A software fix for Peloton's recalled treadmills is on the way

as we became more aware of the incidents that are involved with this particular equipment. We have been in contact with the company urging for a recall, the product, We're pleased that we've reached a conclusion on that negotiation. And today Peloton joins the agency, giving consumers the heads up about this recall and about the remedy that's available to the consumer 2.5 weeks ago when we put out our warning to consumers about the tread. Plus, we were aware of 39 incidents since that time, The member has almost doubled to over 70. In those 70 are 29 reports of Children having injuries that range from 2nd and 3rd degree abrasions to broken bones, some multiple fractures, lacerations and brain injury. And most of all, and most seriously obviously, was the death of a child. The consumer can seek a full refund from peloton And that is available until six November 2022 next year after next november, then it will be a partial refund. Now, if the consumer doesn't want the refund now, for some reason, they also have the option of having peloton for no cost, come to your location and move your device to a room or a space where there are no Children or no pets that can have access to that area. I want to underscore that our technical experts are still evaluating this equipment. It appears that there are certain aspects to it. For example, the unique slatted tread, the fact that there's no guard in the back of the treadmill and the fact that the height off the ground is a little bit higher. These are all factors that could be contributing to the risk of adults or Children or pets or objects being pulled underneath the treadmill.

Peloton is rolling out a software fix for its Tread and Tread+ treadmills after a massive recall.Customers can now access a new "Tread Lock" feature that requires a four digit code before using the treadmill and locks the machine after 45 seconds of inactivity outside of a class. Peloton states on the feature's support page that users will "be required to set up Tread Lock" following an automatic software upgrade.The fix applies to both of Peloton's treadmills: The $4,295 Tread+ and the $2,495 Tread. The cheaper machine wasn't yet released in the United States.Earlier this month, Peloton recalled 125,000 treadmills following a child's death and 70 other injuries tied to the machines. The fitness company initially denied Consumer Product Safety Commission's request to issue a recall and claimed it was safe as long as its recommendations were followed.Since the recall is voluntary, some members are keeping theirs. Peloton announced this software update during its May 6 earnings call and said it was working on a hardware fix. In the meantime, both the Tread+ and the Tread are no longer on sale and deliveries for older orders have been halted.Peloton is taking a substantial financial hit from the recall: about $165 million in lost revenue during the the current quarter, The company said $50 million in lost revenue would come from refunds to owners of the treadmill who want to return them, roughly 10% of the units that are already in the hands of customers.The company is even paying to have someone move the treadmills from one room of an owner's house to another if they would prefer that option instead of having it returned to the company.

Peloton is rolling out a software fix for its Tread and Tread+ treadmills after a massive recall.

Customers can now access a new "Tread Lock" feature that requires a four digit code before using the treadmill and locks the machine after 45 seconds of inactivity outside of a class. Peloton states on the feature's support page that users will "be required to set up Tread Lock" following an automatic software upgrade.

The fix applies to both of Peloton's treadmills: The $4,295 Tread+ and the $2,495 Tread. The cheaper machine wasn't yet released in the United States.

Earlier this month, Peloton recalled 125,000 treadmills following a child's death and 70 other injuries tied to the machines. The fitness company initially denied Consumer Product Safety Commission's request to issue a recall and claimed it was safe as long as its recommendations were followed.

Since the recall is voluntary, some members are keeping theirs. Peloton announced this software update during its May 6 earnings call and said it was working on a hardware fix. In the meantime, both the Tread+ and the Tread are no longer on sale and deliveries for older orders have been halted.

Peloton is taking a substantial financial hit from the recall: about $165 million in lost revenue during the the current quarter, The company said $50 million in lost revenue would come from refunds to owners of the treadmill who want to return them, roughly 10% of the units that are already in the hands of customers.

The company is even paying to have someone move the treadmills from one room of an owner's house to another if they would prefer that option instead of having it returned to the company.

A software fix for Peloton's recalled treadmills is on the way

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