IVC - IVC STOCK NEWS

Invacare Corporation (NYSE: IVC) announced on December 23, 2022, a $5.5 million draw from its Credit Agreement with Highbridge Capital Management. This financing aims to bolster the company's liquidity as it navigates through its transformation program, which has shown improved revenue and profitability in Europe. The company retains an additional $14 million in liquidity under this agreement, subject to certain conditions. CEO Geoff Purtill expressed confidence in the positive impacts of improved supply chain circumstances on the company's operations.

Invacare Corporation (NYSE: IVC) has appointed Geoffrey P. Purtill as President and CEO, a position he has held on an interim basis since August 28, 2022. The Board of Directors believes Purtill is well-suited to guide the company through a transformative period, focusing on core categories of Lifestyle and Mobility & Seating while discontinuing respiratory products. Purtill aims to restore customer trust and is committed to enhancing the company's financial performance and shareholder value amidst ongoing challenges.

Invacare Corporation (NYSE: IVC) announced the discontinuation of its respiratory products to focus on lifestyle and mobility categories, aiming to streamline operations and improve profitability. In Q3 2022, net sales fell by 24% to $170.4 million, with Adjusted EBITDA loss of $11.8 million. A restructuring charge of $8.7 million impacted gross margins, which decreased by 850 basis points. However, the company anticipates sequential improvements in revenues and profitability for Q4 2022, supported by financing received in October and ongoing demand for core products.

Invacare Corporation (NYSE: IVC) will release its third quarter financial results for the period ending September 30, 2022, on November 7, 2022, after market close. A live conference call to discuss these results is scheduled for November 8, 2022, at 8:30 AM ET. Interested parties can access the event via a webcast or by telephone. For more details, including the webcast link and access numbers, visit Invacare's investor relations page.

Invacare Corporation (NYSE:IVC) has announced the completion of additional draws totaling $18.5 million of term loans under its Credit Agreement with Highbridge Capital Management. The company still has $19.5 million in additional commitments available, pending certain conditions. Additionally, Invacare swapped $13.825 million in 4.25% Convertible Senior Notes for $10.369 million in 5.68% Convertible Senior Secured Notes due 2026. More details will be provided in a forthcoming Current Report on Form 8-K.

Invacare Corporation (NYSE: IVC) announced it is currently not in compliance with NYSE standards due to its Common Shares trading below $1.00 for 30 consecutive days. The company received notice from the NYSE but will not face immediate delisting. Invacare plans to notify the NYSE by October 7, 2022, of its intention to remedy this deficiency, potentially through a reverse stock split, which requires shareholder approval. The company aims to regain compliance within a six-month period by ensuring its shares meet the required trading price.

Invacare Corporation (NYSE: IVC) reported a 4.7% sequential revenue growth in mobility & seating products for Q2 2022, despite overall net sales declining 16.3% year-over-year to $189.0 million. The company achieved improved gross margin at 25.4% due to better pricing strategies, while also reducing SG&A expenses by 8.1%. Adjusted EBITDA showed a loss of $4.8 million. Free cash flow improved significantly by $29.9 million sequentially. The company anticipates better performance in the second half of 2022 as they address supply chain issues and elevated backlogs.

Invacare Corporation (NYSE: IVC), a leading medical equipment manufacturer, has received multiple awards from Mobility Management magazine for its innovative mobility products. Recognized in several categories, including 'Wheelchairs, Power: Group 3', the awards underscore the company's commitment to user-centered design and technological advancement. Notable products include the Invacare® AVIVA® Storm® RX power wheelchair and the Alber™ e-motion™M25 Power Assist. These accolades reflect Invacare's dedication to improving the quality of life for individuals with mobility challenges.

Invacare Corporation (NYSE:IVC) has secured a new Credit Facility to improve liquidity, addressing a backlog of product demand and enhancing financial flexibility. The $104.5 million facility allows for immediate liquidity support, while convertible debt exchanges aim to reduce debt levels. In 2Q22, Invacare reported improved adjusted EBITDA and free cash flow, but noted a decline in revenues due to supply constraints. The company is positioned to convert demand into sales effectively and is optimistic about its growth strategy.