Invacare earnings show signs of ‘re-orientation’
ELYRIA, Ohio – Invacare has reported net sales of $264.7 million for the fourth quarter of 2016 compared to $283.3 million for the same period in 2015. It reported net losses of $17.6 million vs. $2.93 million. Invacare reported net sales of $1.05 billion for 2016 compared to $1.14 billion for 2015. It reported net losses of $42.86 million vs. $26.45 million. “Compared with 2015, which was better for cash flow and operating income, our 2016 results show the near-term impact of the investments required to re-orient our business,” said Matt Monaghan, chairman, president and CEO. “These investments are in the early phases of gaining traction, which we expect will show results later in 2017 and be more substantive in 2018.” Net sales for North America/HME decreased 27.4% to $83.7 million for the fourth quarter of 2016 compared to $115.4 million in the same period in 2015. Net sales decreased 16.1% to $397.7 million for 2016 compared to $474.2 million in 2015. Highlights in Invacare’s earnings report include: The company has submitted specified design history files to a third-party expert for review per a June requirement of the U.S. Food and Drug Administration, and it plans to release more than 10 new products in the complex rehab and post-acute care markets in 2017.