Invacare sees $100 million more for HomeFill
By HME News Staff
Updated Sun May 1, 2005
ELYRIA, Ohio -- After boosting its respiratory sales by 16% in the first quarter, largely due to the success of the HomeFill, Invacare believes its transfilling home oxygen system will generate an additional $100 million within the next two years.
"The opportunity for deeper penetration of the ambulatory oxygen market remains substantial," CEO Mal Mixon said last week in a statement that accompanied the announcement of the company's first quarter earnings.
Invacare's worldwide sales jumped 15% to $371 million ($251 million in North America) on the quarter with foreign currency accounting for two points of the increase, and acquisitions accounting for an additional 10 points.
Invacare Supply Group's sales were up 7% on the quarter. Though sales of standard products were down by 1%, that business is off less dramatically than the fourth quarter of 2004 when sales were down 8%.
Invacare's power chair sales were down 16% versus last year; overall rehab was down 7%, Invacare said, due to Medicare eligibility pressures and Medicaid related reimbursement pressures.
Invacare singled out New York, Ohio and California as particularly challenging states in which to do business with Medicaid.
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