. In 2022, the company reported record consolidated revenue of €721.5 million, which was up 18% compared to 2021. The wellness company pointed to double-digit growth on all continents, particularly in North America.

Technogym was recently announced the official supplier of the 2024 Olympics in Paris. Technogym Village, the company’s fitness and sports campus, has also been chosen as the 9th stage of the Giro d’Italia on May 14.

“While remaining careful to constantly evolving economic scenarios, we look to the future with renewed confidence, aiming to seize all profitable and long-term growth opportunities through our exclusive business model,” Alessandri added.

Technogym is scheduled to share its strategy and growth opportunities with the financial community during its Investor Wellness Day, scheduled for June 19 at the Technogym Village in Cesena, Italy.

In March, Technogym introduced its smart bike to the U.S. market, finding a fan in Marvel star Jeremy Renner and positioning itself to compete against Peloton.

Technogym presented at IHRSA 2023 Convention in San Diego, showcasing equipment to meet the growing demand for strength training equipment, such as Universe, a modular functional strength platform that offers resistance and digital training content with a customizable approach.