Invacare updates financial report
ELYRIA, Ohio – Invacare on Aug. 6 updated its financial results for its second quarter 2013 because of an increased warranty expense for an anomaly in a power wheelchair component, the company stated in a release. The warranty expense increased $3.4 million to a total of $3.8 million for the three to six months ended June 30, 2013. “While the occurrence of this anomaly was discovered in a fraction of a percentage of components in the field, we followed our processes and reported it to the U.S. Food and Drug Administration,” stated President/CEO Gerald Blouch. “While our action plan is still under review, we believe it is appropriate to adjust our warranty accrual to give investors a more comprehensive view of the potential costs.” Invacare reported its earnings on July 25. Read the full release.