Invacare 2013 Annual Report Download - page 21

Download and view the complete annual report

Please find page 21 of the 2013 Invacare annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 140

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

I-15
FOREIGN OPERATIONS AND EXPORT SALES
The Company also markets its products for export to other foreign countries. In 2013, the Company's products were sold in
over 80 countries. For information relating to net sales, operating income and identifiable assets of the Company’s foreign
operations, see Business Segments in the Notes to the Consolidated Financial Statements.
AVAILABLE INFORMATION
The Company files Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and
any amendments thereto, as well as proxy statements and other documents with the Securities and Exchange Commission (SEC).
The public may read and copy any material that the Company files with the SEC at the SEC’s Public Reference Room located at
100 F Street, NE, Washington D.C. 20549. The public may obtain information on the operation of the Public Reference Room by
calling the SEC at 1-800-SEC-0330. The SEC also maintains a website, www.sec.gov, which contains all reports, proxy statements
and other information filed by the Company with the SEC.
Additionally, Invacare’s filings with the SEC are available on or through the Company’s website, www.invacare.com, as
soon as reasonably practicable after they are filed electronically with, or furnished to, the SEC. Copies of the Company’s filings
also can be requested, free of charge, by writing to: Shareholder Relations Department, Invacare Corporation, One Invacare Way,
P.O. Box 4028, Elyria, OH 44036-2125. The contents of the Company's website is not part of this Annual Report on Form 10-K.
FORWARD-LOOKING INFORMATION
This Form 10-K contains forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Terms such as “will,” “should,” “could,” “plan,” “intend,” “expect,” “continue,”
“believe” and “anticipate,” as well as similar comments, denote forward-looking statements that are subject to inherent
uncertainties that are difficult to predict. Actual results and events may differ significantly from those expressed or anticipated as
a result of risks and uncertainties, which include, but are not limited to, the following: compliance costs, limitations on the
production and/or distribution of the Company's products, inability to bid on or win certain contracts, or other adverse effects of
the FDA consent decree of injunction; unexpected circumstances or developments that might further delay or adversely impact
the results of the final, most comprehensive third-party expert certification audit or FDA inspections of the Company's quality
systems at the Elyria, Ohio, facilities impacted by the FDA consent decree, including any possible requirement to perform additional
remediation activities; the failure or refusal of customers or healthcare professionals to sign verification of medical necessity
(VMN) documentation or other certification forms required by the exceptions to the FDA consent decree; possible adverse effects
of being leveraged, including interest rate or event of default risks, including those relating to the Company's financial covenants
under its credit facility (particularly as might result from the impacts associated with the FDA consent decree); the Company's
inability to satisfy its liquidity needs, or additional costs to do so; adverse changes in government and other third-party payor
reimbursement levels and practices both in the U.S. and in other countries (such as, for example, more extensive pre-payment
reviews and post-payment audits by payors, or the Medicare National Competitive Bidding program covering nine metropolitan
statistical areas that started in 2011 and the additional 91 metropolitan statistical areas that started on July 1, 2013); impacts of
the U.S. Affordable Care Act that was enacted in 2010 (such as, for example, the impact on the Company of the excise tax on
certain medical devices, which began on January 1, 2013, and the Company's ability to successfully offset such impact); legal
actions, regulatory proceedings or the Company's failure to comply with regulatory requirements or receive regulatory clearance
or approval for the Company's products or operations in the United States or abroad; product liability or warranty claims; product
recalls, including more extensive recall experience than expected; exchange rate or tax rate fluctuations; inability to design,
manufacture, distribute and achieve market acceptance of new products with greater functionality or lower costs or new product
platforms that deliver the anticipated benefits of the Company's globalization strategy; consolidation of health care providers;
lower cost imports; uncollectible accounts receivable; difficulties in implementing/upgrading Enterprise Resource Planning
systems; risks inherent in managing and operating businesses in many different foreign jurisdictions; ineffective cost reduction
and restructuring efforts; delays, disruptions or excessive costs incurred in facility closures or consolidations; decreased
availability or increased costs of materials which could increase the Company's costs of producing or acquiring the Company's
products, including possible increases in commodity costs or freight costs; heightened vulnerability to a hostile takeover attempt
arising from depressed market prices for Company shares; provisions of Ohio law or in the Company's debt agreements, shareholder
rights plan or charter documents that may prevent or delay a change in control, as well as the risks described from time to time
in the Company's reports as filed with the Securities and Exchange Commission. Except to the extent required by law, the Company
does not undertake and specifically declines any obligation to review or update any forward-looking statements or to publicly
announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.