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December 23, 2013
08:08 EDTIVCInvacare updates on third certification report related to FDA consent decree
Invacare announced that, while it has made significant progress on the final third-party expert certification audit relating to the quality systems at its corporate and Taylor Street manufacturing facilities in Elyria, Ohio, it has recently received additional input from the third-party expert. This input has clarified that some additional work is required in a few particular areas before the final certification report can be provided to the FDA. The final third-party certification audit is a comprehensive review of the company's compliance with the FDA's Quality System Regulation at the impacted Elyria facilities. The company has already completed two third-party expert certification audits, and the FDA has found the results of both to be acceptable. In the first two audits, the third-party expert certified that the company's equipment and process validation procedures and its design control systems were compliant with the FDA's QSR. At a meeting on Friday, December 20th, the third-party expert indicated that its remaining observations from the final certification audit are largely focused on the sustainable compliance of the company’s updated complaint and risk review processes. As part of the remediation, the company conducted a comprehensive overhaul of its complaint handling system. This change has led to an increase in the backlog of complaints, as the updated procedure now requires the funneling of all sources of complaint data through one system. The launch of this new process initially outpaced the company’s ability to add and train new associates to thoroughly address and conduct standard investigations of complaint data. This backlog, combined with the breadth of Invacare’s product offerings and the complexity associated with its highly configurable medical devices, provided a challenge to the company’s ability to investigate and close complaints in a timely manner, classify and code the issues when complaint data provided to the company is not complete and demonstrate consistent use of the risk review process. The new comprehensive complaint handling system has been operating for several months, and the company has been closing significantly more complaints than are opened. The company has added additional contractors to further expedite clearing the backlog in order to achieve and demonstrate sustainable improvement. At this point, the company cannot predict the timing of the completion of the third-party’s final certification report. However, when the expert's final certification report is completed and submitted to the FDA, along with the company’s own report as to its compliance as well as responses to any observations in the certification report, the FDA will inspect the company's corporate and Taylor Street facilities to determine whether they are in compliance with the FDA's QSR. The FDA has the authority to reinspect these facilities at any time. Once satisfied with the company's compliance, the FDA will provide written notification that the company is permitted to resume full operations at the impacted facilities.
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April 24, 2014
06:37 EDTIVCInvacare reports Q1 adjusted EPS (49c), consensus (22c)
Reports Q1 revenue $309.1M, consensus $326.90M.
April 10, 2014
10:00 EDTIVCOn The Fly: Analyst Initiation Summary
Apple (AAPL) initiated with a Buy at Deutsche Bank... Crocs (CROX) initiated with a Buy at Buckingham... Deckers Outdoor (DECK) initiated with a Buy at Buckingham... EMC (EMC) initiated with a Buy at Deutsche Bank... HP (HPQ) initiated with a Buy at Deutsche Bank... IBM (IBM) initiated with a Hold at Deutsche Bank... NeoPhotonics (NPTN) coverage resumed with a Market Perform at Raymond James... NetApp (NTAP) initiated with a Hold at Deutsche Bank... Nutrisystem (NTRI) initiated with a Buy at B. Riley... Questar (STR) initiated with an Underperform at BofA/Merrill... S&T Bancorp (STBA) initiated with an Outperform at Raymond James... STB Systems Inc (STBI) initiated with an Outperform at Raymond James... Skechers (SKX) initiated with an Underperform at Buckingham... Steven Madden (SHOO) initiated with a Buy at Buckingham... UGI Corporation (UGI) initiated with a Buy at BofA/Merrill... Web.com (WWWW) initiated with a Neutral at Buckingham... Ally Financial (ALLY) initiated with a Buy at BTIG... Visteon (VC) initiated with a Buy at Citigroup... Greatbatch (GB) initiated with a Buy at KeyBanc... Steris (STE) initiated with a Buy at KeyBanc... Cooper Companies (COO) initiated with a Hold at KeyBanc... Hill-Rom (HRC) initiated with a Hold at KeyBanc... Invacare (IVC) initiated with a Hold at KeyBanc... Teleflex (TFX) initiated with a Hold at KeyBanc... Provident Financial (PROV) initiated with a Market Perform at Keefe Bruyette... UMH Properties (UMH) initiated with a Hold at Wunderlich.
07:27 EDTIVCInvacare initiated with a Hold at KeyBanc

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