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Invacare

American medical equipment manufacturer

Invacare is a leading global manufacturer and distributor of non-acute medical equipment including wheelchairs, mobility scooters, beds, safe patient handling, pressure care and seating. Headquartered in Elyria, Ohio, the company currently distributes its product and services around the world.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

$741.7MRevenue, fiscal 20225
-$101.1MNet income, fiscal 20225
1979Founded1

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  • TickerIVC on NYSE1
  • IndustryOrthopedic, Prosthetic & Surgical Appliances & Supplies1
  • HeadquartersElyria1
  • Websitewww.invacare.de
  • Business addressOne Invacare Way, Elyria, Oh 440356
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • Legal formCorporation (For-Profit)4
  • LEI549300NNUTG7HCZICS764
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O NUCO FILINGS CORP., 43302 Marion, United States4
  • Registered withCorporation Database (Ohio Secretary of State), 4085424
Invacare image from its website
Image: invacare.de8

Invacare is a leading global manufacturer and distributor of non-acute medical equipment including wheelchairs, mobility scooters, beds, safe patient handling, pressure care and seating. Headquartered in Elyria, Ohio, the company currently distributes its product and services around the world. In February 2023, Invacare stated that it had filed for Chapter 11 bankruptcy for its North American entities only. It emerged from Chapter 11 in 2024 and continues to operate across Europe, Asia-Pacific and North America. It also has a growing presence around the rest of the world.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2022

23.6%Gross margin5
-10.8%Operating margin5
-13.6%Net margin5
-15.0%Revenue growth, 20225
-124.6%Return on equity5
4.37×Debt to equity5
-$59.0MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2022

  • Cost of revenue68¢$566.3M
  • Research and development0¢$3.5M
  • Selling, general and admin27¢$226.8M
  • Interest3¢$28.5M
  • Income tax0¢$3.1M

Out of $741.7M in revenue.5 The company lost money this year.

Financial statements

Revenue9101112135$741.7M in 2022−35% since 2015
0$500.0M$1.0B$1.5B2015: $1.1B$1.1B20152016: $1.0B$1.0B2016−8%2017: $966.5M$966.5M2017−8%2018: $972.3M$972.3M2018+1%2019: $928.0M$928.0M2019−5%2020: $850.7M$850.7M2020−8%2021: $872.5M$872.5M2021+3%2022: $741.7M$741.7M2022−15%
Gross profit9101112135$175.4M in 2022−44% since 2015
0$100.0M$200.0M$300.0M$400.0M2015: $312.8M$312.8M20152016: $283.6M$283.6M2016−9%2017: $269.3M$269.3M2017−5%2018: $267.7M$267.7M2018−1%2019: $262.1M$262.1M2019−2%2020: $245.3M$245.3M2020−6%2021: $239.1M$239.1M2021−3%2022: $175.4M$175.4M2022−27%
Operating income9101112135-$80.5M in 2022+936% since 2015
-$100.0M-$75.0M-$50.0M-$25.0M0$25.0M2015: -$7.8M-$7.8M20152016: -$15.2M-$15.2M2016+96%2017: -$40.2M-$40.2M2017+164%2018: -$18.3M-$18.3M2018−54%2019: -$10.4M-$10.4M2019−43%2020: $11.3M$11.3M20202021: -$24.2M-$24.2M20212022: -$80.5M-$80.5M2022+232%
Net income9101112135-$101.1M in 2022+286% since 2015
-$150.0M-$100.0M-$50.0M02015: -$26.2M-$26.2M20152016: -$42.9M-$42.9M2016+64%2017: -$76.5M-$76.5M2017+79%2018: -$43.9M-$43.9M2018−43%2019: -$53.3M-$53.3M2019+21%2020: -$28.3M-$28.3M2020−47%2021: -$45.6M-$45.6M2021+61%2022: -$101.1M-$101.1M2022+122%
Fiscal year20152016201720182019202020212022
Revenue$1.1B9$1.0B10$966.5M11$972.3M12$928.0M13$850.7M5$872.5M5$741.7M5
Cost of revenue$829.5M9$763.8M10$697.2M11$704.7M12$665.9M13$605.4M5$633.4M5$566.3M5
Gross profit$312.8M9$283.6M10$269.3M11$267.7M12$262.1M13$245.3M5$239.1M5$175.4M5
Research and development$18.7M9$17.1M10$17.8M11$17.4M12$15.8M13$12.3M5$8.7M5$3.5M5
Selling, general and admin$318.6M9$303.8M10$296.8M11$281.9M12$260.1M13$236.4M5$232.2M5$226.8M5
Operating income-$7.8M9-$15.2M10-$40.2M11-$18.3M12-$10.4M13$11.3M5-$24.2M5-$80.5M5
Interest$4.1M9$15.9M10$22.9M11$28.3M12$29.1M13$28.5M5$24.3M5$28.5M5
Income before tax-$39.1M5-$98.0M5
Income tax$14.7M9$13.3M10$10.3M11$9.8M12$9.3M13$3.8M5$6.4M5$3.1M5
Net income-$26.2M9-$42.9M10-$76.5M11-$43.9M12-$53.3M13-$28.3M5-$45.6M5-$101.1M5
Earnings per share-$0.819-$1.3210-$2.3411-$1.3312-$1.5913-$0.835-$1.315-$2.775
Earnings per share (diluted)-$0.819-$1.3210-$2.3411-$1.3312-$1.5913-$0.835-$1.315-$2.775
Shares (weighted, basic)34.9M shares536.5M shares5
Shares (weighted, diluted)35.3M shares536.6M shares5

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The story

The history of Invacare can be traced back to 1885 when the Worthington Company began to produce a wide range of wheelchairs. The product lines were expanded several times, but its main focus remained in wheelchairs.

In the 1970s, Invacare was owned by Technicare, a Cleveland medical device manufacturer. With Mal Mixon as its Vice President of Marketing, the company branched into the field of diagnostic imaging. Later in 1978, Technicare was acquired by Johnson & Johnson who subsequently put Invacare up for sale. Driven by the wish of running his own firm, Mal Mixon expressed interest in buying Invacare. Because of financial constraint, Mixon had to borrow $4.3 million and raise another $2.5 million in order to buy Invacare at $7.8 million. The transaction closed on December 28, 1979.

In 2008, after multiple acquisitions, Invacare was valued at $1.8 billion, and had sold its products to over 25,000 medical equipment providers in 80 countries.

In 2012, Invacare in North America entered into a consent decree with the Federal Government regarding certain products and facilities.

By 2013, the FDA had accepted two certification reports by an independent auditor, making progress toward removing the consent decree. In 2015, after a follow-up inspection, the agency informed Invacare that more work was required in both the company’s controls over its design process and design history as outlined in report two.

Although the third party auditor had submitted a third and final certification report whose acceptance could have lifted the consent decree, no review could be done on that report until the discrepancies noted in report two had been resolved.

In April 2017, the agency informed that company that it had accepted the revised second certification report allowing Invacare to resume design work in its Elyria, OH facility. The company is awaiting review and acceptance of the third certification report.

From Wikipedia’s article on Invacare, shared under CC BY-SA 4.0.7

Leadership

Who has led Invacare, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (56)

Former names

  • INVACARE CORPMay 15, 1995 to May 5, 20236

Timeline

  1. Sep 15, 2022New chief executive Geoffrey Purtill becomes CEO17
  2. Apr 3, 2015New chief executive Matthew E. Monaghan becomes CEO18
  3. Aug 4, 2014New chief executive Robert K. Gudbranson becomes CEO19
  4. May 4, 2010New chief executive Gerald B. Blouch becomes CEO20
  5. Feb 13, 2006New chief executive Aaron Malachi Mixon Iii. becomes CEO21
  6. Jan 3, 1994Went public Listed on NYSE1
  7. 1979Founded Founded1

Filings

238 filings to the SEC since October 2021: 2 annual reports, 5 quarterly reports, 38 major events, 102 insider forms, 55 large holders, 36 other. The latest 20:

  1. Oct 31, 2024SC 13D/A INVACARE HOLDINGS CORP EDGAR
  2. Oct 31, 20244 EDGAR
  3. Oct 30, 2024SC 13D/A EDGAR
  4. Oct 30, 2024SC 13D/A EDGAR
  5. Oct 30, 2024SC 13D/A EDGAR
  6. Oct 30, 2024SC 13D/A EDGAR
  7. Oct 30, 20244 EDGAR
  8. Oct 30, 20244 EDGAR
  9. Oct 30, 20244 EDGAR
  10. Oct 30, 20244 EDGAR
  11. Aug 22, 2024SC 13D/A EDGAR
  12. Aug 8, 202415-15D EDGAR
  13. Aug 8, 202415-12G EDGAR
  14. Aug 8, 2024S-8 POS EDGAR
  15. May 31, 2024SD EDGAR
  16. May 16, 2024NT 10-Q EDGAR
  17. May 9, 2024SC 13D/A EDGAR
  18. Apr 11, 2024SC 13D/A EDGAR
  19. Apr 10, 2024SC 13D/A EDGAR
  20. Apr 10, 2024SC 13D/A EDGAR

The 238 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

18 open-market trades by officers, directors and large owners since October 2021: 13 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Oct 29, 2024PM Manager Fund, SPC-Segregated Portfolio 3310% ownerBuy2,431,075Form 4
Oct 29, 2024DG Capital Management, LLC10% ownerBuy1,408,002Form 4
Oct 29, 2024SILVERBACK ASSET MANAGEMENT LLC10% ownerBuy912,980Form 4
Oct 29, 2024TENOR CAPITAL MANAGEMENT Co., L.P.10% ownerBuy713,698Form 4
Nov 18, 2022Rosen Steven HDirectorSale102,820$0.38$39.1KForm 4
Nov 17, 2022Rosen Steven HDirectorSale20,000$0.45$9.0KForm 4
Nov 16, 2022Azurite Management LLC10% ownerSale20,000$0.49$9.8KForm 4
Nov 15, 2022Azurite Management LLC10% ownerSale78,025$0.50$39.0KForm 4
Nov 14, 2022Azurite Management LLC10% ownerSale60,480$0.50$30.2KForm 4
Jun 27, 2022Rosen Steven HDirectorBuy50,000$1.51$75.5KForm 4
Jun 21, 2022Rosen Steven HDirectorBuy100,000$1.44$144.0KForm 4
Jun 6, 2022Azurite Management LLC10% ownerBuy100,000$1.27$127.0KForm 4
Jun 6, 2022Rosen Steven HDirectorBuy100,000$1.27$127.0KForm 4
Jun 3, 2022Azurite Management LLC10% ownerBuy241,720$1.08$261.1KForm 4
Jun 3, 2022Rosen Steven HDirectorBuy241,720$1.08$261.1KForm 4
Mar 11, 2022Leneghan Kathleen P.Senior VP and CFOBuy20,000$1.49$29.8KForm 4
Mar 11, 2022LaPlaca AnthonySr. VP, GC, CAO & SecretaryBuy10,000$1.49$14.9KForm 4
Mar 11, 2022Monaghan Matthew E.Chairman, President and CEOBuy33,000$1.49$49.2KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Sources

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