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    Hanger Reports Second Quarter 2021 Financial Results

    8/4/21 4:10:00 PM ET
    $HNGR
    Medical Specialities
    Health Care
    Get the next $HNGR alert in real time by email

    Hanger, Inc. (NYSE:HNGR), a leading provider of orthotic and prosthetic (O&P) patient care services and solutions, today announced its financial results for the second quarter and six months ended June 30, 2021.

    Financial Highlights

    • Net revenue was $280.8 million for the three months ended June 30, 2021, compared to $233.4 million for the same period in 2020, reflecting growth of 20.3 percent.
    • Net income was $10.2 million for the three months ended June 30, 2021, compared to $31.1 million for the same period in 2020. Income from operations was $20.1 million for the quarter compared to $38.9 million for the same period in 2020. Second quarter 2020 GAAP income from operations and net income benefited from $20.5 million related to the Company's receipt of provider grants under the CARES Act, as well as $35.0 million in temporary cost reductions taken during that period in response to the COVID-19 pandemic.
    • Adjusted EBITDA was $31.0 million in the second quarter of 2021, compared to $36.5 million for the same period in 2020, a decline of $5.6 million or 15.2 percent. Results for the second quarter of 2020 benefited from the temporary cost reductions discussed above.
    • GAAP diluted earnings per share was $0.26 per share for the second quarter of 2021, compared to $0.81 per share for the same period in 2020. Adjusted diluted earnings per share was $0.27 for the three months ended June 30, 2021, compared to $0.35 for the same period in 2020.
    • The Company reaffirmed its full year guidance for 2021.

    Vinit Asar, President and Chief Executive Officer of Hanger, Inc., stated, "Our second quarter results reflected an encouraging recovery in Hanger's business. Within the Patient Care segment, on a same-clinic basis, second quarter net revenue was approximately 96 percent of 2019 levels. While we remain concerned, as others do, with the lingering effects of the pandemic on the nation's business and labor environment, we are nevertheless pleased with our progress for the year to date and believe we are well positioned to further restore growth as the pandemic comes to an end."

    Complete reconciliations of GAAP to non-GAAP financial measures are provided in the tables located at the end of this earnings release.

    Segment Results for Three Months Ended June 30, 2021

    Patient Care Segment

    For the three months ended June 30, 2021, Patient Care net revenue was $236.8 million, an increase of $40.9 million, or 20.9 percent, compared to the same period in 2020. For the three month period, acquisitions of O&P clinics that were consummated in 2020 and 2021 contributed $6.0 million of incremental revenue.

    Net same clinic revenue on a day-adjusted basis grew 18.2 percent during the second quarter of 2021 compared to the same quarter in the prior year period. Patient Care results benefited from a rebound in patient volumes from the decreased levels of demand experienced at the height of the COVID pandemic during the second quarter of 2020. In the second quarter of 2021, Hanger's Patient Care net revenue on a same-clinic basis, totaled approximately 96 percent of the level experienced in the second quarter of 2019.

    Excluding the effect of acquisitions, net revenue from prosthetics grew 4.3 percent and net revenue from orthotics grew 40.4 percent, compared to the second quarter of 2020, Prosthetics comprised 54 percent of Patient Care segment net revenue compared to 61 percent in the same period of 2020. The changes in sales mix and growth in device categories for the second quarter of 2021 reflect the relative resiliency of prosthetic services during the pandemic compared to orthotics, the latter being more significantly impacted at the height of the pandemic.

    Income from operations in the Patient Care segment was $39.6 million during the second quarter of 2021, a decrease of $19.0 million compared to the $58.6 million reported in the prior year. Patient Care's GAAP results for second quarter of 2021 and 2020 includes the benefit of $0.7 million and $20.5 million, respectively, to other operating costs related to the Company's receipt of CARES Act healthcare provider grants. These grants were received under the Public Health and Social Services Emergency Fund, also referred to as The Provider Relief Fund, established by the CARES Act and are excluded from Adjusted EBITDA.

    Adjusted EBITDA for the segment was $44.8 million, a $0.7 million improvement compared to the second quarter of 2020. Adjusted EBITDA margin in the segment totaled 18.9 percent compared to 22.6 percent during the second quarter of 2020. Segment income from operations, Adjusted EBITDA and margins were impacted in the quarter compared to the prior year by the restoration of temporary labor and other cost reductions implemented during the second and third quarters of 2020.

    Products & Services Segment

    For the three months ended June 30, 2021, Products & Services net revenue totaled $44.0 million, reflecting growth of 17.2 percent compared with the same period in 2020. Revenue from the distribution of O&P componentry totaled $33.3 million, a growth of $6.7 million, or 25.4 percent. This growth was primarily the result of the adverse business conditions caused by the COVID-19 pandemic in the second quarter of 2020. Therapeutic solutions revenue in the second quarter totaled $10.8 million, a decline of $0.3 million, or 2.6 percent.

    Income from operations for the Products & Services segment was $3.4 million in the second quarter of 2021 compared to $5.8 million in the same period of 2020. Adjusted EBITDA for the segment totaled $5.6 million for the second quarter of 2021, a $2.9 million decline compared with the same period of 2020. Adjusted EBITDA margin in the segment totaled 12.8 percent compared to 22.9 percent during the second quarter of 2020. Products & Services segment income from operations, Adjusted EBITDA and margin were impacted by the restoration of temporary labor and other cost reductions taken during the second and third quarters of 2020.

    Corporate & Other

    Expenses associated with corporate and other activities increased by $2.6 million to $22.9 million for the quarter ended June 30, 2021 compared to the same period in 2020. Excluding the effect of depreciation and amortization, and acquisition-related expense, the net cost of corporate and other activities increased by $3.3 million to $19.5 million in the second quarter of 2021.

    Net Income; Interest Expense

    Interest expense totaled $7.2 million for the three month period ended June 30, 2021, a decrease of $1.5 million from the prior year period.

    For the three month period ended June 30, 2021, net income was $10.2 million compared with $31.1 million for the same period in 2020. GAAP diluted income per share was $0.26 compared to $0.81 per share in 2020. Adjusted diluted income per share was $0.27 for the three months ended June 30, 2021, compared to $0.35 per share for the same period in 2020.

    Financial Highlights for the Six Months Ended June 30, 2021

    • For the six month period, net revenue was $518.3 million, compared to $467.2 million in 2020, reflecting a net revenue increase of 10.9 percent. Acquisitions of O&P clinics consummated in 2020 and 2021 contributed $15.0 million of incremental revenue for the six month period.
    • Patient Care net revenue grew $46.4 million, or 12.0 percent, to $432.5 million, while same clinic day-adjusted net revenue per day grew 9.9 percent. For the six month period of 2021, Hanger's Patient Care segment net revenue on a day-adjusted, same-clinic basis, totaled approximately 97 percent of the level reported for the equivalent period in 2019.
    • Net revenue from prosthetics, excluding acquisitions, grew 2.9 percent on a day-adjusted basis, while orthotics revenue grew by 19.2 percent, also on a net day-adjusted basis and excluding acquisitions. Year-to date in 2021, prosthetics constituted 53 percent of Patient Care segment net revenue.
    • Products & Services segment net revenue increased $4.7 million, or 5.8 percent, to $85.8 million, driven by an increase of $5.7 million in distribution services and a $1.0 million decline in revenue from therapeutic solutions for the period.
    • GAAP net income was $6.8 million compared to $15.3 million in 2020. Hanger's GAAP results for the first six months of 2020 included a benefit of $20.5 million to other operating costs related to the Company's receipt of CARES Act healthcare provider grants as compared to $0.7 million in the 2021 period.
    • Adjusted EBITDA totaled $44.5 million, an increase of $2.7 million as compared to the $41.8 million reported in 2020. The increase in Adjusted EBITDA for the six month period resulted from the improvement in net revenue partially offset by the restoration of temporary cost reductions taken during the second and third quarters of 2020.
    • GAAP diluted earnings per share was $0.17, compared to $0.40 per share in 2020. Adjusted diluted earnings per share was $0.19 for the first six months of 2021, compared to $0.07 for the same period in 2020.

    Net Cash Provided by Operating Activities; Liquidity

    Cash flows provided by operating activities for the three months ending June 30, 2021 were $33.1 million compared to cash flows provided by operating activities of $102.0 million for the same period in 2020. The Company continued to achieve strong cash collections during the second quarter of 2021 as its days sales outstanding decreased by five days to 40 days as of June 30, 2021 from 45 days on June 30, 2020.

    On June 30, 2021, the Company had liquidity of $171.1 million, comprised of $76.2 million in cash and cash equivalents, and $94.9 million in available borrowing capacity under its revolving credit facility. This compares to total liquidity of $165.1 million on March 31, 2021.

    2021 Outlook

    The Company re-affirmed its financial outlook for 2021 as originally provided on March 1, 2021. Hanger anticipates net revenue in a range between $1.145 billion and $1.175 billion, and Adjusted EBITDA in a range between $130 million and $135 million.

    The Company's outlook for 2021 includes approximately $36 million in revenue relating to the full year contribution of acquisitions consummated in 2020 and through June 30, 2021. Hanger's outlook assumes a continued sequential improvement in the third and fourth quarters of the orthotic and prosthetics business environment related to the continued cessation of the effects of COVID-19 on patient volumes.

    Adjusted EBITDA in this outlook is provided on a non-GAAP basis only because a reconciliation to the most comparable GAAP financial measure, net income, is not available without unreasonable effort due to the unpredictable nature of reconciling items that render such a reconciliation not meaningful for investors.

    Conference and Webcast Details

    The Company's management team will host a conference call tomorrow, Thursday, August 5, at 8:30 a.m. Eastern time to discuss the Company's second quarter 2021 financial results and business outlook.

    To participate, dial 844-750-4896 or 412-317-5292 outside the U.S. and Canada, and ask to be joined into the Hanger, Inc. call. A live webcast, replay of the call and earnings release, will be available on the Company's Investor Relations website: https://investor.hanger.com/financial-reporting/quarterly-results/default.aspx.

    Additional Notes

    A reconciliation of GAAP and non-GAAP financial results is included in the tables provided at the back of this press release. The Company has provided certain supplemental key statistics relating to its results for certain prior periods. These key statistics are non-GAAP measures used by the Company's management to analyze the Company's business results that are being provided for informational and analytical context.

    Accompanying supplemental information will be posted to the Investor Relations section of Hanger's web site at www.hanger.com/investors.

    About Hanger, Inc. – Headquartered in Austin, Texas, Hanger, Inc. (NYSE:HNGR) provides comprehensive, outcomes-based orthotic and prosthetic (O&P) services through its Patient Care segment, with approximately 800 Hanger Clinic locations nationwide. Through its Products & Services segment, Hanger distributes branded and private label O&P devices, products and components, and provides rehabilitative solutions. Recognized by Forbes as one of America's Best Employers for 2021, and rooted in 160 years of clinical excellence and innovation, Hanger is a purpose-driven company with a vision to lead the O&P markets by providing superior patient care, outcomes, services and value, aimed at empowering human potential. For more information on Hanger, visit investor.hanger.com.

    This earnings release contains statements that are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include information concerning our liquidity and our possible or assumed future results of operations, including descriptions of our business strategies. These statements often include words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar words. These statements are based on certain assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. We believe these assumptions are reasonable, but you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent releases or reports. These statements involve risks, estimates, assumptions, and uncertainties that could cause actual results to differ materially from those expressed in these statements and elsewhere in this release. These uncertainties include, but are not limited to, the financial and business impacts of COVID-19 on our operations and the operations of our customers, suppliers, governmental and private payers and others in the healthcare industry and beyond; federal laws governing the health care industry; governmental policies affecting O&P operations, including with respect to reimbursement; failure to successfully implement a new enterprise resource planning system or other disruptions to information technology systems; the inability to successfully execute our acquisition strategy, including integration of recently acquired O&P clinics into our existing business; changes in the demand for our O&P products and services, including additional competition in the O&P services market; disruptions to our supply chain; our ability to enter into and derive benefits from managed-care contracts; our ability to successfully attract and retain qualified O&P clinicians; labor shortages and increased turnover in our employee base; contractual, inflationary and other general cost increases, including with regard to costs of labor, raw materials and freight; and other risks and uncertainties generally affecting the health care industry. For additional information and risk factors that could affect the Company, see its Form 10-K for the year ended December 31, 2020 and Quarterly Report on Form 10-Q for the three months ended March 31, 2021 and June 30, 2021, each as filed with the Securities and Exchange Commission. The information contained in this press release is made only as of the date hereof, even if subsequently made available by the Company on its website or otherwise.

     

    Table 1

    Hanger, Inc.

    Condensed Consolidated Statements of Operations

    (Unaudited - in thousands, except share and per share amounts)

     

     

     

    For the Three Months Ended

    June 30,

     

    For the Six Months Ended

    June 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

    Net revenues

     

    $

    280,819

     

     

    $

    233,434

     

     

    $

    518,289

     

     

    $

    467,173

     

    Material costs

     

    89,271

     

     

    69,972

     

     

    164,441

     

     

    147,213

     

    Personnel costs

     

    97,549

     

     

    73,822

     

     

    187,429

     

     

    163,007

     

    Other operating costs

     

    32,721

     

     

    8,277

     

     

    64,181

     

     

    44,163

     

    General and administrative expenses

     

    33,177

     

     

    33,623

     

     

    64,118

     

     

    65,392

     

    Depreciation and amortization

     

    8,007

     

     

    8,879

     

     

    16,005

     

     

    17,710

     

    Income from operations

     

    20,094

     

     

    38,861

     

     

    22,115

     

     

    29,688

     

    Interest expense, net

     

    7,152

     

     

    8,636

     

     

    14,492

     

     

    16,906

     

    Non-service defined benefit plan expense

     

    167

     

     

    158

     

     

    334

     

     

    316

     

    Income before income taxes

     

    12,775

     

     

    30,067

     

     

    7,289

     

     

    12,466

     

    Provision (benefit) before income taxes

     

    2,616

     

     

    (987

    )

     

    460

     

     

    (2,840

    )

    Net income

     

    $

    10,159

     

     

    $

    31,054

     

     

    $

    6,829

     

     

    $

    15,306

     

     

     

     

     

     

     

     

     

     

    Basic and Diluted Per Common Share Data:

     

     

     

     

     

     

     

     

    Basic earnings per share

     

    $

    0.26

     

     

    $

    0.82

     

     

    $

    0.18

     

     

    $

    0.41

     

    Weighted average shares used to compute basic earnings per common share

     

    38,647,042

     

     

    37,958,408

     

     

    38,458,733

     

     

    37,749,930

     

    Diluted income per share

     

    $

    0.26

     

     

    $

    0.81

     

     

    $

    0.17

     

     

    $

    0.40

     

    Weighted average shares used to compute diluted earnings per common share

     

    39,208,155

     

     

    38,325,872

     

     

    39,216,725

     

     

    38,424,334

     

     

    Table 2

    Hanger, Inc.

    Condensed Consolidated Balance Sheets

    (Unaudited - in thousands)

     

     

     

    As of June 30,

     

    As of December 31,

     

     

    2021

     

    2020

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    76,178

     

     

    $

    144,602

     

    Accounts receivable, net

     

    124,956

     

     

    128,596

     

    Inventories

     

    83,959

     

     

    76,429

     

    Income taxes receivable

     

    12,831

     

     

    12,888

     

    Other current assets

     

    16,702

     

     

    12,357

     

    Total current assets

     

    314,626

     

     

    374,872

     

    Non-current assets:

     

     

     

     

    Property, plant, and equipment, net

     

    85,241

     

     

    84,873

     

    Goodwill

     

    318,383

     

     

    277,223

     

    Other intangible assets, net

     

    20,751

     

     

    18,431

     

    Deferred income taxes

     

    53,049

     

     

    54,877

     

    Operating lease right-of-use assets

     

    122,030

     

     

    124,741

     

    Other assets

     

    17,564

     

     

    15,734

     

    Total assets

     

    $

    931,644

     

     

    $

    950,751

     

     

     

     

     

     

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

    Current liabilities:

     

     

     

     

    Current portion of long-term debt

     

    $

    12,257

     

     

    $

    10,085

     

    Accounts payable

     

    58,400

     

     

    65,091

     

    Accrued expenses and other current liabilities

     

    63,333

     

     

    62,861

     

    Accrued compensation related costs

     

    51,256

     

     

    72,541

     

    Current portion of operating lease liabilities

     

    35,586

     

     

    35,002

     

    Total current liabilities

     

    220,832

     

     

    245,580

     

     

     

     

     

     

    Long-term liabilities:

     

     

     

     

    Long-term debt, less current portion

     

    495,245

     

     

    493,012

     

    Operating lease liabilities

     

    100,515

     

     

    104,589

     

    Other liabilities

     

    51,160

     

     

    56,593

     

    Total liabilities

     

    867,752

     

     

    899,774

     

     

     

     

     

     

    Shareholders' equity:

     

     

     

     

    Common stock

     

    389

     

     

    383

     

    Additional paid-in capital

     

    367,726

     

     

    365,503

     

    Accumulated other comprehensive loss

     

    (16,358

    )

     

    (20,215

    )

    Accumulated deficit

     

    (287,169

    )

     

    (293,998

    )

    Treasury stock, at cost

     

    (696

    )

     

    (696

    )

    Total shareholders' equity

     

    63,892

     

     

    50,977

     

    Total liabilities and shareholders' equity

     

    $

    931,644

     

     

    $

    950,751

     

     

    Table 3

    Hanger, Inc.

    Condensed Consolidated Statements of Cash Flows

    (Unaudited - in thousands)

     

     

     

    For the Six Months Ended

    June 30,

     

     

    2021

     

    2020

    Cash flows (used in) provided by operating activities:

     

     

     

     

    Net income

     

    $

    6,829

     

     

    $

    15,306

     

    Adjustments to reconcile net income to net cash (used in) provided by operating activities:

     

     

     

     

    Depreciation and amortization

     

    16,005

     

     

    17,710

     

    (Benefit) provision for doubtful accounts

     

    (292

    )

     

    1,084

     

    Share-based compensation expense

     

    6,418

     

     

    12,485

     

    Deferred income taxes

     

    232

     

     

    (9

    )

    Amortization of debt discounts and issuance costs

     

    948

     

     

    936

     

    Gain on sale and disposal of fixed assets

     

    (718

    )

     

    (531

    )

    Changes in operating assets and liabilities, net of acquisitions:

     

     

     

     

    Accounts receivable, net

     

    5,363

     

     

    44,917

     

    Inventories

     

    (5,899

    )

     

    5,072

     

    Other current assets and other assets

     

    (6,202

    )

     

    (4,882

    )

    Income taxes

     

    57

     

     

    (5,278

    )

    Accounts payable

     

    (6,577

    )

     

    305

     

    Accrued expenses and other current liabilities

     

    (2,765

    )

     

    2,393

     

    Accrued compensation related costs

     

    (21,412

    )

     

    (15,536

    )

    Other liabilities

     

    (522

    )

     

    3,686

     

    Operating lease liabilities, net of amortization of right-of-use assets

     

    (780

    )

     

    2,403

     

    Net cash (used in) provided by operating activities

     

    (9,315

    )

     

    80,061

     

    Cash flows used in investing activities:

     

     

     

     

    Acquisitions, net of cash acquired

     

    (35,349

    )

     

    (16,788

    )

    Purchase of property, plant, and equipment

     

    (13,339

    )

     

    (15,742

    )

    Purchase of therapeutic program equipment leased to third parties under operating leases

     

    (870

    )

     

    (3,065

    )

    Proceeds from sale of property, plant, and equipment

     

    1,332

     

     

    1,134

     

    Purchase of company-owned life insurance investment

     

    —

     

     

    (250

    )

    Net cash used in investing activities

     

    (48,226

    )

     

    (34,711

    )

    Cash flows (used in) provided by financing activities:

     

     

     

     

    Borrowings under revolving credit agreement

     

    —

     

     

    79,000

     

    Repayment of borrowings under revolving credit agreement

     

    —

     

     

    (57,000

    )

    Payment of employee taxes on share-based compensation

     

    (4,560

    )

     

    (6,828

    )

    Repayment of term loan

     

    (2,525

    )

     

    (2,525

    )

    Payment on Seller Notes

     

    (2,265

    )

     

    (1,799

    )

    Payments under vendor financing arrangements

     

    (1,375

    )

     

    (275

    )

    Payments of financing lease obligations

     

    (529

    )

     

    (314

    )

    Payment of debt issuance costs

     

    —

     

     

    (214

    )

    Proceeds from the exercise of options

     

    371

     

     

    39

     

    Net cash (used in) provided by financing activities

     

    (10,883

    )

     

    10,084

     

    (Decrease) increase in cash and cash equivalents

     

    (68,424

    )

     

    55,434

     

    Cash and cash equivalents at beginning of period

     

    144,602

     

     

    74,419

     

    Cash and cash equivalents at end of period

     

    $

    76,178

     

     

    $

    129,853

     

     
     

    Table 4

    Hanger, Inc.

    Segment Information: Revenue, EBITDA and Adjusted EBITDA

    (Unaudited - in thousands)

    EBITDA is defined as operating income before depreciation and amortization. Adjusted EBITDA is defined as operating income before certain charges, third-party professional fees in excess of normal amounts incurred in connection with our financial statement remediation, expenses associated with equity-based compensation, severance expenses, certain expenses incurred in connection with our acquisitions, proceeds received from grants under the Coronavirus Aid, Relief and Economy Security Act ("CARES Act") and certain other charges.

    We use EBITDA and Adjusted EBITDA as measures to assess the relative level of our indebtedness and our compliance with certain debt covenants which are based on these measures. Additionally, we utilize these measures to assess our operating and financial performance. We believe that these measures enhance a user's understanding of normal operating income excluding certain charges, depreciation and amortization.

    Neither EBITDA or Adjusted EBITDA are measures of financial performance computed in accordance with Generally Accepted Accounting Principles ("GAAP") and should not be considered in isolation nor as a substitute for operating income, net income, cash flows from operations, or other statement of operations or cash flow data prepared in conformity with GAAP, or as a measure of profitability or liquidity. In addition, the calculation of EBITDA and Adjusted EBITDA is susceptible to varying interpretations and calculations, and the amounts presented may not be comparable to similarly titled measures of other companies. EBITDA and Adjusted EBITDA may not be indicative of historical operating results, and we do not intend these measures to be predictive of future results of operations.

     

     

    For the Three Months Ended

    June 30,

     

    For the Six Months Ended

    June 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

     

     

     

     

     

     

     

     

     

    Net Revenue (a)

     

     

     

     

     

     

     

     

    Patient Care

     

    $

    236,787

     

     

    $

    195,859

     

     

    $

    432,469

     

     

    $

    386,042

     

    Products & Services

     

    44,032

     

     

    37,575

     

     

    85,820

     

     

    81,131

     

    Net revenue

     

    $

    280,819

     

     

    $

    233,434

     

     

    $

    518,289

     

     

    $

    467,173

     

     

     

     

     

     

     

     

     

     

    EBITDA (b)

     

     

     

     

     

     

     

     

    Patient Care

     

    $

    44,427

     

     

    $

    63,446

     

     

    $

    68,292

     

     

    $

    79,459

     

    Products & Services

     

    5,364

     

     

    8,256

     

     

    11,975

     

     

    13,088

     

    Corporate & Other

     

    (21,690

    )

     

    (23,962

    )

     

    (42,147

    )

     

    (45,149

    )

    EBITDA (Non-GAAP)

     

    $

    28,101

     

     

    $

    47,740

     

     

    $

    38,120

     

     

    $

    47,398

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA (b)

     

     

     

     

     

     

     

     

    Patient Care

     

    $

    44,845

     

     

    $

    44,193

     

     

    $

    69,793

     

     

    $

    61,519

     

    Products & Services

     

    5,647

     

     

    8,590

     

     

    12,517

     

     

    13,627

     

    Corporate & Other

     

    (19,517

    )

     

    (16,258

    )

     

    (37,791

    )

     

    (33,355

    )

    Adjusted EBITDA (Non-GAAP)

     

    $

    30,975

     

     

    $

    36,525

     

     

    $

    44,519

     

     

    $

    41,791

     

     

     

     

     

     

     

     

     

     

    (a) Excludes intersegment revenue.

    (b) EBITDA and Adjusted EBITDA are "Non-GAAP" measures. Please refer to both Table 6 and Table 7 for a reconciliation of these measures to GAAP net income.

     
     
     

    Table 5

    Hanger, Inc.

    Reconciliation of Net Income and Earnings Per Share to

    Adjusted Net Income and Adjusted Earnings Per Share

    (Unaudited - in thousands, except share and per share amounts)

    Earnings Per Share (or "EPS") is defined as net income divided by our basic or diluted common shares during the applicable period. Adjusted EPS is defined as EPS adjusted for certain equity-based compensation charges, third-party professional fees in excess of normal amounts incurred in connection with our financial statement remediation, severance expenses, certain expenses incurred in connection with our acquisitions, proceeds received from grants under the CARES Act, and certain other charges.

    We utilize Adjusted EPS to assess our operating and financial performance. We believe that this measure enhances a user's understanding of normal operating results excluding certain charges.

    Adjusted EPS is not a measure of financial performance computed in accordance with GAAP and should not be considered in isolation nor as a substitute for operating income, net income, cash flows from operations, or other statement of operations or cash flow data prepared in conformity with GAAP, or as a measure of profitability or liquidity. In addition, the calculation of Adjusted EPS is susceptible to varying interpretations and calculations, and the amounts presented may not be comparable to similarly titled measures of other companies. Adjusted EPS may not be indicative of historical operating results, and we do not intend these measures to be predictive of future results of operations.

     

     

    For the Three Months Ended

    June 30,

     

    For the Six Months Ended

    June 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

     

     

     

     

     

     

     

     

     

    Net income - as reported (GAAP)

     

    $

    10,159

     

     

    $

    31,054

     

     

    $

    6,829

     

     

    $

    15,306

     

     

     

     

     

     

     

     

     

     

    Adjustments:

     

     

     

     

     

     

     

     

    Modification of equity awards (a)

     

    —

     

     

    5,869

     

     

    —

     

     

    5,869

     

    Amortization expense

     

    1,315

     

     

    1,783

     

     

    2,549

     

     

    3,274

     

    Third-party professional fees

     

    —

     

     

    —

     

     

    —

     

     

    1,639

     

    Acquisition-related expenses

     

    170

     

     

    39

     

     

    330

     

     

    372

     

    Hanger supply chain implementation costs

     

    135

     

     

    295

     

     

    267

     

     

    430

     

    Severance expenses

     

    —

     

     

    —

     

     

    54

     

     

    —

     

    Proceeds from grants under the CARES Act

     

    (670

    )

     

    (20,533

    )

     

    (670

    )

     

    (20,533

    )

    Adjustments prior to tax effect

     

    $

    950

     

     

    $

    (12,547

    )

     

    $

    2,530

     

     

    $

    (8,949

    )

     

     

     

     

     

     

     

     

     

    Tax effect of specified adjustments (a)

     

    (678

    )

     

    (5,192

    )

     

    (1,897

    )

     

    (3,684

    )

    Adjustments after taxes

     

    272

     

     

    (17,739

    )

     

    633

     

     

    (12,633

    )

     

     

     

     

     

     

     

     

     

    Adjusted net income (Non-GAAP)

     

    $

    10,431

     

     

    $

    13,315

     

     

    $

    7,462

     

     

    $

    2,673

     

     

     

     

     

     

     

     

     

     

    Basic earnings per share - as reported (GAAP)

     

    $

    0.26

     

     

    $

    0.82

     

     

    $

    0.18

     

     

    $

    0.41

     

    Effect of above listed specified adjustments

     

    0.01

     

     

    (0.47

    )

     

    0.01

     

     

    (0.34

    )

    Adjusted basic earnings per share - as reported (Non-GAAP)

     

    $

    0.27

     

     

    $

    0.35

     

     

    $

    0.19

     

     

    $

    0.07

     

     

     

     

     

     

     

     

     

     

    Diluted earnings per share - as reported (GAAP)

     

    $

    0.26

     

     

    $

    0.81

     

     

    $

    0.17

     

     

    $

    0.40

     

    Effect of above listed specified adjustments

     

    0.01

     

     

    (0.46

    )

     

    0.02

     

     

    (0.33

    )

    Adjusted diluted earnings per share - as reported (Non-GAAP)

     

    $

    0.27

     

     

    $

    0.35

     

     

    $

    0.19

     

     

    $

    0.07

     

     

     

     

     

     

     

     

     

     

    Shares used to compute basic earnings per share

     

    38,647,042

     

     

    37,958,408

     

     

    38,458,733

     

     

    37,749,930

     

    Shares used to compute diluted earnings per share

     

    39,208,155

     

     

    38,325,872

     

     

    39,216,725

     

     

    38,424,334

     

     

    (a) Modification of equity awards reflect a non-recurring charge in the second quarter of 2020 for incremental equity-based compensation expense under ASC 718, Stock Compensation, related to the modification of certain equity awards granted in 2017.

     

    (b) "Tax effect of specified adjustments" reflects the difference between the Company's effective provision for taxes and the application of a combined federal and state statutory tax rate of 24% for the 2021 and 2020 periods to the Company's earnings from operations before taxes, after the incorporation of the identified adjustments above.

     
     
     

    Table 6

    Hanger, Inc.

    Reconciliation of Net Income to EBITDA and Adjusted EBITDA

    (Unaudited - in thousands)

    EBITDA is defined as operating income before depreciation and amortization. Adjusted EBITDA is defined as operating income before certain charges, third-party professional fees in excess of normal amounts incurred in connection with our financial statement remediation, expenses associated with equity-based compensation, severance expenses, certain expenses incurred in connection with our acquisitions, proceeds received from grants under the CARES Act and certain other charges.

    We use EBITDA and Adjusted EBITDA as measures to assess the relative level of our indebtedness and our compliance with certain debt covenants which are based on these measures. Additionally, we utilize these measures to assess our operating and financial performance. We believe that these measures enhance a user's understanding of normal operating income excluding certain charges, depreciation and amortization.

    Neither EBITDA or Adjusted EBITDA are measures of financial performance computed in accordance with Generally Accepted Accounting Principles ("GAAP") and should not be considered in isolation nor as a substitute for operating income, net income, cash flows from operations, or other statement of operations or cash flow data prepared in conformity with GAAP, or as a measure of profitability or liquidity. In addition, the calculation of EBITDA and Adjusted EBITDA is susceptible to varying interpretations and calculations, and the amounts presented may not be comparable to similarly titled measures of other companies. EBITDA and Adjusted EBITDA may not be indicative of historical operating results, and we do not intend these measures to be predictive of future results of operations.

     

     

    For the Three Months Ended

    June 30,

     

    For the Six Months Ended

    June 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

     

     

     

     

     

     

     

     

     

    Net income - as reported (GAAP)

     

    $

    10,159

     

     

    $

    31,054

     

     

    $

    6,829

     

     

    $

    15,306

     

     

     

     

     

     

     

     

     

     

    Adjustments to calculate EBITDA:

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

    8,007

     

     

    8,879

     

     

    16,005

     

     

    17,710

     

    Interest expense, net

     

    7,152

     

     

    8,636

     

     

    14,492

     

     

    16,906

     

    Non-service defined benefit plan expense

     

    167

     

     

    158

     

     

    334

     

     

    316

     

    Provision (benefit) for income taxes

     

    2,616

     

     

    (987

    )

     

    460

     

     

    (2,840

    )

    Adjustments - net income to EBITDA

     

    17,942

     

     

    16,686

     

     

    31,291

     

     

    32,092

     

    EBITDA (Non-GAAP)

     

    28,101

     

     

    47,740

     

     

    38,120

     

     

    47,398

     

     

     

     

     

     

     

     

     

     

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Third-party professional fees

     

    —

     

     

    —

     

     

    —

     

     

    1,639

     

    Equity-based compensation (a)

     

    3,239

     

     

    8,984

     

     

    6,418

     

     

    12,485

     

    Acquisition-related expenses

     

    170

     

     

    39

     

     

    330

     

     

    372

     

    Hanger supply chain implementation costs

     

    135

     

     

    295

     

     

    267

     

     

    430

     

    Severance expenses

     

    —

     

     

    —

     

     

    54

     

     

    —

     

    Proceeds from grants under the CARES Act

     

    (670

    )

     

    (20,533

    )

     

    (670

    )

     

    (20,533

    )

    Further adjustments - EBITDA to Adjusted EBITDA

     

    2,874

     

     

    (11,215

    )

     

    6,399

     

     

    (5,607

    )

    Adjusted EBITDA (Non-GAAP)

     

    $

    30,975

     

     

    $

    36,525

     

     

    $

    44,519

     

     

    $

    41,791

     

     

    (a) Equity-based compensation expense includes an incremental charge in the second quarter of 2020 under ASC 718, Stock Compensation of approximately $5.9 million related to the modification of certain equity awards granted in 2017.

     
     
     

    Table 7

    Hanger, Inc.

    Segment Reconciliation of Income (Loss) From Operations to EBITDA and Adjusted EBITDA

    (Unaudited - in thousands)

    EBITDA is defined as operating income before depreciation and amortization. Adjusted EBITDA is defined as operating income before certain charges, third-party professional fees in excess of normal amounts incurred in connection with our financial statement remediation, expenses associated with equity-based compensation, severance expenses, certain expenses incurred in connection with our acquisitions, proceeds received from grants under the CARES Act and certain other charges.

    We use EBITDA and Adjusted EBITDA as measures to assess the relative level of our indebtedness and our compliance with certain debt covenants which are based on these measures. Additionally, we utilize these measures to assess our operating and financial performance. We believe that these measures enhance a user's understanding of normal operating income excluding certain charges, depreciation and amortization.

    Neither EBITDA or Adjusted EBITDA are measures of financial performance computed in accordance with Generally Accepted Accounting Principles ("GAAP") and should not be considered in isolation nor as a substitute for operating income, net income, cash flows from operations, or other statement of operations or cash flow data prepared in conformity with GAAP, or as a measure of profitability or liquidity. In addition, the calculation of EBITDA and Adjusted EBITDA is susceptible to varying interpretations and calculations, and the amounts presented may not be comparable to similarly titled measures of other companies. EBITDA and Adjusted EBITDA may not be indicative of historical operating results, and we do not intend these measures to be predictive of future results of operations.

     

     

    For the Three Months Ended

    June 30,

     

    For the Six Months Ended

    June 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

    Patient Care

     

     

     

     

     

     

     

     

    Income from operations - as reported (GAAP)

     

    $

    39,640

     

     

    $

    58,619

     

     

    $

    58,690

     

     

    $

    70,156

     

    Depreciation & amortization

     

    4,787

     

     

    4,827

     

     

    9,602

     

     

    9,303

     

    EBITDA (Non-GAAP)

     

    44,427

     

     

    63,446

     

     

    68,292

     

     

    79,459

     

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Equity-based compensation

     

    953

     

     

    1,078

     

     

    1,850

     

     

    2,256

     

    Hanger supply chain implementation costs

     

    135

     

     

    202

     

     

    267

     

     

    337

     

    Severance expenses

     

    —

     

     

    —

     

     

    54

     

     

    —

     

    Proceeds from grants under the CARES Act

     

    (670

    )

     

    (20,533

    )

     

    (670

    )

     

    (20,533

    )

    Further adjustments - EBITDA to Adjusted EBITDA

     

    418

     

     

    (19,253

    )

     

    1,501

     

     

    (17,940

    )

    Adjusted EBITDA (Non-GAAP)

     

    44,845

     

     

    44,193

     

     

    69,793

     

     

    61,519

     

     

     

     

     

     

     

     

     

     

    Products & Services

     

     

     

     

     

     

     

     

    Income from operations - as reported (GAAP)

     

    3,401

     

     

    5,758

     

     

    8,077

     

     

    7,838

     

    Depreciation & amortization

     

    1,963

     

     

    2,498

     

     

    3,898

     

     

    5,250

     

    EBITDA (Non-GAAP)

     

    5,364

     

     

    8,256

     

     

    11,975

     

     

    13,088

     

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Equity-based compensation

     

    283

     

     

    241

     

     

    542

     

     

    446

     

    Hanger supply chain implementation costs

     

    —

     

     

    93

     

     

    —

     

     

    93

     

    Further adjustments - EBITDA to Adjusted EBITDA

     

    283

     

     

    334

     

     

    542

     

     

    539

     

    Adjusted EBITDA (Non-GAAP)

     

    5,647

     

     

    8,590

     

     

    12,517

     

     

    13,627

     

     

     

     

     

     

     

     

     

     

    Corporate & Other

     

     

     

     

     

     

     

     

    Loss from operations - as reported (GAAP)

     

    (22,947

    )

     

    (25,516

    )

     

    (44,652

    )

     

    (48,306

    )

    Depreciation & amortization

     

    1,257

     

     

    1,554

     

     

    2,505

     

     

    3,157

     

    EBITDA (Non-GAAP)

     

    (21,690

    )

     

    (23,962

    )

     

    (42,147

    )

     

    (45,149

    )

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Third-party professional fees

     

    —

     

     

    —

     

     

    —

     

     

    1,639

     

    Equity-based compensation

     

    2,003

     

     

    7,665

     

     

    4,026

     

     

    9,783

     

    Acquisition related expenses

     

    170

     

     

    39

     

     

    330

     

     

    372

     

    Further adjustments - EBITDA to Adjusted EBITDA

     

    2,173

     

     

    7,704

     

     

    4,356

     

     

    11,794

     

    Adjusted EBITDA (Non-GAAP)

     

    (19,517

    )

     

    (16,258

    )

     

    (37,791

    )

     

    (33,355

    )

    Total Adjusted EBITDA (Non-GAAP)

     

    $

    30,975

     

     

    $

    36,525

     

     

    $

    44,519

     

     

    $

    41,791

     

     

    (a) Equity-based compensation expense includes an incremental charge in the second quarter of 2020 under ASC 718, Stock Compensation of approximately $5.9 million related to the modification of certain equity awards granted in 2017.

     

    Table 8

    Hanger, Inc.

    Indebtedness

    (Unaudited - in thousands)

     

     

     

    As of June 30,

     

    As of December 31,

     

     

    2021

     

    2020

    Debt:

     

     

     

     

    Term Loan B

     

    $

    488,588

     

     

    $

    491,113

     

    Seller Notes

     

    18,105

     

     

    11,510

     

    Deferred payment obligation

     

    4,000

     

     

    4,000

     

    Finance lease liabilities and other

     

    3,437

     

     

    3,869

     

    Total debt before unamortized discount and debt issuance costs

     

    514,130

     

     

    510,492

     

    Unamortized discount and debt issuance costs, net

     

    (6,628

    )

     

    (7,395

    )

    Total debt

     

    $

    507,502

     

     

    $

    503,097

     

     

     

     

     

     

    Current portion of long-term debt:

     

     

     

     

    Term Loan B

     

    $

    5,050

     

     

    $

    5,050

     

    Seller Notes

     

    6,303

     

     

    4,060

     

    Finance lease liabilities and other

     

    904

     

     

    975

     

    Total current portion of long-term debt

     

    12,257

     

     

    10,085

     

    Long-term debt

     

    $

    495,245

     

     

    $

    493,012

     

     

     

     

     

     

    Net indebtedness:

     

     

     

     

    Total debt before unamortized discount and debt issuance costs

     

    $

    514,130

     

     

    $

    510,492

     

    Cash and cash equivalents

     

    (76,178

    )

     

    (144,602

    )

    Net indebtedness

     

    $

    437,952

     

     

    $

    365,890

     

     

    Table 9

    Hanger, Inc.

    Key Operating Metrics

     

     

     

    As of and For the Three Months Ended

    June 30,

     

    For the Six Months Ended June 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

     

     

     

     

     

     

     

     

     

    Same clinic revenue:

     

     

     

     

     

     

     

     

    Growth (decline) rate on net revenue

     

    18.2%

     

    (18.7)%

     

    8.2%

     

    (11.0)%

    Growth (decline) rate day adjusted (a)

     

    18.2%

     

    (18.7)%

     

    9.9%

     

    (11.7)%

     

     

     

     

     

     

     

     

     

    Clinical locations:

     

     

     

     

     

     

     

     

    Patient care clinics

     

    723

     

    707

     

     

     

     

    Satellite clinics

     

    112

     

    108

     

     

     

     

    Total clinical locations

     

    835

     

    815

     

     

     

     

     

    (a) Same Clinic Revenue per Day - Same Clinic Revenue per Day normalizes revenue for the number of days a clinic was open in each comparable period. These measures are both non-GAAP and unaudited.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20210804005782/en/

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    • Hanger Reports Second Quarter 2022 Financial Results

      Hanger, Inc. (NYSE:HNGR), a leading provider of orthotic and prosthetic (O&P) patient care services and solutions, today announced its financial results for the second quarter and six months ended June 30, 2022. Financial Highlights Net revenues were $312.0 million for the three months ended June 30, 2022, compared to $280.8 million for the same period in 2021, reflecting growth of 11.1 percent. Patient Care same clinic revenue growth per day was 6.2 percent during the period. Net income was $10.1 million for the three months ended June 30, 2022, compared to $10.2 million for the same period in 2021. Income from operations was $20.8 million for the quarter compared to $20.1 million for

      8/8/22 4:05:00 PM ET
      $HNGR
      Medical Specialities
      Health Care
    • Hanger, Inc. Announces Definitive Agreement to be Acquired by Patient Square Capital for $18.75 Per Share in Cash

      Total Enterprise Value of Approximately $1.25 Billion Hanger, Inc. (NYSE:HNGR), a leading provider of orthotic and prosthetic (O&P) patient care services and solutions, announced today that it has entered into a definitive agreement to be acquired by Patient Square Capital, a dedicated health care investment firm. Under the terms of the agreement, which has been unanimously approved by Hanger's Board of Directors, Hanger stockholders will receive $18.75 in cash per share, representing an approximately 29% premium to the 30 calendar day volume-weighted average price (VWAP) ending July 20, 2022, and a total enterprise value of approximately $1.25 billion. Upon completion of the transaction,

      7/21/22 4:13:00 PM ET
      $HNGR
      Medical Specialities
      Health Care
    • Hanger Announces Date of 2022 Second Quarter Earnings Release and Conference Call

      Hanger, Inc. (NYSE:HNGR), a leading provider of orthotic and prosthetic (O&P) patient care services and solutions, announced it will report its financial results for the second quarter and six months ended June 30, 2022 after the stock market closes on Monday, August 8, 2022. Hanger's management team will host a conference call to discuss the second quarter 2022 financial results the following morning on Tuesday, August 9, 2022 at 8:30 a.m. Eastern time. To participate in the Company's live conference call, please dial (844) 200-6205 or +1 (929) 526-1599 for international participants and reference access code 020458. A live webcast, replay of the call and earnings release, will be availa

      7/7/22 8:00:00 AM ET
      $HNGR
      Medical Specialities
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    $HNGR
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    • SEC Form 4: Sullivan Kathryn M returned $1,162,988 worth of shares to the company (62,026 units at $18.75), closing all direct ownership in the company

      4 - HANGER, INC. (0000722723) (Issuer)

      10/4/22 5:25:47 PM ET
      $HNGR
      Medical Specialities
      Health Care
    • SEC Form 4: Jones Mark M returned $386,138 worth of shares to the company (20,594 units at $18.75), closing all direct ownership in the company

      4 - HANGER, INC. (0000722723) (Issuer)

      10/4/22 5:21:56 PM ET
      $HNGR
      Medical Specialities
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    • SEC Form 4: Pettingill Richard returned $1,465,031 worth of shares to the company (78,135 units at $18.75), closing all direct ownership in the company

      4 - HANGER, INC. (0000722723) (Issuer)

      10/4/22 5:21:57 PM ET
      $HNGR
      Medical Specialities
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    $HNGR
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    • Hanger downgraded by Jefferies with a new price target

      Jefferies downgraded Hanger from Buy to Hold and set a new price target of $18.75 from $24.00 previously

      7/25/22 7:27:44 AM ET
      $HNGR
      Medical Specialities
      Health Care

    $HNGR
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    $HNGR
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    • Evolent Health Appoints Seth R. Frank as Vice President, Investor Relations

      WASHINGTON, Dec. 1, 2021 /PRNewswire/ -- Evolent Health, Inc. (NYSE:EVH) ("Evolent"), a health care company that delivers proven clinical and administrative solutions to payers and providers, today announced that Seth R. Frank has joined the company as Vice President, Investor Relations, effective immediately. Reporting to John Johnson, Evolent's Chief Financial Officer, Seth will lead Evolent's investor relations (IR) strategy and oversee its relationships with the investment community. "Seth provides a demonstrated track record of proactive, finance-driven leadership in health care investor relations to Evolent," said Evolent Health Chief Financial Officer John Johnson. "He brings long-ter

      12/1/21 8:00:00 AM ET
      $EVH
      $HNGR
      $MDRX
      Other Consumer Services
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    • Hanger, Inc. Completes Acquisition by Patient Square Capital

      Hanger, Inc. (NYSE:HNGR), a leading provider of orthotic and prosthetic (O&P) patient care services and solutions, today announced the completion of its previously announced transaction to be acquired by Patient Square Capital, a leading dedicated health care investment firm, in an all-cash transaction. The acquisition was previously announced on July 21, 2022, and Hanger's stockholders approved the transaction at a Special Meeting of Stockholders held on September 30, 2022. As a result of the completion of the acquisition, Hanger stockholders will receive $18.75 in cash per share of common stock, and Hanger's common stock will no longer be traded on the New York Stock Exchange (NYSE). Wit

      10/3/22 12:30:00 PM ET
      $HNGR
      Medical Specialities
      Health Care
    • Hanger, Inc. Stockholders Approve Acquisition by Patient Square Capital

      Hanger, Inc. (NYSE:HNGR), a leading provider of orthotic and prosthetic (O&P) patient care services and solutions, today announced that its stockholders approved at a special meeting the acquisition of Hanger by Patient Square Capital, a leading dedicated health care investment firm. Vinit Asar, Hanger's President and Chief Executive Officer said, "I would like to express my gratitude to the Hanger stockholders for their support today, and throughout this transaction process. The Hanger team is excited about this partnership with Patient Square Capital, and beginning our next chapter as a private company. We believe this collaboration will enable us to accelerate our growth and enhance our

      9/30/22 4:05:00 PM ET
      $HNGR
      Medical Specialities
      Health Care
    • Frontier Communications Set to Join S&P MidCap 400; Hain Celestial Group to Join S&P SmallCap 600

      NEW YORK, Sept. 27, 2022 /PRNewswire/ -- Frontier Communications Parent Inc. (NASD: FYBR) will replace The Hain Celestial Group Inc. (NASD:HAIN) in the S&P Midcap 400 and The Hain Celestial Group will replace Hanger Inc. (NYSE:HNGR) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, October 3. Patient Square Capital, LP. is acquiring Hanger in a deal expected to be completed soon pending final closing conditions. The Hain Celestial Group is more representative of the small-cap market space. Following is a summary of the changes that will take place prior to the open of trading on the effective date: Effective Date Index Name       Action Company Name Ticker GICS Se

      9/27/22 6:16:00 PM ET
      $FYBR
      $HAIN
      $HNGR
      $SPGI
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    $HNGR
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    • SEC Form SC 13G/A filed by Hanger Inc. (Amendment)

      SC 13G/A - HANGER, INC. (0000722723) (Subject)

      11/8/22 11:20:47 AM ET
      $HNGR
      Medical Specialities
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    • SEC Form SC 13G/A filed by Hanger Inc. (Amendment)

      SC 13G/A - HANGER, INC. (0000722723) (Subject)

      8/10/22 2:56:04 PM ET
      $HNGR
      Medical Specialities
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    • SEC Form SC 13G/A filed by Hanger Inc. (Amendment)

      SC 13G/A - HANGER, INC. (0000722723) (Subject)

      8/8/22 10:36:46 AM ET
      $HNGR
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    • SEC Form 15-12G filed by Hanger Inc.

      15-12G - HANGER, INC. (0000722723) (Filer)

      10/13/22 9:00:25 AM ET
      $HNGR
      Medical Specialities
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    • SEC Form EFFECT filed by Hanger Inc.

      EFFECT - HANGER, INC. (0000722723) (Filer)

      10/7/22 12:15:11 AM ET
      $HNGR
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    • SEC Form S-8 POS filed by Hanger Inc.

      S-8 POS - HANGER, INC. (0000722723) (Filer)

      10/3/22 1:29:11 PM ET
      $HNGR
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