Invacare reports first quarter losses
ELYRIA, Ohio – Invacare reported a net loss of $8.6 million for the first quarter of 2016 compared to a net loss of $7.3 million for the same quarter last year. It reported net sales of $257.6 million vs. $289 million. For North America HME, it reported net sales of $106.4 million for the first quarter, a 15% decrease compared to the same quarter last year. A bright spot: net sales of mobility and seating products, which make up the majority of the company’s clinically complex portfolio, increased, said Matt Monaghan, chairman, president and CEO, in a press release. “In the first quarter, we continued to make progress on our transformation from a generalist home and long-term care medical equipment company to one more focused on clinically complex products,” he said. Invacare also provided an update on its consent decree with the U.S. Food and Drug Administration: In response to a third certification report from an independent auditor, the agency has submitted clarifying questions. When those questions are satisfactorily addressed, Invacare will submit its own report. Both reports must be approved by the FDA, which will then conduct a re-inspection.