Refurbished Electronics - those products that were returned by the customer to the manufacturer for one of a thousand reasons, and the manufacturer made it as good as new again for resale.
The reasons for returning an item can range from something as simple as the customer not liking the colour they chose, to a faulty part.
Either way, the reasons for the return are resolved and the unit goes through the testing process once again, the same process that the manufacturer puts all their products though, and if it works as it should, then it is sold again as "refurbished electronics".