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Invacare Corporation (NYSE: IVC) reported a 10.1% decline in net sales to $211.9 million for Q3 2020, primarily due to lower sales in mobility and seating products affected by the pandemic. However, there was an 8.0% sequential increase in sales from Q2 2020, driven by European mobility products.
The company saw a slight improvement in gross profit margin and managed to reduce SG&A expenses by 12.6%. Adjusted EBITDA rose 2.5% to $9.8 million. Free cash flow usage was $1.8 million. Full-year guidance was updated, projecting reported net sales of at least $840 million and adjusted EBITDA of $28-32 million.
Invacare Corporation (NYSE: IVC) has received multiple accolades from HME Business magazine for its innovative medical equipment in non-acute care settings. Among the highlighted products are the Invacare Matrx E2 Back Series, AQUATEC Ocean Ergo Chair, and ETUDE HC Homecare Bed. Company officials expressed pride in these awards, emphasizing their commitment to innovation and addressing challenging healthcare needs. This recognition reflects Invacare's strong product development culture and its comprehensive range of solutions for durable healthcare needs.
Invacare Corporation (NYSE: IVC) will report its financial results for Q3 ended September 30, 2020, on October 29, 2020. The company will host a conference call and webcast on October 30, 2020, at 8:30 AM ET to discuss these results. Investors can participate by calling 800-458-4121 or 786-789-4772 for international callers, using Conference ID Code 8637884. A recorded version will be available through November 6, 2020. The company, a leading provider of medical equipment in non-acute care settings, serves a wide array of health needs across multiple regions.
Invacare Corporation (NYSE:IVC) has launched its innovative ISA™ (Invacare Stand Assist) patient lift solution tailored for the post-acute care sector in the U.S. market. This new lift features cutting-edge functionality, including the patent-pending TelescoLift for adjustable lengths, ErgoSupport for enhanced comfort, and ergonomic hand grips for user safety. The company emphasizes customer feedback in the development process, enhancing the user experience for both patients and caregivers. This product release signifies a substantial advancement in Invacare's offerings in patient handling technology.
Invacare's division, Adaptive Switch Laboratories (ASL), has received the RESNA Leadership Award for its significant advancements in assistive technology and rehabilitation engineering. ASL specializes in creating products like driver controls and electronic switches for individuals with disabilities. ASL’s director, Lisa Rotelli, emphasized the honor of the recognition, affirming their commitment to improving lives through technology. Joost Beltman, Invacare's senior VP, praised the team’s contributions to innovation in the industry, highlighting their focus on enhancing the quality of life for users.