Invacare reports losses for third quarter, first nine months of 2016
By HME News Staff
Updated Mon October 31, 2016
ELYRIA, Ohio - Invacare this morning reported a net loss of $5 million for the third quarter of 2016 compared to $7.8 million for the same period last year. It reported net sales of $268.1 million vs. $283.8 million.
Invacare reported a net loss of $25.2 million for the nine months ended Sept. 30, 2016, compared to $23.3 million for the same period last year.
For North America HME, Invacare reported net sales of $98 million for the third quarter of 2016, a 14.5% decrease compared to the same period last year. For the nine months ended Sept. 30, it reported net sales of $314 million, a 12.5% decrease.
Invacare has acknowledged that as part of its transformation from a generalist to a specialized DME company, it would experience “periods of net sales declines.”
But Matthew Monaghan, chairman, president and CEO, says the company is making progress, citing the sale of its Garden City Medical business, which does business as PMI and Pinnacle Medsource; and the launch of two new products, the LiNX control system in Europe, a wirelessly programmable complex power wheelchair control system, and the Alber Twion power assist device for active manual wheelchairs users.
“In the quarter, we made the right kind of progress in our transformation, and had good uptake of our leading products, as well as positive response of our business associates and customers to these changes,” he said.
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