Actually there are *two*.

In my experience, refurbished can wrongly mean many things. Some
'refurbished' items sold by manufacturers are brand new, probably end of
line stock, sold as refurbished to stop retailers complaining about
price undercutting. Other 'refurbished' items are checked by the
manufacturers after return from unsatisfied customers, then repackaged
and offered for sale with a full guarantee. Then there's the
'refurbished' items that are returns sold, usually through third party
sellers, after being returned as faulty or damaged goods, but are resold
without any checks being made on the items, and with limited guarantees
given.