While inventories are higher ($114.7 million), I don't think it is a major cause of concern. Sales for the first nine months of 1999 were $621 million versus $587 million a year earlier. So some of this inventory buildup is from higher sales.
Another factor in the inventory growth could be the acquision of Scandinavian Mobility A/S in Denmark. The June 30, 1999 inventories at Invacare were only $87.722 million, not much higher than the December 31, 1998 figure of $81.7 million. Thus, most of the growth took place in the quarter when they did the acquisition. (The acquisition was July 31, 1999).
Receivables are up somewhat substantially: $250 million. Again, this might be due in part to the acquisition. I looked through the filings of Invacare at the SEC, and they didn't include financial statements of Scandinavian Mobility, so I can't make this determination definitely. But it seems like a good guess.
Anyway, the stock of the company seems to be doing a little better these days.