Sales are up at Invacare, just not for NA/HME

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Tuesday, May 8, 2018

ELYRIA, Ohio – Invacare reported net sales of $237.1 million for the first quarter of 2018 compared to $231.7 million for the same period last year, a 2.3% increase.

It reported a net loss of $14.1 million vs. $16.8 million.

For North America/HME, however, Invacare reported net sales of $79.8 million for the first quarter compared to $84.3 million for the same period in 2017, a 5.3% decrease. The company blamed the decline in NA/HME on decreases in sales for respiratory and lifestyle products, partially offset by increases for mobility and seating products. The decline was also impacted by reduced sales in China as a result of the closure of one of the company’s Suzhou, China, facilities in the third quarter of 2017.

Invacare noted, however, that constant currency net sales increased for NA/HME.

The company also noted that in January its independent auditor completed the first semi-annual inspection of its corporate headquarters and Taylor Street facilities in accordance with its consent decree with the U.S. Food and Drug Administration. It reported the auditor concluded the company continues to operate these facilities in substantial compliance with FDA requirements.

Additionally, Invacare noted in April the FDA conducted a follow-up inspection of the company’s facility in Alber, Germany, following the corrections issues raised in a previously disclosed warning letter in 2017. The company reported there were no observations from this inspection and it anticipates the closure of the warning letter in due course.