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Invacare CEO to depart after poor Q2

This article was originally published in Clinica

Executive Summary

Long-term care products specialist Invacare president and CEO Gerald Blouch is to retire after 24 years with the company, following a disappointing second quarter. Chief financial officer Robert Gudbranson will lead the firm on an interim basis while it searches for a permanent replacement. Invacare’s Q2 sales slumped 4% year-on-year to $331.3m, while net loss widened to $13.6m, from $12.5m in Q2 2013. “The strong performance of the European business was more than offset by the weak financial results of the North America/home medical equipment and Asia/Pacific segments,” Mr Blouch stated. “Clearly, Invacare's businesses outside of Europe are under pressure, and we are not pleased with the second quarter's consolidated financial results.” The firm’s shares plunged 15% to close at $14.96 on 24 July, the day it announced the news.

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