Invacare Corp. (IVC) Misses Q2 EPS by 21c, Miss on Revenues

Invacare Corp. (NYSE: IVC) reported Q2 EPS of ($0.63), $0.21 worse than the analyst estimate of ($0.42). Revenue for the quarter came in at $233.5 million versus the consensus estimate of $244.23 million.

Release Highlights

• Reported net sales decreased 15.1% to $233.5 million. Excluding the divested Garden City Medical, Inc. (GCM), constant currency net sales(a) decreased 9.3%. Constant currency sequential net sales(b) decreased 0.1% compared to first quarter 2017.
• Gross margin as a percentage of net sales increased 100 basis points to 27.8%.
• Operating loss increased by $9.9 million to $15.7 million.
• GAAP loss per share was $0.72; adjusted net loss per share(c) was $0.63, which included $0.15 per share of restructuring charges.
• Free cash flow(d) usage was $22.4 million, which was $10.9 million lower than the first quarter 2017.
• Consent decree milestone: Successfully satisfied FDA requirements to resume full operations at Corporate and Taylor Street manufacturing facilities in Elyria, Ohio.
• Phase Two progress on strategic transformation: Restructuring activities since May 2017 expected to yield an incremental $8.3 million in annualized cost savings.

For earnings history and earnings-related data on Invacare Corp. (IVC) click here.

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