Not necessarily. We’d get our Apple refurb stock from varying ways. If you ship 2 million units and just .02 percent have a cosmetic defect, a key that won’t unstick, display that had issues, a drive that quit, power supply that’s goose got cooked,shipping damage etc. that’s 400 units. 50 get cannibalized with some replacement modules thrown in to net 350 for retail. But Generally on newer products the amount we could refurb for sale was low. So expect the refurb inventory to go fast on most occasions.
If you see refurb inventory for many weeks on a new device, then either they aren’t selling many refurbs, abnormal high fail rate, returns are padding (to be)refurbed inventory.