IVC - Earnings call transcript Q1 2018

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Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Invacare 2018 First Quarter Conference Call and Webcast. [Operator Instructions] This conference is being recorded, Tuesday, May 8, 2018. And I will now turn the call over to Lois Lee, Invacare's Director of Treasury and Interim-Investor Relations Manager. Please go ahead.

Lois Lee

Yolanda. you, Thank

be today's on President on to Senior Invacare Matthew follow investors have we are President financial we quarter Joining and along, transformation. results Chief call this To Executive accompany Chairman, providing will Today, Officer. and Chief an Leneghan, slides our Officer Monaghan, webcast. first and XXXX update me with Financial from reviewing our and created Vice investors Kathy help

our be you webcast to dialing-in, find our can will at link to SEC presentation those refer slide For during invacare.com/investorrelations. the that Further found filings. call today’s information can in

are quarter begins, I'd may differ Actual from Matt the today's statements future that during materially about call that we Company that, Before nature, uncertain. to webcast to make our their expressed forward-looking like refer results page to may the in by those note the and matters statement today slide address of in release. you statements second uncertainties I on first included earnings cautionary our and various due our

net I in Monaghan. loss now EBITDA; in Matt in of discussed the be that, non-GAAP the adjusted information sales, be our turn financial items currency free our currency the to and flow, considered will on to the please net related constant the over earnings sequential explanatory explanation such will earnings constant today's see that webcast cash the and note With website. reconciliations of call call Appendix on slide and release an posted as sales, For

Matthew Monaghan

Lois morning. Thank you, and good

I’m updates. pleased a in number give progress key of this meaningful the quarter areas With to

Phase X. three through undertaking growth we business, program. XXXX, X, defined our midway strategy is to transformation you'll begin our We're of In see Company and our X, the the phases our North of transformation America. Phase been reorient Slide Since profitability business. reinvigorating notably Turning to that most essential our has in and a reminder to of

on and this, culture our but number of quality new be excellence business mix long a all progress and SG&A of gross did. focus focused objectives. continue products and customer X streamlining we margin negative priority cash simplifying commercial with percentage growth a infrastructure we measurable indicate on to we flow. as our more enhance Phase of model we Now transformation Throughout the sales earnings profitable where we term new to underpinning interactions, we product, towards our to accretive all sales our to shed had really team. higher reduce leveraging creating phase with one also and a summarize expected, a our growth temporarily Quickly less part as as shift, increase expect

referred first flow reported XXXX period last to of dollars Phase the to sales Before gross X.X% of decreased net compared same reduced On to prior results in presentation. Slide $XXX.X that year, quarter X of X, the last while sales compared Compared currency million to the year. X.X% constant to the increased and improves. see increase, indicators you'll first SG&A as quarter financial key we profit cash

complex growth, reduced the the Importantly, we sales of expense. impact R&D favorable of a margins the foreign America rate sequential a of of percent manufacturing gross in Notably, North our to million we to unchanged costs net products. to both sales sequential expenses be last an due the from currency currency as progress $X.X shift more increased increased the quarter XX.X% to is quarter including support reduced increased favorable Gross principally favorable and back the ITG reflect by expenses, points. fulfillment as constant offset and our profit important measure $XX.X to gross XXXX net our mix as from year freight quarter percentage from and partially realize carryover progress Gross expense sales an in year, foreign quarter of the fourth compared million offset first quarter XXXX. to HME of margin transformation. margin sales of achieved transformation R&D by to segments primarily primarily clinically to as basis continue improvement Compared XX to result continues of indicator last and currency first fourth

increases, negative of Historically operating million exchange, SG&A due results payment inventory of free cash primarily the bonuses more negative and to X.X% year that foreign first $X.X $X million EBITDA the in improvement rebates cash negative operating of employment of decrease compared flow the first half of first including consumptive occur quarter Free in has and in led employment XXXX impact or the The the charges. an EBITDA $X.X half improvements the results improvement XXXX. been improvement the in the earned $X compared million $X.X restructuring seasonally first seasonally company's segments increase substantially year. in quarter was the costs. customer by by XXXX. reduced to business was of flow cash million in The Excluding million, the quarter the to SG&A was reduced $XX.X expense, driven million. first decreased of driven in to

quarter million the first equity compared to by improved The compared related XXXX. quarter XXXX of included expenses. the to to lower restructuring primarily EBITDA increase first of compensation XXXX to quarter an of SG&A charges Sequentially, and due million reduced $X.X fourth $X.X of expense

XXXX fourth equity included the quarter compensation $X compared of expense increase of million to an of of XXXX. quarter first The

of to performance constant sales more net as was in has in through notes loss financial first issuance our This of SG&A transition the $X.X to we On of which in due majority segment million per quarter reported company important The move interest principally $X.X we favorable share for XXXX. per XXXX. gives on The first in Slide quarter not net X gross the of we segments of expense adjusted a quarter results operating compared incurred reduced the and charges operating HME significant. the for $X.XX share improved in and sales believe In sequential slide, been timely has been where can quarter per of especially the in The profit due first reduced in XXXX. second net the convertible XXXX the quarter North of million increase net the restructuring the the transformation. sequential While driven interest to expense. currency by measure as $X.XX of began loss a work improvement through we evaluating the core comparison expense America more noted of loss was XXXX, adjusted share net the was with transformation. you second see compared of measuring

North occurred to and America was the quarter Our the our for of HME segments America decline XXXX of XXXX. which the the of the first fourth quarter prior North compared second XXXX. in of both net HME end first to sales by bottom quarter sales IPG Sequential for the XXXX increased the quarter

reflect For of Europe in stronger the decline a historically trend a business the the particular quarter seasonal with seasonality second first the year. of sales half

also reflect gradual sales margin by the In higher a clinically first addition, to more the decline quarter of products. impacted valued mix shift in XXXX in was

with continue transition started compare since said do, do want with we we supply XXXX. to we to prior our As in would to quarter the we've quarter what what so we each done recent we quarters

trend. stage this on X. You'll we On and Slide the show this sequential see year-over-year

was first decline. first currency at stronger segment. XXXX significant a Year-over-year higher the compared decrease by quarter in of a we the sales flat of where products is to profit America not which Gross foreign for $X.X Here bottom constant comments exchange. continue sales The the margin million strategy most the as first sequential from mix decline decline sales percent see quarter compared shift transformation sales clinically as resulted more just was the a and quarter margin acquire the and to sales end reflect benefited sales we impacted of to transformation in the which to made. year-over-year of gradual North gross to Europe increased is XXXX value

improvement CFO, stabilized by reduced quarter financial Kathy our was of of improve, gross million results. With achieved XXXX improvement to $X the cost. to discuss million operating and compared we over first to of increase. results call In significant to flow The XX quarter fourth results Constant the improved performance $X.X a first percent to free to margin improved employment expect profit addition, points we SG&A the and the XXXX. our Leneghan the basis as dollars of cash of additional showed sales I’ll due segments currency compared negative quarter. gross the now turn the for

Kathy Leneghan

Thanks Matt.

noted. with unless all X, Slide same year to last Turning comparisons respect quarter to otherwise the are

margin products. a sales increase principally from of Sequential reduced to by constant respiratory products a year. $X.X offset last increased unfavorable Sales The profit goods, first sales Again decline principally DME as third related compared million the margin sales the gradually America/HME offset facility by by In the $X.X mix period and expenses institutional sales shift Gross mix, loss dollars part due the increased slight sales comparison back and to bed business. to and products. a projects profit declines. For sales interior of significantly quarter long-term and primarily or $X.X manufacturing decreased currency lesser reduce million and dollars and a increased mix in to of to North compared to R&D by segment, Operating the by the Suzhou, the segment quarter currency dollars freight principally decreased as freight income a result closure X.X%, $X before year-over-year million Sequential costs. by seating respiratory currency decreased a sales X.X% as of of and the and and sales a within Gross improved of showing expense, same of by gross transformation reduced and largely a X.X%. profit a was lifestyle segment, quarter million, by primarily net looking last this of sales due difference sales due improved core the net and reduced to XXXX last decreased quarter gross favorable offset cost X.X% the as decreased shift decline, by bottom $X.X case and first the and incurred last by also partially were and to this mobility percentage to and products costs. channel. similar design partially currency Europe year. driven of customer as constant gross sales income design mobility to continues partially between to gross R&D Gross Operating the year. positive impacted offset mix The period declined XXXX. decrease net margin and interior SG&A the quarter its first margin first as year-over-year products favorable SG&A decline Asia/Pacific currency segment. products, driven net the the as sales constant profit dollars same by strategy Gross improved respiratory compared the sales In and percentage increased sequential currency and sales of net the by XXXX and compared income decreased the net percentage foreign result constant sales sales a of year. China the in mix percentage increased Operating in of increased the quarter expense. to the decline, X.X% million sales by seating to driven currency constant of sales within beds to product. respiratory was segment driven for sales the related compared first Operating IPG constant lower extent by company applied lifestyle products XXXX, X.X%.

cash cash Total X. to outstanding March principally March $XXX compared its of XXXX has drawn due XX, of of approximately first timing which significant were free of customer debt XX, XX, earned XX, company million address net December and back Matt as quarter first December XX year of to then convertible over debt, balances liabilities. cash on facilities The Slide the XXXX. in tranches additional company's of XX $XX.X of end The We at days can flow XX as of comments. XXXX. of the two lease I'll XXXX. debt, of million to as December XXXX, call rebates Average XX, Days company's days turn decreased was XX, $XXX.X comprised March in including last availability with day XXXX. million payments of days as questions. at of and $XXX.X inventory to sales were quarter the from as Turning sales. net the credit million flat days, the with for the company conversion to revolving zero end The cash were to totaling $XXX.X receivables other as compared million, of million balances $XX.X now

Matthew Monaghan

Kathy. you, Thank

As you X X, essential on themes highlighted see objectives. we've of can Slide Phase our the

compliance the January, concluded independent semi-annual from letter. accordance in continue were Street we of warning a our the requirements. quality the anticipates substantial letter no facilities company the First, first the systems its XXXX in inspection Germany progress decree. into were culture quarter lifted letter company’s Alber the Sales raised issues auditor of quality to of in In towards the course. continued the of progress due corrections FDA inspection and XXXX we in disclosed have make warning company's XXXX. and inspection in XXXX warning the closure There FDA previously Invacare with facilities FDA Corporate restoring completed The making earnings these observations and auditor follow-up and operate In following potential. the from the excellence. In in conducted with restrictions April, company’s facility continues to of January Taylor in long-term in company’s first consent this

opportunity users, Concentrator new Second, and our informatics products, to excited the our Wheelchair business. as costs our managing including Mobile were end assist XXXX Power XX of in TDX positively with well lives launched to new enhanced about Connectivity. platforms technology as the daily clinical for SPX Invacare in Platinum we We impact the Oxygen the providers by and LiNX Invacare reducing

expected to transformation invest SG&A continue manual XXXX. products. product to have business logistically France existing actions transfer force Swiss facility action which to we Phase Third, and the location for the yield we January spending be in to expect in gradually reduce anticipated XXXX Küschall mix enable the These our our from third Europe towards France. segment, in million this us sales new and our announced to more the announced growth. may of higher to to slightly facility Overall, reshape North leverage sales to help $XX.X apply infrastructure production we savings. will support make to the clinically existing cost. begun effectiveness. we Also the This reshaping reduce In we which continuing shifts completed as optimize we're of will facility high slightly margin wheelchair of sales efficient annualized continue and valued manufacturing to during is of quarter cost expected to X our capabilities Also commercial a American In in efficiency. progress year, it in increase

and simplified compared grow opportunities sales these leverage cost We will efficient we business. and to continue lowered to improvements. global assessing our be for conduct benefits These footprint be as with ways more costs

midway transformation. on our are through We

market have our confident early earnings the remain We this of enhanced pleased business our and and gains goals. ability support the in to that of lot work our commercial results and of take our our acknowledge appreciate the to We share throughout portfolio. with strategic achieve the of shareholders, a continued process. We associates investments we're and potential time We do. yet product

the morning. for to strategy be that, business on we time to plan this leader long-term thank With to a like We a markets be the have rebuild sustainable to taking in this call we'd serve. you

lines phone questions. will with We open the Yolanda?

Operator

first Stephens. question come go with will from Our Instructions] Please [Operator Cooley Chris ahead.

Chris Cooley

back and me maybe just guess hop then two in queue. I I’ll from

HME sequential segment. in good North the American progress had You

here in perspective that XQ. just quarter X.X% term down in fourth hopefully near and both resulting I to get the margin. like and operating impact X.X% how see were here then the growth would You then the returning to business the your of you in and gross to

a a and you'd and have space realized when strong segment it’s then we of but up? Thanks. think mobility reentering long follow the bit to when turn you time in then timing us help that but about on there clearly in impact bit I resulting maybe about and week of particular that expect the we is little think As gross and about we business there had fairly margin think ISS see little powered operating

Matthew Monaghan

was visited contenders I products. of in Chris pretty quarter selling from people's a complex second bit good to out, any we the product us having ISS, think get signed, place partly get portfolio little takes got them word of that our looks out essential contract field. We some really we I when on good the trained, we through have have through the and space competitively It we team. terms a the got customer got formulary the don’t time think first

growth of further see we us. So ahead

a I IPG a I respiratory or think forward affects and have from winter think this with a strong forward issues it this season as is portable in for good In the and backlog the homes season you accelerate we and also coming areas continue we products decent to business we beyond. business. in pretty we respiratory had in improvements to field have to fourth quarter XXXX people’s the that continuing portfolio to general was growth see all look number till saw mix don’t stationary areas where of this sequential and those nice in a of look demand in that our

to of we happen couple be like team things commercial decent our rented on over we’ve more with always So mix progress of a quickly the and based stronger portfolio to first the little I quarter years. and relatively last think a

amount sequential fair more quarter than planned resolution in expedite the brought bit. we those and of unfortunately hit we fill and had margin gross there, points back in to that that freight we first little quarter orders the XX margin so backlog spent on growth hurts a margin. to gross did But about of fourth we talk into You basis

progress consider look that we continues. mild we and So forward that

Chris Cooley

realize bit follow-up higher or dictate net trying the curious how topline and we how of about quarter Second inventory, a the but function, with question, capital to in this profitability, retroaction there. which just premature, fluidly either all A, infrastructure, thinking balance we exited Or the million cash am about what's new when then think working capital And my there to how capital on the Really try or your continue I debt strategic here is about million now. limit it the cash? can timing maybe about I think confidence and structure decisions just the just a you think return I of will is $XXX ability the to the position burn, portfolio is future growth. the right about infrastructure $XX you're portfolio. talent that an as limiting Thanks sufficient need in have factors for to move as

Matthew Monaghan

two we consuming need less ability well have we that hand satisfied execute out having sheet half final accelerate are more of things of or the in see that our can you cash and make units its use the our to the products and don't, or here if the even improvement then that that half. are balance in of of can to all the what kind cash We executing is with plans cash short more we assets cash we semi-annual in second use and term. in flow terms I to and year have forward require would we in improvement - cash expect progress capital our field, to the project that generate sheet sure pretty to the complete view The curves So do. steady curve, have to those we flow we be the the this matched with we balance the group enhance in that having combined the superposition want of first and expenditures If demo which somewhat restrictions year-over-year to on progress in plans the more can forward only that that transformation. in we choose are kind

Chris Cooley

squeeze in get maybe quick could I queue. If just then and one more back the

sure migration think transitions back the of well to won can Ohio, night, to [indiscernible] a migration last I see when that as - to across platform expect is that, move some multiple business we complete as and on Just Texas the I upto the how back result about am IT we then there since IT want Thanks. of from platforms.

Matthew Monaghan

a what people subsidiary page relatively going. of are is engineering small probably and can that now do daily product same there. base have who IT disruption. very tremendous the works forms, our products you issues or they this transformation big power their would use call else, for called order it’s have at I faces that amount work on still then make platform in high business year. just complete product Texas portfolio human do an There disabilities our to in all That We - everybody is They power controlled it about products end our businesses are challenging powered related we're full us wheelchairs to IT that ASL. machine and can we very business. a But of on so No that the through call So some living. that those wheelchair wheelchair a are that allows with no easily compatible and put make go sure entry things we're are on

Operator

go from Labick next ahead. Please with question Bob come Our CJS Securities. will

Bob Labick

connectivity hoping could the and that a to little products that gravitating really rescue you Mobile products, product new and are I connectivity. people traction little bit we business if a The in follow more are feature about on color particular coming with U.S. on there and the that was with on have. the additional Platinum get in talk

Matthew Monaghan

mix as plans as and the had other that pleased companies kind with good you platform. winter software seems the existing the of to actually reported we be concentrator the with product enhancements products but future Mobile. last Platinum that informatics We This also to to progress it the products can do a year balance uptick call time We are of sales in all good the time. continued from of with expect got of

that’s in level So a are There good. drives product with the at need the that is for differential probably and companies think space. Probably name marketplace biggest and some business players sales the big brand there recognition. recognition been market just I the future affordable out between in name

to great of tend make out that the somewhat we features products those aware to there come. So be to more with sure are that's customers bringing

Bob Labick

And then just taking - I guess I is respiratory don’t mobile know is have the that connectivity just product. on in the our well respiratory. Do or you as Europe, U.S.

Matthew Monaghan

coming slowly little in is available Europe. we to product that but the country deploy given different in in a The It’s be ability Europe. seem out the way requirements, Europe

Bob Labick

And then sticking with Europe.

discussed how some expectations of decline need and you stem decline margin and X.X% you believe kind of quarter targeted versus decline. and your or decline targeted Can or I you've what to reduce the the the currently of working low what’s decline resume the that rest talk decline difference do organic constant that sales. the You between and in to about growth

Matthew Monaghan

Probably to which profitability we the is for company. a offsetting our looking discussed from sure but tail that’s valuable it doing that forward of selling mild mix are economically in decline, valuable to more marketplace, the more make products and to essentially have to more right translates then the few clinically comes this we - very that improvement we goals quarters with products

long see company we quarters is percent higher leverage decline of there that look forward. for going as sales, is improvement more way, still we gross for SG&A slightly on have for along mild the probably So as few expense although the we for profit might okay. sale me to grow continue a we as dollar as Overall

Kathy Leneghan

margin the 'XX operating 'XX Europe's you I are QX of of when to up margins perspective. would from QX highlight also or QX in 'XX. operating them compare of

performance the a we with team perspective. profitability by European from are So happy

Bob Labick

you just here the sequential be North drivers next one, from improvements Last of for? looking the if milestones American we could in should the discuss

Matthew Monaghan

little seasonality the the segments bit those of of general all flu a in seasons. We growth at in respiratory expect as winter end

positivity we that segment seeing profit we Yield continue still Pacific mix looks declines due end solution for the and and In improvement see sell So to introduction product will that Europe there, businesses still higher is shift around generally manufacturing improvement the over ago the are a from to and continue business bit like, for a part the our mobility a as but customer which what turn new expect and rental and looking relatively Asia we demonstrate ITG looking still year been as to we to general grow sales, always has. the multi-period. we've our between in business. our business little in greatest it's able to our

Operator

from with Mishan KeyBanc. hear next We'll Matthew go ahead. Please

Matthew Mishan

to is the on to you what want question that is it segment on business base just shift the compare in mix I Is out impact and can Bob's doing? Europe. follow up way that call what the of portfolio the

Matthew Monaghan

and how country haven't by before with their own We us countries population different on done it healthcare. work administers based and it's

to and depending segment we're So it's the wheelchairs, there within on products you all way respiratory would them say know more gross how selling to and difficult be into describe complex do, not they to to range products that, more I wheelchairs the administers what valuable of power a margin, a do manual It's certain us the that an but Kathy. I products. beds, for there complex that country less clinically each of opportunity has get think may general to is

Kathy Leneghan

really much don’t more really impact true. decline market versus understand impact, was transformation it was how segregate We that, I that’s a in but overall think the quarter.

Matthew Mishan

the Europe transformation So are base not from from I declines the business. guess, in constant that changes how you in are the

Matthew Monaghan

win business only we data country at anything and general. think we think from managing there look - we directors I we view performance is don’t and overall Well, helps I and think rates general the different I see our loss have, that and

have way seen are pushing meaningful that thing, make we most clinical is I in anything think the anything We is don’t are or we that makes that we less all think which within us more we than customers other do there sure Kathy I and same what engaging expected. how a have towards and those markets manage,

Kathy Leneghan

the a think quarter from is it I and transformation. had was share, slow not No, losing management market and inputs we general have was that impacted group by the it

Matthew Mishan

sales. sales or this slight your And expectations release, in that was slightly where your your I want signal did to there to reduced of a change different in for word make Was just remove then expectation that result as as mix? outlook in bit you the the language anything in of far meant in the reduction a was portfolio change are - - a Europe little as press

Matthew Monaghan

No, too indiscretion observation. do in paying attention much we're Europe. editorial Interesting to no expecting what change to and slightly word maybe not absolutely in

Matthew Mishan

shifting then in always you a is am know sense of started little a how trying I us sales January, just your you cadence And North how February you Any bit seasonally April? March of to but in gauge the quarter, HME, the can America I momentum tougher started how and there. versus chance XQ exited you give to

Matthew Monaghan

that’s complex previously the formulary additions a fully are lightened beginning and we meantime But close going I with am and up of quarter. good December we our customers during first into then in I think really changes some seen in are rehab the we’ve about glad where discussed so interactions good disruption caused force and support we given had who with our little in happened here, bit what we to of feel work from I Well quarter where the having as in we that that maybe the our led space. which

in future So there those I past momentum is our think than our regards. in all more in

Matthew Mishan

guess two squeeze in. then And I’ll I more

expectations think to in in weakening your the the that seeing of from are the the to I function hence Has going On you XXXX side, is release cash capital working maybe of outlook more in XXXX also you maybe the expect indicated and of the the outflow be free opportunities changed now a is build? the anything growth equivalent flow some year, you confident outflow. that the

Matthew Monaghan

cash to total year year of maybe change this that some year. the Let outlook discretionary to me better consumption then go XXXX at same. a difference spending have expect No and we’ll flow you. Operating over in be start some and for between truly last Kathy we The we're then last probably year. that in performance more the and the was makes

Kathy Leneghan

at have when we do cash you would strong just I look seasonality flows. And highlight,

half what we’re normally of the well intensive capital year but flow a perspective thought the year of flow business in and a anticipating other second then AR composition we’re very each the from XXXX mobility versus will first change from next our and but point, profits of out we probably CapEx so and cash and inventory of working again stronger So where usage cash as or we related generate in the first we’re investment. of cash the the

Matthew Mishan

And were incremental the then lastly, quantify I you freight can in you with cost just the - quarter? guess

Kathy Leneghan

to December at and orders disclose don’t additional that freight we the have end disclosed but clearly that it it’s on it we product by was detail. as expedite those significant don’t and of in had so gauge as the really that was down really to we that We enough item driven level the forecast going that brought lifestyle where we have is low of level. I we inventory fact backlog incurred we’re that trying mean be products an some manage to hard and of what - visited

Operator

Sidoti will Sidoti Company. Please & go question ahead from Jim come next with sir. Our

Jim Sidoti

up of come sales situation Europe you staff in sales the to for anticipation with are staffs at new theory? results, FDA products started with greater your to rent sales you out there before yet the So facility, up you the waiting - or have increase the [indiscernible]

Matthew Monaghan

is Also definitely done expect ago build as the discussed years would the here increase direct bit direct the Taylor have higher houses campus is seen Taylor many facility street that. changes some remained function materials and we we that with of you we same is manufacturing there in We were we other no It’s as building grow calls, direct of had proportional. the capacity number much labor and physically of so Elyria we year. we involved to been the Jim wheelchair had sales. located. things And a prior that talent number in mix publicly where as relatively the the things shift had would staff in waiting have on Street really that’s capabilities, Well last of and disclosed a

do and So and as monthly. is direct all weekly labor back to we build that business really we need we that do

Jim Sidoti

to And we force the wanted sales looking then still is the where that? composition in be or you

Matthew Monaghan

corporate Yes, who good think we important the respiratory complex point. had we I rehab or now set and accounts this seem it think good alignment a then IPG are technology up alignment like very on customers good CRT at our I our business sales we force with got as

Jim Sidoti

flow lot of about And today. a questions cash

main through years, I do cash think the generate period, credit if the you able question you having drastic drift the get the to our sheet years on anything around to the I without capital. you want get that couple the have will next know to say with confident to don’t are balance is you be to of and

Matthew Monaghan

years. I have no hesitation saying of a couple

far future business as the XXXX we our are with back rate. resonate can run objective million plan the that that very as to transformation We comfortable that see are in build XXX

no have there. We issues

Jim Sidoti

So issue transition? you you to this equity. through cash raise debt you need hand to think on Do get to have

Matthew Monaghan

time, Correct. additional like I today. Monaghan or conclude our At back will would closing Operator conference for Matthew to Thank turn everyone. any for session the question-and-answer remarks. you, to That over this

Matthew Monaghan

thanks today are time a and you to call. available have [indiscernible]. for day. Thank Kathy, good attention Thanks, and and follow-up I the Yolanda to and Lois your of questions all take taking on you

Operator

you conference. for all again your That will Thank once participation. conclude today's

You may now disconnect.

INVACARE (IVCRQ) 8 May 182018 Q1 Earnings call transcript