Invacare improves annual performance
ELYRIA, Ohio – Invacare’s cost cutting efforts paid off handsomely in 2007, but reimbursement pressures and the resulting shift by providers to lower-margin products ate up a “significant portion” of the $40 million in savings, the company reported Jan. 30. For the year, Invacare generated $73 million in free cash flow, driven by stronger than expected cash collections on receivables and inventory turns. This allowed the company to reduce debt in the fourth quarter by about $38 million. For the year, Invacare’s debt totaled $537.9 million.