Invacare’s sales take hit

Company blames consent decree, lack of new products
Thursday, February 6, 2014

ELYRIA, Ohio – Invacare’s net sales for the year ended Dec. 31 fell 5.6% to $1.35 billion, the company has announced.

Net sales for the fourth quarter were $334 million, a 5.6% decrease compared to the same period in 2012.

Invacare blamed its consent decree with the U.S. Food and Drug Administration (FDA), in part, for its performance. It estimates net sales of products made at its Taylor Street manufacturing facility were $11.8 million in the fourth quarter of 2013, versus $32.8 million in the same period in 2012.

“The excellent performance in Europe was more than offset by the financial results of our remaining three business segments, which struggled primarily as a result of the company’s consent decree with the United States Food and Drug Administration, lack of significant new product introductions and unfavorable sales mix,” said Gerald Blouch, president and CEO, in a statement.

Net sales for the North America/HME segment were $144.8 million for the fourth quarter, a 12.5% decrease from $165.6 million in the same period the previous year. Net sales fell 12.4% to $607.1 million in 2013, compared to $692.7 million in 2012.