ELYRIA, Ohio--(BUSINESS WIRE)--Invacare Corporation (NYSE: IVC) today reported results for the first quarter ended March 31, 2017. All comparisons are with respect to the same period last year, unless otherwise stated.
Key Highlights
- Reported net sales decreased 10.0% to $231.7 million. Excluding the divested Garden City Medical, Inc., constant currency net sales(a) decreased 4.4%.
- Gross margin as a percentage of net sales increased 180 basis points to 28.1%.
- Operating loss increased $5.6 million to $10.7 million.
- GAAP loss per share was $0.52; adjusted net loss per share(b) was $0.47.
- Free cash flow(c) improved by $6.8 million to $(33.4) million.
- Consent decree milestones: FDA accepted second and third expert certification reports; company submitted ''5(H) report.’'
After another quarter of progress on the company’s planned transformation, reported net sales decreased 10.0% to $231.7 million, or 4.4% on a constant currency basis, excluding the impact of the third quarter 2016 divestiture of Garden City Medical, Inc. (GCM). As a result of the strategic shift to more clinically complex products, gross margin as a percentage of net sales increased 180 basis points to 28.1%. Operating loss increased by $5.6 million, primarily driven by lower net sales and restructuring costs largely related to the reduction in force that was announced on January 31, 2017. Adjusted net loss per share increased by $0.21 to $0.47.
