Invacare posts Q4 loss, but highlights sequential improvements
By HME News Staff
Updated 10:01 AM CST, Thu February 11, 2021
ELYRIA, Ohio – Invacare reported net sales of $224 million for the fourth quarter of 2020, an 8.9% decrease compared to the same period in 2019.
But there were several improvements from the third to fourth quarter, says Matthew Monaghan, chairman, president and CEO.
“In the fourth quarter we achieved improvement in sequential consolidated net sales of 5.7% and constant currency sequential net sales of 4.2%, driven by continued respiratory strength, increased sales of lifestyle products, and growth in North America mobility and seating products,” he said. “In addition, sequential gross profit increased 100 basis points and free cash flow improved by $17.4 million sequentially.”
For North America, Invacare reported net sales of $86.7 million for the fourth quarter of 2020, a 1.7% increase compared to the same period in 2019. Notably, the company saw a 72.2% increase in respiratory sales, offset by a 15.1% decrease in mobility and seating.
Invacare reported net sales of $850.7 million for 2020, an 8.3% decrease compared to 2019. For NA, it reported net sales of $348.3 million vs. $348.2 million.
For 2021, Invacare expects constant currency net sales growth of 4% to 7%; adjusted EBITDA improvement of 41% to $45 million; and free cash flow of $5 million.
Comments