Invacare 2012 Annual Report Download - page 9

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PART I
Item 1. Business.
GENERAL
Invacare Corporation is a leading manufacturer and distributor in the estimated $4.0 billion worldwide
market for medical equipment used in the home and long-term care settings based upon its distribution channels,
breadth of product line and net sales. The company designs, manufactures and distributes an extensive line of
health care products for the non-acute care environment, including the home health care and extended care
markets. The company continuously revises and expands its product lines to meet changing market demands and
currently offers numerous product lines. The company sells its products principally to home health care and
medical equipment providers, distributors and government locations in the United States, Australia, Canada,
Europe, New Zealand and Asia. Invacare’s products are sold through its worldwide distribution network by its
sales force, telesales associates and various organizations of independent manufacturers’ representatives and
distributors.
Invacare is committed to design and deliver the best value in medical products, which promote recovery and
active lifestyles for people requiring home and other non-acute health care. Invacare pursues this vision by:
• designing and developing innovative and technologically superior products;
• ensuring continued focus on the company’s primary market—the non-acute health care market;
• marketing the company’s broad range of products;
• driving efficiency and innovation through the use of the company’s global resources;
• providing a professional and cost-effective sales, customer service and distribution organization;
• supplying innovative provider support and aggressive product line extensions;
• building a strong referral base among health care professionals;
• continuously advancing and recruiting top management candidates;
• empowering all employees;
• providing a performance-based reward environment;
• pursuing excellence through ongoing improvements to its quality systems thereby ensuring
sustainable regulatory compliance; and
• continually striving for total quality throughout the organization.
The company is a corporation organized under the laws of the State of Ohio in 1971. When the company
was acquired in December 1979 by a group of investors, including some of its current officers and directors, it
had $19.5 million in net sales and a limited product line of lifestyle wheelchairs and patient aids. Including the
revenues of Invacare Supply Group (ISG), which was sold in January 2013, Invacare reached approximately
$1.8 billion in net sales in 2012 (approximately $1.4 billion in net sales in 2012 excluding ISG). This represents a
15% compound average sales growth rate since 1979, and, based upon the company’s distribution channels,
breadth of product line and net sales, Invacare is a leading company in each of the following major, non-acute,
medical equipment categories: power and manual wheelchairs, homecare bed systems and home respiratory
therapy.
The company’s executive offices are located at One Invacare Way, Elyria, Ohio, 44036 and its telephone
number is (440) 329-6000. In this report, “Invacare” and the “company” refer to Invacare Corporation and,
unless the context otherwise indicates, its consolidated subsidiaries.
I-3