Invacare Corp has announced its financial results for the first quarter of 2016, which ended March 31, 2016.
A media release from the company shares the following first-quarter highlights:
Excluding the divested rentals businesses, constant currency net sales decreased 4.8% and reported net sales decreased 10.9% compared to the first quarter last year.
Excluding the impact of the divested rentals businesses from 2015, gross margin as a percentage of net sales for the first quarter of 2016 increased by 1.0 percentage point as compared to the first quarter last year. Reported gross margin as a percentage of net sales from continuing operations was lower by 0.3 of a percentage point compared to the first quarter last year.
Adjusted net loss per share from continuing operations was $0.25 compared to adjusted net loss per share of $0.21 in the first quarter last year. GAAP loss per share from continuing operations was $0.27 compared to loss per share of $0.23 in the first quarter last year.
Free cash flow was negative $39.0 million compared to negative $23.7 million last year.
Debt outstanding as of March 31, 2016 was $197.9 million compared to $48.3 million as of December 31, 2015. The increase in debt outstanding is the result of the issuance of $150.0 million in convertible debt during the first quarter of 2016.
For more information, visit Invacare Corp.
[Source(s): Invacare Corp, Business Wire]
