Invacare

Last updated
Invacare Corporation
Type Public company
Founded1885;138 years ago (1885)
Headquarters,
U.S.
Number of locations
30
Area served
80+ countries
Key people
Matthew E. Monaghan, CEO
ProductsNon-acute medical equipment
Servicesmedical equipment, respiratory, wheelschairs, position beds
RevenueIncrease2.svg US$1.8 billion (2011) [1]
Total assets Increase2.svg US$1.3 billion (2011) [1]
Total equity Decrease2.svg US$626.5 million (2011) [1]
Number of employees
3,400 (2020)
Website invacare.com

Invacare Corporation is an American manufacturer and distributor of non-acute medical equipment including wheelchairs, mobility scooters, walkers, pressure care and positioning, as well as respiratory products. [2] Headquartered in Elyria, Ohio, the company currently distributes its product to more than 80 countries around the world. [1] In February 2023, Invacare stated that it had filed for Chapter 11 bankruptcy. [3]

Contents

History

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.

Today,[ when? ] through numerous acquisitions, Invacare has grown into a $1.8 billion medical product company, supplying over 25,000 medical equipment providers with its product and distributing them to more than 80 countries around the world. [4]

In 2012, Invacare entered into a consent decree with the Federal Government regarding certain products and facilities. [5]

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. [6]

Harvard Alumni Achievement Award

On September 27, 2007, A. Malachi Mixon was conferred the Harvard Business School's highest honor, the Alumni Achievement Award, by Dean Jay O. Light. The award was also given to Ayala Corp. chair Jaime Augusto Zobel de Ayala, Martin Sorrell, Donna Dubinsky and Hansjörg Wyss of Synthes. [7]

Related Research Articles

<span class="mw-page-title-main">Food and Drug Administration</span> United States federal agency

The United States Food and Drug Administration is a federal agency of the Department of Health and Human Services. The FDA is responsible for protecting and promoting public health through the control and supervision of food safety, tobacco products, caffeine products, dietary supplements, prescription and over-the-counter pharmaceutical drugs (medications), vaccines, biopharmaceuticals, blood transfusions, medical devices, electromagnetic radiation emitting devices (ERED), cosmetics, animal foods & feed and veterinary products.

<span class="mw-page-title-main">Stryker Corporation</span> U. S.-based biotechnology company

Stryker Corporation is an American multinational medical technologies corporation based in Kalamazoo, Michigan. Stryker's products include implants used in joint replacement and trauma surgeries; surgical equipment and surgical navigation systems; endoscopic and communications systems; patient handling and emergency medical equipment; neurosurgical, neurovascular and spinal devices; as well as other medical device products used in a variety of medical specialties.

<span class="mw-page-title-main">Koss Corporation</span> American company specializing in audio equipment

Koss Corporation is a company in Milwaukee, Wisconsin, US that manufactures headphones. The company introduced the first high fidelity stereophones.

<span class="mw-page-title-main">Cardinal Health</span> American multinational health care services company

Cardinal Health, Inc. is an American multinational health care services company, and the 14th highest revenue generating company in the United States. Headquartered in Dublin, Ohio, the company specializes in the distribution of pharmaceuticals and medical products, serving more than 100,000 locations. The company also manufactures medical and surgical products, including gloves, surgical apparel, and fluid management products. In addition, it operates one of the largest networks of radiopharmacies in the U.S. Cardinal Health provides medical products to over 75 percent of hospitals in the United States.

Donna Dubinsky is an American business leader who played an integral role in the development of personal digital assistants (PDAs) serving as CEO of Palm, Inc. and co-founding Handspring with Jeff Hawkins in 1995. Dubinsky co-founded Numenta in 2005 with Hawkins and Dileep George, based in Redwood City, CA. Numenta was founded to develop machine intelligence based on the principles of the neocortex. Dubinsky currently serves as CEO and board chair of Numenta. Dubinsky also serves on the board of Twilio. She served on the board of Yale University from 2006–2018, including two years as senior trustee.

<span class="mw-page-title-main">Wabash National</span>

Wabash National is an American diversified industrial manufacturing company and North America's largest producer of semi trailers and liquid transportation systems. The company specializes in the design and production of dry freight vans, refrigerated vans, platform trailers, liquid tank trailers, intermodal equipment, engineered products and composite products. Its products are sold under the following brand names: Wabash National, Transcraft, Benson, DuraPlate, Walker Transport, Walker Defense Group, Walker Barrier Systems, Walker Engineered Products, Brenner Tank, Beall, Garsite, Progress Tank, TST, Bulk Tank International and Extract Technology. The company operates a number of Wabash National Trailer Centers, trailer service centers and retail distributors of new and used trailers and aftermarket parts throughout the United States. In 2017, the total revenue was 1.77 billion USD.

Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.

<span class="mw-page-title-main">Carrier Global</span> American air conditioning company

Carrier Global Corporation is an American multinational heating, ventilation, and air conditioning (HVAC), refrigeration, and fire and security equipment corporation based in Palm Beach Gardens, Florida. Carrier was founded in 1915 as an independent company manufacturing and distributing HVAC systems, and has since expanded to include manufacturing commercial refrigeration and food service equipment, and fire and security technologies.

Multidata Systems International is a maker of radiation therapy products based in St. Louis, Missouri. Their major product lines include realtime dosimetry or RTD, which includes 3D water phantoms, Film dosimetry and air scanners. Since 2003, Multidata has been under a Consent Decree of Permanent Injunction entered by the U.S. District Court for the Eastern District of Missouri for the US FDA. The consent decree prohibits the company from designing, manufacturing, processing, and distributing medical devices, among other restrictions.

<span class="mw-page-title-main">Genzyme</span> Company

Genzyme was an American biotechnology company based in Cambridge, Massachusetts. Since its acquisition in 2011, Genzyme has been a fully owned subsidiary of Sanofi. In 2010, Genzyme was the world's third-largest biotechnology company, employing more than 11,000 people around the world. As a subsidiary of Sanofi, Genzyme has a presence in approximately 65 countries, including 17 manufacturing facilities and 9 genetic-testing laboratories. Its products are also sold in 90 countries. In 2007, Genzyme generated $3.8 billion in revenue with more than 25 products on the market. In 2006 and 2007, Genzyme was named one of Fortune magazine’s “100 Best Companies to Work for”. The company donated $83 million worth of products worldwide; in 2006, it made $11 million in cash donations. In 2005, Genzyme was awarded the National Medal of Technology, the highest level of honor awarded by the president of the United States to America's leading innovators. In February 2022, Sanofi's new corporate brand was unveiled and former entity "Sanofi Genzyme" got integrated into Sanofi.

New Century Financial Corporation was a real estate investment trust that originated mortgage loans in the United States through its operating subsidiaries, New Century Mortgage Corporation and Home123 Corporation.

Northfield Laboratories Inc. was the maker of PolyHeme, a hemoglobin-based oxygen carrier (HBOC). The company was based in Evanston, Illinois, with Dr. Steven A. Gould as its chief executive officer. As of May 31, 2005, the company had 68 employees.

Hydroxycut is a brand of dietary supplements that is marketed as a weight loss aid. Hydroxycut was originally developed and manufactured by MuscleTech Research and Development; MuscleTech was sold to Iovate Health Sciences in 2003–2004 and declared bankruptcy in 2005; Iovate continues to use MuscleTech as a brand to market Hydroxycut.

<span class="mw-page-title-main">Hoveround</span> Motorized wheelchair manufacturer

Hoveround is an American corporation that manufactures and distributes the Hoveround brand of power wheelchairs and sells scooters, lifts, ramps and power chair accessories.

<span class="mw-page-title-main">23andMe</span> American personal genomics company

23andMe Holding Co. is a publicly held personal genomics and biotechnology company based in South San Francisco, California. It is best known for providing a direct-to-consumer genetic testing service in which customers provide a saliva sample that is laboratory analysed, using single nucleotide polymorphism genotyping, to generate reports relating to the customer's ancestry and genetic predispositions to health-related topics. The company's name is derived from the 23 pairs of chromosomes in a diploid human cell.

Protandim is a herbal dietary supplement marketed with unsupported claims that it can treat a number of medical conditions. The product is a patented mix of five herbal ingredients and sold by LifeVantage Corporation, a Utah-based multi-level marketing company. The manufacturers of Protandim claim it can prevent or cure a wide variety of medical conditions. In 2017, LifeVantage was issued a warning letter by the U.S. Food and Drug Administration (FDA) regarding illegal advertising claims on the company's websites suggesting that Protandim can help to cure various ailments, including cancer and diabetes.

<span class="mw-page-title-main">Peanut Corporation of America</span> Defunct Peanut Processing Company

Peanut Corporation of America (PCA) was a peanut-processing business which is now defunct as a result of one of the most massive and lethal food-borne contamination events in U.S. history.

<span class="mw-page-title-main">Acme United Corporation</span> American scissors manufacturer

Acme United Corporation is a supplier of cutting, measuring and safety products for the school, home, office, hardware and industrial markets. The company was organized as a partnership in 1867 and incorporated in 1873 under the laws of the State of Connecticut. It is publicly traded on the NYSE Mkt with symbol ACU.

Sino-Forest Corporation (Sino-Forest) (TSX: TRE) claimed at one time to be one of the leading commercial forest plantation operators in China. In 2011, the company was accused of fraud and found itself under investigation by the Royal Canadian Mounted Police and the Ontario Securities Commission. On March 30, 2012 Sino-Forest filed for bankruptcy protection in Canada. It also announced that the company would be sold or restructured, with the proceeds going to its creditors. On July 13, 2017, the OSC released its decision finding that Sino-Forest and four individuals, including former CEO Allen Chan, committed fraud.

KV Pharmaceutical Company (KV) was an American drug company that brought generic and non-branded pharmaceutical products to the market. Headquartered in St. Louis, Missouri, it had research and manufacturing facilities, as well as marketing and sales operations, the latter activities conducted through its subsidiaries, Ther-Rx Corporation and Nesher Pharmaceuticals Inc.

References

  1. 1 2 3 4 "Invacare Corporation (IVC)-Key Statistics". Yahoo! Finance.
  2. About Invacare. Invacare Corp.
  3. Kilgore, Tomi (2023-02-01). "Invacare files for bankruptcy, but expects to keep making and delivering home-care products". MarketWatch . Retrieved 2023-02-01.
  4. Corporation history. Invacare Corp.
  5. . Invacare Consent Decree
  6. Beaulieu, Liz (21 April 2017). "Update at Invacare: FDA moves on". HME News. Yarmouth ME: United Publications, Inc. Retrieved 16 May 2017.
  7. Abs-Cbn Interactive, JAZA receives Harvard alumni award [ permanent dead link ]