Invacare Corp. Reports 2023 Q1 Results
- By Laurie Watanabe
- May 22, 2023
In its first-quarter financial report, Invacare Corp. described improved operating results.
In a May 15 announcement, Invacare President/CEO Geoff Purtill said, “Year to date, we've made tremendous strides in all aspects of the company’s transformation plan. With Chapter 11 behind us, our focus is on driving operational excellence and delivering profitable long-term growth in our core lifestyle and mobility and seating product categories. This is a new beginning for the company and a great opportunity to redefine the business for the future and realize our long-term growth potential.”
Invacare reported demand for lifestyle products as well as seating and mobility equipment “remained resilient on a global basis.”
The announcement put Invacare’s net sales at $165.5 million, which is a 17.7-percent decrease. Constant currency net sales decreased 13.2 percent. “Excluding the divestiture of respiratory products, constant currency net sales declined 7.7 percent with largest decline in North America as result of the bankruptcy filing and product discontinuation,” the announcement said.
“Gross margin was 26.5 percent, an increase of 280 basis points, driven by favorable product mix and lower input costs,” Invacare added.
In late 2022, Invacare announced it was discontinuing its respiratory products to focus on lifestyle and seating/mobility equipment. Lifestyle products currently in the Invacare lineup include walkers, rolling walkers, rollators, bath safety equipment, and patient lifts and accessories.
Laurie Watanabe is the editor of Mobility Management. She can be reached at [email protected].