Invacare makes progress during 'most challenging year'

July 25, 2013 by Arezu Sarvestani

Invacare gains a few points on Wall Street despite sinking sales and widening losses as the company sees the light at the end of an FDA consent decree effectively shutting down 2 company facilities.

Invacare makes progress during 'most challenging year'

Ohio-based medical device maker Invacare (NYSE:IVC) jumped a few points today, despite posting a tough 2nd quarter, as the company reported progress in emerging from an FDA consent decree that has limited research, development and manufacturing abilities.

Invacare's Q2 2013 sales dropped 5.6% compared with the same period last year, and losses more than tripled in the 3 months ended June 30, 2013. Nonetheless, IVC shares jumped 4.8% today, trading at $16.40 as of about 1:30 p.m.

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Invacare has since last year been operating under an FDA order that temporarily shuttered 2 manufacturing facilities and forced the company to divest its medical supplies business. The FDA in December 2012 said that it had flagged problems with Invacare's quality control system over 7 inspections since 2002, "along with failures to properly report adverse events to the agency."