Looking at a possible shutdown of a wheelchair manufacturing facility, home health products maker Invacare (NYSE:IVC) has hired a new compliance and regulatory executive.
Doug Uelmen has joined the Elyria, Ohio-based Invacare as senior vice president of quality assurance and regulatory affairs. He boasts more than 30 years experience in quality and regulatory roles, with much of that time in the medical device industry. He previously worked for GE Healthcare and Abbott Laboratories, according to a statement from Invacare.
Uelmen’s got his work cut out for him. Last month, the U.S. Food and Drug Administration asked Invacare to enter into a legal agreement that would require the company to shut down some wheelchair manufacturing operations at a factory in Elyria. Invacare said at the time that it was in discussions with FDA around the final terms of the legal agreement.
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The news of the potential shutdown sent Invacare’s stock price into a tailspin. Shares have dropped nearly 25 percent in the month since.
The potential shutdown relates to roughly 15 percent of the company’s revenue and a higher percentage of its earnings, according to a December note from WJB Capital analyst Joshua Zable.
WJB downgraded its rating on Invacare to “hold” in the wake of the potential shutdown announcement. “While we still expect great things from IVC’s new products, [the] news creates a level of uncertainty around the shares that makes it difficult to recommend buying them,” Zable wrote.
About a year ago, Invacare received a warning letter from the FDA that contained unsubstantiated reports of fires, entrapments and deaths caused by the company’s adjustable electric beds.
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