Invacare Corp. announced its 2017 third quarter financial results on Nov. 7.
The complex rehab and DME manufacturer reported its net sales decreased 6.4 percent to $250.9 million compared to net sales from last year’s third quarter.
Invacare Chairman/CEO/President Matthew E. Monaghan said in a summary to investors, “In the third quarter, constant currency sequential net sales grew 3.7 percent compared to the second quarter of 2017 driven by Europe, NA/HME (North America/Home Medical Equipment) and Asia/Pacific segments. We are pleased to see this turn in sequential sales growth in NA/HME, which is largely the result of new product offerings and increased commercial effectiveness.”
Invacare’s latest complex rehab launch was the TDX SP2 power wheelchair, which was introduced in August.
Monaghan added that in this year’s third quarter, Invacare’s “continued focus on cash resulted in a $17.7 million improvement in free cash flow compared to the second quarter 2017 driven by inventory reductions. In parallel, we remain focused on deploying quality best practices and improving the fundamental way we do business globally.”
On Nov. 2, Invacare announced that CFO Robert K. Gudbranson had resigned effective Nov. 26. VP/Corporate Controller Kathleen P. Leneghan will act as interim CFO as Invacare searches for Gudbranson’s replacement.