Invacare sees improvements in Q3

ELYRIA, Ohio – Invacare reported net sales increased 5.8% to $224.2 million in the third quarter of 2021 compared to the same period last year.  

On a constant currency basis, Invacare reported net sales increased 2.9%, driven by a 17.1% increase in lifestyle products in Europe and a 7.1% increase in mobility and seating products in North America. 

“We achieved constant currency net sales growth driven by double-digit gains in lifestyle products in Europe, strong growth in mobility & seating products in North America, and a significant rebound in Asia Pacific,” said Matt Monaghan, chairman, president and CEO. “Similar to the second quarter, we continue to experience strong order intake and high demand for our products, resulting in a higher order backlog compared to pre-pandemic levels.” 

Invacare reported net sales were flat in North America at $88.1 million, with growth in mobility and seating and respiratory products offset by declines in lifestyle products. 

The company expects to see further improvements in the fourth quarter, as the actions it has taken to address supply chain and labor shortage issues begin to have an impact. 

“During the quarter, we undertook significant actions to address the previously disclosed supply chain and labor shortage issues which limited our near-term ability to convert orders to revenues in a timely fashion,” Monaghan said. “In all regions, we continue to adjust price and freight charges, where applicable, to offset the substantially higher material and logistics costs we continue to experience. While still early in the fourth quarter, we are seeing positive signs that our actions should be effective.” 

Invacare reaffirmed its guidance for the full year at constant currency net sales growth of -1% to 2%; adjusted EBITDA range of $30 million to $37 million, excluding the CARES Act benefit; and free cash flow usage of $10 million to $20 million.