RTTNews | Sep 9, 2021 10:30AM EDT

10:30 Thursday, September 9, 2021 (RTTNews.com) - Invacare Corp. (IVC) shares are sliding more than 37 percent on Thursday morning trade after the company cut its sales growth outlook for fiscal 2021 in view of the challenges ahead.

The medical equipment company with a special focus on home health care, retail, and extended care markets now sees constant currency net sales to be negative one percent to growth of two percent, while the earlier projection was for an increase of 4 to 7 percent.

Wall Street analysts expect net sales of $912.02 million for the year, up 7.2 percent from last year.

For the third quarter, the company expects net sales on constant currency to grow between flat and four percent. Analysts are projecting net sales of $240.22 million for the quarter, up 18.7 percent from the previous year.

Invacare said next year looks positive in terms of growth potential, driven in part by the continued expansion of new products in all its segments.

Currently, shares are trading at $5.24, down 36.93 percent from the previous close of $8.30 on a volume of 792,290. The shares have traded in a range of $5.03-$10.94 on average volume of 343,817.

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