Invacare lays of 75, shuffles sales deck

July 3, 2019 By Brad Perriello Leave a Comment

Invacare (NYSE:IVC) said yesterday that it’s planning to lay off nearly 2% of its workers and named new leaders for its North American sales operation.

The Elyria, Ohio-based wheelchair maker said it laid off 75 workers, or about 1.8% of its workforce, in North America and Europe; as of Dec. 31, 2018, the company had 4,200 employees.

The layoffs are expected to deliver $6.4 million in annual pre-tax savings, $3.3 million in Europe and $3.1 million in North America, Invacare said. Pre-tax cash charges from severance and transition assistance are expected to be $600,000 during the second quarter and $2.5 million during the third quarter.

Invacare also said it promoted Joost Beltman to vice president of sales & marketing for North America and named Keith Brantly director of CRT sales.

“We continue to make progress against our enhanced transformation and growth plan, and I am confident that today’s announcements, in conjunction with our ongoing strategic changes, will position Invacare for long-term success,” chairman, president & CEO Matthew Monaghan said in prepared remarks. “First, I would like to congratulate Joost and Keith on their new roles. These are exciting key roles for us to have filled with strong talent. Joost’s proven success in Europe will help us execute a clear vision for profitable sales growth in North America as we navigate the ever-changing healthcare market. He will be instrumental in integrating the North America resources to drive overall commercial success. Keith’s understanding of the clinical sales process and collaborative customer relationships will continue to expand Invacare’s legacy of innovation and expertise in the complex rehabilitation space. This is a core area for the company with strong products and clinical benefits. Keith’s focus will help us regain share and better align with customer success.

“Finally, while decisions that affect our workforce are never easy, it is important that we make long-term focused decisions and take actions that streamline our business to delight our customers and optimize our cost structure. Actions like these will enable us to successfully execute our transformation strategy and increase shareholder value,” Monaghan said.

DeviceTalks Weekly Podcast: Deconstructing medtech’s alphabet soup – DPA, MDR, FDA are all in the news
In this week’s DeviceTalks Weekly, we’ll examine how governmental effort, both foreign and domestic, are hitting the medtech industry. Our guests include Tracy Eberly, CEO of Fang Consulting, a regulatory advisory group. Eberly will update listeners on what pushing back the MDR deadline could mean for medtech companies and why some companies may be less than… […]
AdvaMed: Invoking Defense Production Act could hinder U.S. medtech imports
Forcing manufacturers to repurpose their production lines to make equipment to fight the coronavirus epidemic might actually hurt the U.S. supply of those items, the head of medtech trade group AdvaMed said today. AdvaMed officials have talked with U.S. secretary of Health and Human Services Alex Azar and FDA commissioner Dr. Stephen Hahn about medtech… […]
March 2020 Issue: Is software key to medical 3D printing innovation?
What’s the word on ethylene oxide? The coronavirus pandemic has pushed a lot of news out of people’s minds, but medtech has other big issues to deal with. For instance, 8 months have passed since the FDA issued a public challenge for alternatives to ethylene oxide (EtO) as a sterilant for medical devices. As I… […]
GE Healthcare quadruples ventilator production at Wisconsin plant
General Electric Healthcare (NYSE:GE) this week announced that it is doubling its production capacity for ventilators and expanding its Madison, Wisconsin, production line to 24-hour operation. In a report on GE’s website, the company shared that it has doubled its capacity of ventilator production with plans to double it again by the end of the second… […]
FDA issues FAQ on 3D-printed equipment against coronavirus
Intrepid 3D printing companies and individuals who want to print masks, gowns and other personal protective equipment (PPE) to fight the coronavirus pandemic might want to take a look at the FDA’s new frequently asked questions page on the topic. While it says it welcomes coronavirus-fighting efforts, the agency said that 3D-printed masks are unlikely… […]
Software is enabling medical 3D printing innovation: Here’s how
The 3D printers themselves get a lot of attention, but for 3D-printing to become ubiquitous in the medtech space, software will have to play a key role. A 3D printer without software to tell it where to place the material is a really nice, expensive coffee table, according to Scott Rader, a former Stratasys GM… […]
This open source ventilator hackathon could help fight the coronavirus
Infineon engineers developed a 3D printed lung ventilator to help address the shortage of ventilators due to the COVID-19 pandemic. The German federal government held a hackathon called #WirvsVirus (“We against the virus”) where 42,000 people met to find solutions to challenges from the coronavirus. Infineon engineers, led by Mahmoud Ismail who has a doctorate… […]
Could these DIY ventilators stop coronavirus from killing people?
Amid the global crisis caused by the coronavirus pandemic, hospitals and healthcare facilities are reporting shortages of vital equipment that not only keeps the patients safe, but the staffers, too. One important device for which demand has ramped up is ventilators for patients who need assistance with their breathing due to the respiratory effects of… […]
DIY ventilators? Not unless there’s a zombie apocalypse.
News reports of the COVID-19 virus have given a lot of space to the shortage of respiratory ventilators. The Society of Critical Care Medicine claims at least 950,000 U.S. patients could need ventilators but hospitals only have 160,000. One response to statistics like these has been a movement among open-source promoters to initiate community-designed ventilators… […]
FDA announces EUAs related to ventilators to treat coronavirus
Amid a shortage of ventilators for treating coronavirus, the FDA put out a statement confirming its stance on issuing emergency use authorizations for potential temporary fixes. The FDA said it is operating on the basis of a EUA determination that the U.S. Dept. of Health and Human Services issues on Feb. 4. Earlier this week, HHS declared… […]
Hack the Crisis: Life-saving pneumatics from Emerson’s ASCO and Aventics
As the United States continues to focus on social distancing to combat COVID-19, more companies are revealing how the move home for their workers is impacting their business. Despite this, companies like Emerson’s ASCO and Aventics divisions continue to step up production on key technologies used in life sciences and laboratories, including ventilators, respirators, hospital… […]