This publication has been discontinued on June 6, 2011.
Abstract
Invacare Corporation, headquartered in Elyria, Ohio, USA, manufactures,
distributes and markets products in each of the following non-acute, medical
equipment categories: power and manual wheelchairs, patient aids, home care
beds, home respiratory products, low air loss therapy products, seating and
positioning products, bathing equipment and distributed products. Invacare
operates predominantly in the home medical equipment industry segment and
claims to hold leading or second market share positions in most of its
business lines. Currently, Invacare estimates it has a 25% share of the world
equipment market.
Invacare' s products are sold in more than 80 countries worldwide and the
company has manufacturing plants in the US, Australia, Canada, China, Denmark,
Germany, France, Italy, Mexico, New Zealand, Portugal, Sweden, Switzerland and
the UK. In fiscal 2003, ended 31st December 2003, Invacare' s revenue increased
by 14.5%, driven by growth in all business segments. Currency translation
accounted for 6% of the sales increase, while acquisitions contributed an
additional 3%.
The company' s objective is to be a high-quality and low-cost manufacturer.
Invacare believes that it will achieve this objective through improved product
design and lowering its manufacturing costs. During 2003, this involved
initiatives such as the closure and consolidation of certain manufacturing
plants in the US, the commencement of manufacturing in China and the transfer
of some production to a facility in Mexico.
In the US, in the first quarter of 2004, although Invacare' s Rehab division
continued to grow at double-digit rates it was impacted by the tighter
Medicare rules on the eligibility for reimbursement of power wheelchairs for
seniors and people with disabilities. Late in March 2004, the Centers for
Medicare and Medicaid Services (CMS) retracted the December 2003 bulletins
restricting Medicare coverage of power wheelchairs for seniors and people with
disabilities. Although this change in the rules should return access for these
items to levels seen during recent years, CMS is expected to continue
monitoring this area. The company hopes the change will lead to more stability
and predictability in the US power wheelchair market.
For fiscal 2004, the company is forecasting a net sales increase of 12 to 14%
and EPS of between US$2.45 and US$2.55. The company' s long-term goal is to
double annual sales to US$2 billion by 2006, while delivering 13 to 15%
average annual earnings growth.
Table of Contents
- OVERVIEW
- CORPORATE HISTORY
- FOUNDATION2
- RECENT CORPORATE NEWS
- MERGERS AND ACQUISITIONS3
- Altimate Medical
- Medical Support Systems
- Australian Healthcare Equipment (AHE)
- WP Domus
- Freedom Designs
- Decpac
- Champion Manufacturing
- Premier Designs
- ACS
- Motion Concepts
- Carroll Healthcare5
- Pinnacle Medsources5
- Mecc San
- Pro-Med Equipment Pty Ltd
- Adaptive Switch Laboratories and Dynamic Systems
- Scandinavian Mobility International
- Suburban Ostomy Supply Company6
- Allied Medical Supply6
- Silcraft
- Roller Chair
- Production Research Corporation6
- Healthtech Products6
- Fabriorto
- Frohock Stewart
- Special Health Systems
- Medical Equipment Repair Services
- Group Pharmaceutical
- Paratec
- Thompson Rehab
- Bencraft
- PinDot Products
- Beram
- Genus Medical
- Rehadap
- GSI
- Dynamic Controls
- Top End
- Poirier
- Hovis Medical
- Canadian Posture and Seating Centre
- Canadian Wheelchair Manufacturing
- MINORITY INVESTMENTS
- NeuroControl
- DIVESTITURES
- Lift Chairs
- Peiser' s Medical Supplies and Services
- Patient Solutions
- AGREEMENTS
- Microban International
- Home Diagnostics
- LITIGATION
- Respironics
- Sunrise Medical
- CORPORATE STRUCTURE
- North America11
- Rehab Products
- Standard Products
- Respiratory Products
- Distributed Products
- Continuing Care (Invacare Continuing Care Group)
- Other Products
- Asia/Pacific
- Europe
- STRATEGIC FOCUS
- Organising for Global Focus
- New Product Strategy
- Re-establish Position as Low-cost Producer
- Build a Powerful Brand
- Continue Acquisition Activities
- Building Talent
- Competition
- PRODUCTS
- WHEELCHAIRS
- Power Wheelchairs
- Custom Power
- Storm Series TDX
- 3G Storm Series
- Xterra Series
- Paediatrics
- Consumer Power
- At' m Take Along Chair
- Pronto M91, M51, M50
- Pronto M71
- Pronto M61
- Pronto R2
- Pronto M94
- P9000 XDT
- Nutron Series
- Powered Seating Systems
- Formula Powered Seating
- Elevating Seat
- Tilt and Recline
- Tilt
- Recline
- IVC Manual Wheelchairs
- IVC Manual
- Invacare Aluminium Transport Chair
- IVC Tracer EX2
- IVC Transport
- IVC Lightweight
- IVC 9000 XT
- IVC 9000 SL
- Invacare IVC Tracer SX5
- IVC Bariatricand HeavyDuty
- IVC 9000 Topaz
- IVC 9000 XDT
- IVC 900
- IVC Recliners
- IVC 9000 XT
- IVC Tracer SX5 Recliner
- IVC Paediatric
- IVC 9000 Jymni
- IVC Accessories
- Invacare Ramps
- Invacare CLD Lever Drive
- CareGuard
- Invacare CareGuard K2000
- Invacare CareGuard K3000
- Custom Manual Wheelchairs
- Folder
- MVP Chair
- Patriot
- Xtra
- Rigid
- A4 and A4 Titanium
- Tilt-in-Space
- Solara
- Compass SPT
- Compass SPT Limited
- Paediatric Tilt-in-Space
- Spree GT
- Spree XT
- Spree XT Limited
- Orbit
- Non Tilt-in-Space
- Compass XE
- Paediatric Non Tilt-in-Space
- MVP Jnr
- Comet
- Allegro
- Top End Everyday Chairs
- Terminator Everyday
- Terminator Titanium
- Terminator Jr
- Terminator Everyday Heavy Duty
- Top End Sports and Recreation Models
- Top End Transformer All Sport
- Handcycling
- Excelerator XLT Pro
- Excelerator XLT Gold
- Excelerator XLT Jr
- Excelerator
- Basketball
- Top End Paul Schulte Signature Series Basketball Chair
- X-Terminator Titanium
- Terminator BB and X-Terminator BB
- Tennis
- Top End Stephen Welch Signature Series Tennis 4
- Racing
- Eliminator OSR
- SEATING AND POSITIONING PRODUCTS
- InTouch
- InTouch TargIT Seat Cushion
- Infinity Series
- Infinity Backs
- Infinity UniBack10
- Infinity DualFlex10
- Infinity LoBack
- Infinity Cushions
- Infinity AirFlo Cushion
- Infinity FloGel and ViscoFoam
- Infinity Accessories
- Personal Backs
- Personal Back 10
- Personal Back 10Plus
- Essential Series
- Essential Series Seat Cushions
- Essential Cushion
- Comfort-Mate Extra Cushion
- Single Density Cushion
- Personal SeatVF
- KSS -Kinesthetic Seating System
- PinDot Series
- Silhouette Seating System
- Contour U System
- Shape Sensor with Moulding Attachments
- Conventional Products
- Ulti-Mate Cushion Base
- Curved Back
- Personal Seat VF Cushion
- Cushion Rigidiser
- Seating Accessories
- SELF CARE / PATIENT AIDS
- Ambulatory
- Walkers
- Dual Blue-Release Walker
- Invacare Single Release Folding Walker
- Heavy Duty Adult Walker
- Hemi Walker
- WalkLite Walker
- Walker Accessories
- Rollators
- Rollite Rollator
- Sprint Three-Wheel Rollator
- Canes
- Adjustable Folding Cane
- Quad Cane
- Crutches
- Quick Adjust Crutches
- Bariatric Crutches
- Forearm Crutches
- Quick-Change Crutches
- Bathing Systems
- Supine Series
- Free Standing Side Access
- Access 3650 Side Entry Bathing and Hydromassage System
- Access 3600 and 3600 XL
- Recessed Side Access
- Access 3750 and 3800
- Bathing System Lifts
- IH1200 Power Adjustable Stretcher Lift/Transport
- IH1300 Power Adjustable Seat Lift/Transport
- IH1800 Traverse Lift/Transport Series
- IH1850 Traverse Fixed Height Lift/Transport
- Bath Safety Products
- Shower Chairs
- I-Fit Shower Chairs
- CareGuard Shower Chairs
- Invacare Vinyl Padded Shower Chair
- Mobile Shower Chair
- Raised Toilet Seats and Toilet Safety Frames
- Adjustable Raised Toilet Seat
- I-Class Clamp-on Raised Toilet Seat
- Bath Board and Bath Accessories
- Tub and Grab Bars
- Aids to Daily LivingandOrthopaedicAccessories
- Transfer Benches
- I-Class Transfer Bench
- Ensolite Padded Transfer Bench
- CareGuard Transfer Bench
- Commodes
- Standard Drop-Arm Commode
- Bariatric Commode
- Mariner Rehab Shower Commode Chair
- LIFTS AND SLINGS
- Reliant Plus Lifts
- Reliant Power Lift With Adjustable Base
- Reliant Plus 600
- RPS350-1 Reliant Stand-Up Lift
- Invacare Model 9805 Hydraulic Lift
- Reliant Digital Scale
- Slings
- Reliant Slings
- Polyester with Commode
- BEDS AND BED RELATED PRODUCTS
- IVC Home Care Beds
- Electric Beds
- Full Electric Low Bed
- IH820-3M Full Electric Bed
- Adjustable Beds
- BAR600 Bariatric Bed
- IVC ManualHomeCare Bed
- ICCG Beds
- Invacare 820
- SC900
- Arro
- Echo
- Solo
- Mattresses and Mattress Covers
- Phomvantage Home Care Foam Mattress
- Deluxe Innerspring Mattress
- Bariatric Mattress
- Mattress Covers
- Therapeutic Support Surfaces
- Group 1 Products
- CareGuard 101 Foam Mattress
- CareGuard Gel Foam Mattress Overlay
- CareGuard APP Alternating Pressure Pad System
- Group 2 Products
- microAIR 3500S Portable Low Air Loss Therapy System
- microAIR Turn-Q Plus
- Incontinence Bed Pads
- CareGuard 8000 Alternating Pressure Mattress
- Alternating Pressure Mattress
- Low Air Loss Mattress
- Lateral Turning Mattress
- Bed Rails
- Reduced Gap Bed Rails
- Reduced Gap Deluxe Full-Length Bed Rails
- Reduced Gap Half-Length Bed Rails
- Reduced Gap Heavy-Duty Half-Length Bed Rails
- Reduced Gap Home Care Bed Rail
- Reduced Gap Economy Full-Length Spring-Loaded Bed Rail
- Bed Accessories
- High Impact Bed End Panels
- Universal Bed Ends
- Bed Buggy
- Stor-A-Bed
- Extender Kits
- Trapeze Equipment
- Offset Trapeze Bar-Octagon Tube
- Trapeze Floor Stand
- Bariatric Trapeze
- Bed Accessories
- Epoxy Side Rails
- Vinyl Bumper/IV Pole Holder
- "U" Base Bumper
- Knee Ratchet
- 3 Function Lock Out Switch
- Quick Release Brackets
- Bed Extender with Pad
- Adjustable IV Rod
- IV Sockets
- Trapeze Mounting Frame
- Traction Equipment
- Fracture Frame -Universal
- Overbed Tables
- UNI-RECLINERS
- Mobile Positioning Chairs
- Invacare Multi-Position Recliners
- Mobile Recumbent Chairs
- Deluxe 3 Position Recliners
- Traditional Three-Position Recliner
- Clinical Recliners
- Mobile IV Stands
- HMVS AND POWERED MOBILITY LIFTS
- HMVs
- Zoom
- Zoom 220 HMV
- Zoom 300 HMV
- Zoom 400 HMV
- HMV Accessories
- Powered Mobility Lifts
- Phoenix
- RESPIRATORY PRODUCTS
- Oxygen Therapy Products
- HomeFill II Oxygen System
- Oxygen Cylinders
- Oxygen Concentrators
- Platinum 10 with Sens O2
- Platinum XL Concentrator
- Invacare 5 and Invacare 5 with SensO2
- Invacare Check O2 Plus Concentrator Analyser
- Invacare Precise Rx Paediatric Flowmeter
- Invacare Remote Flowmeter
- Invacare Remote Flowmeter Setup Kit
- Oxygen Conserving Devices
- Venture Demand Oxygen Delivery Device
- Compressed Oxygen Systems
- Pulse Oximetry Devices
- Digit Finger Pulse Oximeter61
- Digital Pulse Oximeter
- Pulse Oximeter
- Printing Pulse Oximeter
- Sleep Printing Pulse Oximeter
- Sleep Printing Pulse Oximeter Downloading Software
- Accessories
- Regulators
- Piston Regulators with Contents Gauge
- Aerosol Therapy
- Aerosol Compressor Products
- Stratos Portable Desktop
- Stratos Pro63
- Stratos Compact
- Freeway Freedom
- Envoy64
- Envoy Jr
- Mobilaire 50 psi Compressor
- Nebulisers
- Sidestream
- VixOne Nebulisers
- Asthma Management Products
- Holding Chambers
- TruZone Peak Flow Meter*
- Suction Units
- Invacare Aspirator
- Disposable Products
- Humidifiers and Large Volume Nebulisers
- Prefilled Large Volume Nebuliser
- Prefilled Humidifiers
- Nasal Cannulae
- Sleep Therapy Products
- Continuous Positive Airway Pressure (CPAP) Systems
- Polaris EX CPAP with SoftX Technology and Polaris EX Heated Humidifier
- Polaris
- Bi-Level Products
- Sullivan Comfort
- Masks
- Invacare Twilight Masks
- Invacare Twilight Replacement Headgear
- SleepNet IQ Gel Mask with Tubing Assembly
- SleepNet Cap Style Head Gear
- SleepNet Strap Style Head Gear
- Humidifiers
- Polaris EX Heated Humidifier
- Invacare Poseidon Passover Humidifier
- HumidAire Heated Humidifier
- PRODUCTS FOR THE EUROPEAN MARKET
- Power Wheelchairs
- Dragon
- Mistral3
- Mistral3 Junior
- Mirage
- Storm3 TT
- Typhoon
- Tornado
- Scooters
- Electra
- Meteor
- Auriga
- Manual Wheelchairs
- Action3
- Clematis
- Kuschall Fusion
- Kuschall Champion
- Kuschall Ultra-Light
- Focus
- Spirea 2
- Patient Hoists and Lifts
- Robin
- Flamingo Floor Lifter
- Transfer Chairs
- Flexo
- Walkers
- Spatio
- Riser-Recliner Chairs
- Hastings
- Beds
- Etude Duo
- SB 750
- ADAPTIVE SWITCH LABORATORIES' PRODUCTS
- INTERNATIONAL ACTIVITIES
- ASIA PACIFIC
- China
- EUROPE
- Denmark
- France
- Germany
- Italy
- Portugal
- Switzerland
- United Kingdom
- AUSTRALASIA
- NORTH AMERICA
- Canada
- LATIN AMERICA
- Mexico
- GLOBAL LOCATIONS
- RESEARCH AND DEVELOPMENT
- RESEARCH ESTABLISHMENTS
- RESEARCH AGREEMENTS
- Vyatek Sports
- FINANCIAL REVIEW
- FINANCIAL INDICATORS
- FINANCIAL HIGHLIGHTS
- COMMENTARY81
- First Quarter of Fiscal 2005
- Outlook
- FISCAL 2004
- Operating Divisions
- Revenue From External Customers by Segment, 2003-2004 (US$ million)
- Pre-tax Earnings by Segment, 2003-2004 (US$ million)
- Assets by Segment, 2003-2004 (US$ million)
- North America
- North America -Revenue by Product Type, 2003-2004 (US$ million)
- Europe
- Europe -Revenue by Product Type, 2003-2004 (US$ million)
- Asia-Pacific
- Asia-Pacific -Revenue by Product Type, 2003-2004 (US$ million)
INDEX OF TABLES
- FINANCIAL INDICATORS
- Revenue From External Customers by Segment, 2003-2004 (US$ million)
- Pre-taxEarnings bySegment, 2003-2004 (US$million)
- Assets by Segment, 2003-2004 (US$ million)
- NorthAmerica -Revenue byProduct Type, 2003-2004 (US$million)
- Europe -Revenue by Product Type, 2003-2004 (US$ million)
- Asia-Pacific -Revenue by Product Type, 2003-2004 (US$ million)
INDEX OF CHARTS
- Fig.1: Percentage of Revenue by Segment, 2004
- Fig.2: North America -Percentage of Revenue by Product Type, 2004
- Fig.3: Europe -Percentage of Revenue by Product Type, 2004
- Fig.4: Asia-Pacific -Percentage of Revenue by Product Type, 2004
