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Invacare Corporation (NYSE: IVC) has unveiled its latest power assist device, the e-fix eco, which enhances manual wheelchairs with a joystick, battery, and in-wheel motors. This device features a modern design, energy recovery technology, and increased mobility benefits for users. The e-fix eco represents the third product launch in two years, complementing Invacare's portfolio of power assist devices, and aims to provide improved independence and convenience for users. Available now through dealers, Invacare continues to push innovation in medical equipment.
Invacare Corporation (NYSE: IVC) has announced a new, narrower version of the AVIVA® STORM RX™ power wheelchair, featuring a width reduction to 22.4 inches and lighter weight by over 13% at 45.4 lbs. The wheelchair includes smaller seat sizes (as small as 11"x11"), a tighter turn radius, and enhanced maneuverability. Feedback from users has been positive, highlighting the chair's best-in-class ride quality and usability. The series showcases advanced design and LiNX® technology, aiming to redefine mobility solutions in healthcare.
Milberg Coleman Bryson Phillips Grossman PLLC is investigating Invacare Corporation (IVC) following a warning letter from the FDA regarding procedural violations associated with oxygen concentrators. The letter demands prompt corrections, warning of potential regulatory actions if not addressed. Since the letter's issuance in November 2021, IVC's stock has significantly declined, dropping from $4.13 per share to under $3.00. Additionally, IVC is exploring a potential sale, having received a preliminary bid valuing the company at $5 per share.
Invacare (NYSE:IVC) has announced new features for its LiNX® electronics, enhancing power wheelchair control for users. Upgrades include audible cues for drive profiles, joystick shaping for personalized user experience, and grid navigation for improved joystick engagement. Invacare emphasizes its commitment to innovation in the medical equipment sector, aiming to improve performance and usability for end-users.
Invacare Corporation (NYSE:IVC) announced a strategic realignment of its Europe and Asia Pacific operations under a single leadership to enhance efficiency and customer experience. Geoff Purtill has been appointed Senior Vice President and General Manager for these regions, bringing extensive operational experience. This restructuring follows significant efforts over recent years to optimize product lines and drive operational efficiencies. As part of this initiative, Ralf Ledda will exit the company. The realignment is aimed at facilitating sustainable growth in a post-pandemic context.
Invacare Corporation (NYSE: IVC) reported a 5.8% increase in net sales to $224.2 million for Q3 2021, driven by strong performance in lifestyle products in Europe and mobility & seating in North America. However, gross profit margin decreased to 26.9% due to supply chain disruptions and higher costs. An operating loss of $24.8 million was reported, impacted by a one-time goodwill impairment of $28.6 million. Adjusted EBITDA rose 83.9% to $18.1 million, aided by $10.1 million from the CARES Act. The company reaffirmed its 2021 guidance.
Invacare Corporation (NYSE: IVC) will release its third-quarter 2021 financial results on October 27, 2021, after the market closes. A live conference call and webcast will follow on October 28, 2021, at 8:30 AM ET. Investors can participate via a dedicated webcast link or by dialing into the conference call. A recording will be available until November 11, 2021. Invacare specializes in medical equipment for non-acute care, addressing various health challenges through its product offerings, which are distributed primarily in North America, Europe, and Asia/Pacific.
Invacare Corporation (NYSE: IVC) has announced a sponsorship agreement with Rob Mendez, a high school football coach and 2019 ESPY winner, who inspires many through his achievements despite having tetra-amelia syndrome. Mendez’s journey demonstrates resilience, and he utilizes Invacare’s Storm Series Torque power wheelchair. This partnership aligns with Invacare’s mission of enhancing life experiences. Mendez’s motto, 'WHO SAYS I CAN’T,' resonates with Invacare’s theme of 'Yes, you can.' Feel free to explore more of Mendez's story through the provided link.
Invacare Corporation (NYSE:IVC) participated in the 19th Annual Morgan Stanley Global Healthcare Conference, discussing current business challenges and adjustments. CEO Matt Monaghan noted increased customer activity but cautioned about ongoing labor, material, and freight challenges moderating revenue growth. The company revised its Q3 2021 guidance to 0-4% net sales growth and adjusted EBITDA of $6-$9 million. For FY2021, constant currency net sales guidance was adjusted to -1% to 2% growth, with adjusted EBITDA of $30-$37 million, and free cash flow usage projected at $10-$20 million.
Invacare Corporation (NYSE: IVC) has achieved IACET accreditation for its educational programs, enhancing training for providers and clinicians in non-acute care settings. The rigorous accreditation process took a year, confirming the high quality of Invacare's curriculum. This designation allows all courses offering CEUs from Invacare and its subsidiaries to meet international standards, promoting continuous improvement based on stakeholder feedback. Accreditation is valid for five years, ensuring ongoing compliance with IACET/ANSI standards.
