Invacare Corporation (IVC) saw its loss widen to $16.78 million, or $0.52 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $8.62 million, or $0.27 a share. On the other hand, adjusted net loss for the quarter widened to $15.41 million, or $0.47 a share from a loss of $8.33 million or $0.26 a share, a year ago. Revenue during the quarter dropped 10.03 percent to $231.72 million from $257.55 million in the previous year period. Gross margin for the quarter expanded 177 basis points over the previous year period to 28.11 percent. Operating margin for the quarter stood at negative 4.60 percent as compared to a negative 1.97 percent for the previous year period.
Operating loss for the quarter was $10.65 million, compared with an operating loss of $5.08 million in the previous year period.
"Our organization continues to make progress transforming from being a generalist durable medical equipment company toward more clinically complex products and solutions. Net sales of basic aids for daily living continued to decline, while mobility and seating sales, excluding discontinued consumer power products, increased in the North America Home Medical Equipment (NA HME) segment, where the transformation is most significant. Gross margin as a percentage of net sales grew primarily due to our more favorable mix of products," said Matthew E. Monaghan, chairman, president and chief executive officer.
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