Invacare (NYSE:IVC) shares ticked up after hours on second-quarter results that were mixed compared to the consensus forecast.
The Elyria, Ohio-based company posted losses of -$10.7 million, or -31¢ per share, on sales of $225.9 million for the three months ended June 30, 2021, for a 35.6% bottom-line gain on sales growth of 15.1%.
Adjusted to exclude one-time items, losses per share were -28¢, 5¢ behind Wall Street, where analysts were looking for sales of $214.6 million.
“I want to first thank all our associates who put in extraordinary efforts to support our customers as we all recover from the impacts of the pandemic,” Invacare chairman, president & CEO Matt Monaghan said in a news release. “Through their hard work, we achieved high single-digit constant currency net sales growth, with increases in all product categories.
“Looking forward, profitability and free cash flow are expected to accelerate as we head into our seasonally stronger second half of the year and as our supply chain mitigation efforts increase in effectiveness. As a result, we remain confident in our ability to achieve our previously stated full-year financial guidance.”
Invacare stands by its projection of net sales growth for the full fiscal year in a range of 4% to 7%.
IVC shares were up 4.6% at $7.10 per share after hours. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down -0.2%.