Invacare reports second quarter losses
ELYRIA, Ohio – Invacare posted second quarter losses today, but remains excited as it continues to shift from a general DME company to one more focused on clinically complex care, says Matthew Monaghan.
Invacare reported a net loss of $11.5 million for the second quarter of 2016, compared to a net loss of $8.2 million for the same quarter a year ago. For the sixth months ended June 30, it reported net losses $20.1 million.
Net sales for the quarter were $275 million for the quarter compared to $286 million for the same quarter a year ago.
For the North America/HME segment, which has been restrained by a consent decree with the U.S. Food and Drug Administration,net sales were $109.6 million, compared to $119 million for the same quarter a year ago. The company attributed the decrease to a decline in lifestyle and respiratory products partially offset by increases in mobility and seating products.
“While we are executing this transformation, we will be managing through external uncertainty, including foreign currency fluctuations driven by the recent Brexit vote, as well as continued reimbursement pressures, particularly the ongoing roll-out of national competitive bidding,” said Monaghan, president and CEO. “We remain excited about the opportunities ahead of us, and our mission to provide clinical solutions to the growing demographic in need of our products.''