Invacare looks to stabilize in second half of 2017

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Tuesday, August 8, 2017

ELYRIA, Ohio – Invacare reported $233.5 million in net sales for the second quarter of this year compared to $275 million for the same period last year, a 15.1% decrease.

For the North America/HME business segment, it reported $77.7 million in net sales compared to $110.7 million, an 86.4% decrease.

“As indicated previously, we expected net sales to continue to decline through the first half of 2017 before stabilizing sequentially later in the year,” said Matthew Monaghan, chairman, president and CEO. “Net sales from North America businesses were lower than expected largely due to intentional net sales declines from the transformation and weaker sales in other areas.”

Helping with that stabilization: The U.S. Food and Drug Administration notified Invacare in a letter dated July 24 that it has satisfied requirements under a consent decree, giving it the green light to resume full operations at its corporate headquarters and Taylor Street facilities.

Invacare reported a net loss of $23.5 million for the second quarter this year compared to a net loss of $11.58 million for the same period last year.

For the six months ended June 30, Invacare reported net sales of $465.2 million this year vs. $532.6 million last year, and a net loss of $40.3 million this year vs. $20.2 million last year.