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Peloton Recalls 27,000 Bike Pedals Following Reports Of Injuries

Peloton Recalls 27,000 Bike Pedals Following Reports Of Injuries

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Peloton Recalls 27,000 Bike Pedals Following Reports Of Injuries

Peloton is recalling the clip-in pedals of 27,000 bikes after recent reports of injuries resulting from axle breaking came to light. 

The company said the recall applied to the PR70P model, which was sold between July 2013 and May 2016. Peloton has so far received 120 complaints of pedals breaking and 16 reports of injuries. Five of the injured users needed medical care, including stitches.

Peloton is now recommending all of its users to change their bike pedals once every year to avoid any risks that may result in injuries. 

“There is no greater priority than the safety and well-being of Peloton members,” Peloton said in a statement to CNBC. “This recall only affects members who still have their out-of-warranty original pedals on the affected bikes sold in the specific time period.”

The company’s move to recall bike pedals comes at a time when it is seeing its sales take off with consumers continuing to prefer working out at home. According to CNBC, the company currently has more than a million subscribers, up 113 percent from last year, and a total of 3.1 million members, which includes its paying subscribers. With a growing subscriber base, increased daily use of its subscription service and introduction of its low-priced Peloton Tread model, the company has seen its stock value climb up by more than 380 percent this year. 

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The company’s shares were up by 4 percent Thursday afternoon, reaching an all-time intraday high of $137.24. Peloton’s market cap is nearly $25 billion.

“It has long been our goal to democratize access to fitness and lowering the price of our bike, along with the introduction of our lower-priced Peloton Tread, are important steps in achieving this goal,” Peloton’s CEO John Foley said during the company’s last earnings call.

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