- By Laurie Watanabe
- May 17, 2023
Invacare Reports Q1 Results for 2023
Invacare described improved operating results as part of its first-quarter results report for 2023.
In a May 15 announcement, Invacare President/CEO Geoff Purtill said, “Year to date, we've made tremendous strides in all aspects of the company’s transformation plan. With Chapter 11 behind us, our focus is on driving operational excellence and delivering profitable long-term growth in our core lifestyle and mobility and seating product categories. This is a new beginning for the company and a great opportunity to redefine the business for the future and realize our long-term growth potential.”
Invacare reported demand for lifestyle as well as seating and mobility equipment “remained resilient on a global basis.”
The announcement listed Invacare’s net sales as $165.5 million, a 17.7-percent decrease. Constant currency net sales decreased 13.2 percent. “Excluding the divestiture of respiratory products, constant currency net sales declined 7.7 percent with largest decline in North America as result of the bankruptcy filing and product discontinuation,” the announcement said.
“Gross margin was 26.5 percent, an increase of 280 basis points, driven by favorable product mix and lower input costs,” Invacare added.
Medicare Fraud Prevention Week Is June 5-11
Medicare Fraud Prevention Week is scheduled for June 5 through 11. Maria Alvarez, Executive Director of the New York StateWide Senior Action Council, the administrator of New York’s Senior Medicare Patrol (SMP) program, said, “Medicare fraud has a devastating impact on both beneficiaries and the Medicare program. We teach people how to avoid experiencing Medicare fraud. By preventing fraud from happening, this program helps individuals and protects the Medicare program for generations to come.”
Participate in Medicare Fraud Prevention Week by using the SMP social media kit. During Prevention Week, SMP encourages Medicare beneficiaries to monitor insurance statements to confirm that products and services listed on statements match what the beneficiaries actually have received.
Caregivers and family members of Medicare beneficiaries can help by watching for equipment that arrives without approval of the beneficiaries or their physicians, as well as by reminding beneficiaries to protect their Medicare numbers as they would their credit card numbers.
Laurie Watanabe is the editor of Mobility Management. She can be reached at firstname.lastname@example.org.