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Invacare Corp (IVC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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Invacare Corp

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CIK: 742112 Ticker: IVC






INVACARE CORPORATION ANNOUNCES FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FULL YEAR ENDED DECEMBER 31, 2018.

PROVIDES UPDATE ON ENHANCED TRANSFORMATION AND GROWTH PLAN,
INTRODUCES FULL YEAR 2019 GUIDANCE


ELYRIA, Ohio - (February 13, 2019) - Invacare Corporation (NYSE: IVC) ("Invacare" or the "company") today announced its financial results for the fourth quarter and year ended December 31, 2018.
Highlights for the Fourth Quarter 2018
•
Reported net sales decreased 2.3% to $244.6 million, and constant currency net sales(a) were flat compared to 4Q17.*
•
Consolidated constant currency sequential net sales(b) increased 0.9% compared to 3Q18. Increases in the Europe and Asia/Pacific segments were partially offset by decreases in the North America/Home Medical Equipment ("NA/HME") and Institutional Products Group ("IPG") segments, primarily due to previously guided declines in respiratory and lifestyle product sales.
•
Gross margin as a percentage of net sales increased 60 basis points to 27.9% compared to 4Q17, primarily as a result of reduced warranty costs partially offset by increased freight costs and rising material costs associated with U.S. tariffs.
•
Operating loss was $1.1 million, an improvement of $6.8 million compared to 4Q17, primarily related to a $5.7 million decrease in SG&A expenses, principally attributable to employment costs, and a $1.5 million decrease in restructuring costs.
•
GAAP loss per share was $0.04, and adjusted net loss per share(c) was $0.16. GAAP loss per share for 4Q18 benefited from a net gain on convertible debt derivatives.
•
Free cash flow(d) of $1.1 million was $19.5 million lower than 4Q17 as a result of increased accounts receivable balances and expected temporary increase in inventory related to reduced net sales of respiratory products in NA/HME and facility consolidation production transfers in Europe.
•
EBITDA(e) was $3.1 million, an improvement of $7.0 million compared to 4Q17.

* Date format is quarter and year in each instance.

1
The following information was filed by Invacare Corp (IVC) on Wednesday, February 13, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Invacare Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Comprehensive Income (Loss)
Consolidated Statement Of Comprehensive Income (Parenthetical)
Consolidated Statement Of Shareholders' Equity
Accounting Policies
Accounting Policies - Additional Information (Details)
Accounting Policies - Product Liability Cost (Details)
Accounting Policies - Property And Equipment (Details)
Accounting Policies (Policies)
Accounting Policies - Derivative Instruments (Details)
Accrued Expenses
Accrued Expenses - Components Of Current Liabilities (Details)
Accrued Expenses - Warranty Schedule (Details)
Accrued Expenses (Tables)
Accumulated Other Comprehensive Income (Loss) By Component
Accumulated Other Comprehensive Income (Loss) By Component - Changes In Accumulated Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Loss) By Component - Reclassifications Out Of Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Loss) By Component (Tables)
Business Segments
Business Segments - (Information By Segment) (Details)
Business Segments - (Narrative) (Details)
Business Segments - (Net Sales By Product) (Details)
Business Segments (Tables)
Capital Stock
Capital Stock - (Details)
Capital Stock (Tables)
Charges Related To Restructuring Activities
Charges Related To Restructuring Activities - (Details)
Charges Related To Restructuring Activities - Narrative (Details)
Charges Related To Restructuring Activities (Tables)
Concentration Of Credit Risk
Concentration Of Credit Risk - (Details)
Contingencies
Contingencies - (Details)
Derivatives
Derivatives - Balance Sheet Location (Details)
Derivatives - Fair Value Of Convertible Debt Hedges (Details)
Derivatives - Gain (Loss) In Statement Of Finacial Position (Details)
Derivatives - Narrative (Details)
Derivatives - Notional Amounts - Designated As Hedges (Details)
Derivatives - Notional Amounts - Not Designated As Hedges (Details)
Derivatives (Tables)
Discontinued Operations
Discontinued Operations - Narrative (Details)
Equity Compensation
Equity Compensation - Assumptions (Details)
Equity Compensation - Narrative (Details)
Equity Compensation - Options Activity (Details)
Equity Compensation - Performance Share Activity (Details)
Equity Compensation - Restricted Stock Activity (Details)
Equity Compensation - Share-Based Compensation Expense (Details)
Equity Compensation - Stock Options Outstanding By Exercise Price (Details)
Equity Compensation - Unrecognized Compensation Expense (Details)
Equity Compensation (Tables)
Fair Value Of Financial Instruments
Fair Values Of Financial Instruments - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Values Of Financial Instruments - Details Of Book Value And Fair Value Of Financial Instruments (Details)
Fair Values Of Financial Instruments - Narrative (Details)
Fair Values Of Financial Instruments (Tables)
Goodwill
Goodwill - (Details)
Goodwill (Tables)
Income Taxes
Income Taxes - (Narrative) (Details)
Income Taxes - Components Of Deferred Income Tax (Details)
Income Taxes - Income Before Income Tax (Details)
Income Taxes - Income Tax Expense (Benefit) (Details)
Income Taxes - Rate Reconciliation (Details)
Income Taxes - Unrecognized Tax Liability (Details)
Income Taxes - Us Tax Act Of 2017 (Details)
Income Taxes (Tables)
Intangibles
Intangibles - Finite And Indefinite Lived Intangibles (Details)
Intangibles - Finite-Lived Intangible Asset Future Amortization Expense (Details)
Intangibles - Narrative (Details)
Intangibles - Schedule Of Indefinite-Lived Assets (Details)
Intangibles (Tables)
Interim Financial Information
Interim Financial Information - (Details)
Interim Financial Information - Narrative (Details)
Interim Financial Information (Tables)
Inventories
Inventories - (Details)
Inventories (Tables)
Leases And Commitments
Leases And Commitments - Future Minimum Lease Commitments (Details)
Leases And Commitments - Narrative (Details)
Leases And Commitments - Sale Leaseback Transactions (Details)
Leases And Commitments (Tables)
Long-Term Debt
Long-Term Debt - Convertible Debt (Details)
Long-Term Debt - Debt (Details)
Long-Term Debt - Narrative (Details)
Long-Term Debt (Tables)
Net Earnings (Loss) Per Common Share
Net Earnings (Loss) Per Common Share - Computation Of Basic And Diluted Net Earnings Per Common Share (Details)
Net Earnings (Loss) Per Common Share - Narrative (Details)
Net Earnings Per Common Share (Tables)
Operations Held For Sale (Details)
Operations Held For Sale (Notes)
Other Current Assets
Other Current Assets - Components Of Other Current Assets (Details)
Other Current Assets (Tables)
Other Long-Term Assets
Other Long-Term Assets - (Details)
Other Long-Term Assets - Narrative (Details)
Other Long-Term Assets (Tables)
Other Long-Term Obligations
Other Long-Term Obligations - (Details)
Other Long-Term Obligations - Narrative (Details)
Other Long-Term Obligations (Tables)
Other Long-Term Obligations Long Term Debt (Details)
Property And Equipment
Property And Equipment - (Details)
Property And Equipment (Tables)
Receivables
Receivables - Accounts Receivable (Details)
Receivables - Aging Of Installment Receivables (Details)
Receivables - Installment Receivables (Details)
Receivables - Installment Receivables By Class (Details)
Receivables - Narrative (Details)
Receivables - Rollforward Of Allowance For Doubtful Accounts (Details)
Receivables (Tables)
Retirement And Benefit Plans
Retirement And Benefit Plans - (Details)
Revenues (Details)
Revenues (Notes)
Revenues (Tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts - (Details)
Ticker: IVC
CIK: 742112
Form Type: 10-K Annual Report
Accession Number: 0000742112-19-000010
Submitted to the SEC: Thu Mar 07 2019 11:36:37 AM EST
Accepted by the SEC: Thu Mar 07 2019
Period: Monday, December 31, 2018
Industry: Orthopedic Prosthetic And Surgical Appliances And Supplies

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