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    Hanger Reports Second Quarter 2022 Financial Results

    8/8/22 4:05:00 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, 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 the same period in 2021.
    • Adjusted EBITDA was $35.5 million in the second quarter of 2022, compared to $31.0 million for the same period in 2021, reflecting an increase of $4.5 million, or 14.5 percent.
    • GAAP diluted earnings per share was $0.26 for the second quarter of each of 2022 and 2021. Adjusted diluted earnings per share was $0.35 for the three months ended June 30, 2022, compared to $0.27 for the same period in 2021.

    Segment Results for Three Months Ended June 30, 2022

    Patient Care Segment

    For the three months ended June 30, 2022, Patient Care net revenues were $265.7 million, an increase of $28.9 million, or 12.2 percent, compared to the same period in 2021. For the three month period, acquisitions of O&P clinics that were consummated in 2021 and 2022 contributed $13.7 million of incremental revenue.

    Net same clinic revenue on a day-adjusted basis grew 6.2 percent during the second quarter of 2022 compared to the same quarter in the prior year period. Patient Care results benefited from the continued improvement in patient volumes compared to the decreased levels of demand experienced due to the COVID pandemic during the same period in 2021.

    During the second quarter, excluding the effect of acquisitions, net revenue from prosthetics grew 8.9 percent and net revenue from orthotics grew 3.0 percent, each compared to the prior year period. Prosthetics comprised 55.1 percent of Patient Care segment net revenue for the quarter, compared to 53.7 percent in the same period of 2021. Income from operations in the Patient Care segment was $40.5 million during the second quarter of 2022, an increase of $0.9 million compared to the $39.6 million reported in the prior year.

    Payor disallowances and patient non-payment were 4.4 percent of gross charges during the second quarter of 2022 which compared to 3.4 percent during the second quarter of 2021, resulting in an approximate $2.8 million comparative decrease to revenue, income from operations, and Adjusted EBITDA during the second quarter of 2022.

    Adjusted EBITDA for the segment was $47.8 million, which reflected a $2.9 million increase compared to the second quarter of 2021. Adjusted EBITDA margin in the segment totaled 18.0 percent compared to 18.9 percent during the second quarter of 2021.

    Products & Services Segment

    For the three months ended June 30, 2022, Products & Services net revenues totaled $46.4 million, reflecting an increase of 5.3 percent compared with the same period in 2021. Revenue from the distribution of O&P componentry totaled $36.0 million, reflecting growth of $2.7 million, or 8.1 percent. Therapeutic solutions revenue in the second quarter totaled $10.4 million, a decline of $0.4 million, or 3.5 percent.

    Income from operations for the Products & Services segment was $4.5 million in the second quarter of 2022 compared to $3.4 million in the same period of 2021. Adjusted EBITDA for the segment totaled $7.1 million for the second quarter of 2022, a $1.4 million increase compared with the same period of 2021. Adjusted EBITDA margin in the segment increased to 15.3 percent compared to 12.8 percent during the second quarter of 2021.

    Corporate & Other

    Expenses associated with corporate and other activities increased by $1.3 million to $24.3 million for the quarter ended June 30, 2022 compared to the same period in 2021. Excluding the effects of equity-based compensation, severance expense, depreciation and amortization, and acquisition-related expense, the net cost of corporate and other activities decreased by $0.1 million to $19.4 million in the second quarter of 2022.

    Net Income; Interest Expense

    Interest expense totaled $7.5 million for the three month period ended June 30, 2022, an increase of $0.4 million from the prior year period on higher interest rates.

    For the three month period ended June 30, 2022, net income was $10.1 million compared with $10.2 million for the same period in 2021. GAAP diluted income per share was $0.26 per share in 2022 and 2021, respectively. Adjusted diluted income per share was $0.35 for the three months ended June 30, 2022, compared to $0.27 per share for the same period in 2021.

    Net Cash Used In Operating Activities; Liquidity

    Cash flows provided by operating activities for the six months ended June 30, 2022 were $30.9 million compared to cash flows used in operating activities of $9.3 million for the same period in 2021. The Company's days sales outstanding were 44 days as of June 30, 2022.

    During the quarter, the Company repaid $35.0 million in principal on its Term Loan B indebtedness. As of June 30, 2022, the Company had liquidity of $154.2 million, comprised of $24.4 million in cash and cash equivalents, and $129.8 million in available borrowing capacity under its revolving credit facility.

    Transaction with Patient Square Capital

    On July 21, 2022, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Hero Parent, Inc., a Delaware corporation ("Parent"), and Hero Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub"). Parent and Merger Sub are indirect subsidiaries of funds managed and advised by Patient Square Capital, a dedicated health care investment firm. The Merger Agreement provides, among other things and subject to the terms and conditions set forth therein, that Merger Sub will be merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of Parent (the "Merger"). At the Effective Time (as defined in the Merger Agreement), by virtue of the Merger, each share of common stock of the Company issued and outstanding immediately prior to the Effective Time will be converted automatically into the right to receive $18.75 per share in cash. After the Merger, Hanger's common stock will no longer be traded on the New York Stock Exchange and will be deregistered under the Securities Exchange Act of 1934, as amended.

    In light of this pending transaction, the Company will not be hosting an earnings call to discuss its results for the quarter and will not be providing or updating previously issued financial guidance.

    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 investor.hanger.com.

    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 875 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 2022, 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 inability to consummate the Merger within the anticipated time period, or at all, due to any reason, including the failure to obtain required regulatory approvals, satisfy the other conditions to the consummation of the Merger or complete necessary financing arrangements; the risk that the Merger disrupts our current plans and operations or diverts management's attention from its ongoing business; the effects of the Merger on our business, operating results, and ability to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom we do business; the risk that our stock price may decline significantly if the Merger is not consummated; the nature, cost and outcome of any legal proceedings related to the Merger, the inability to consummate the Merger within the anticipated time period, or at all, due to any reason, including the failure to obtain required regulatory approvals, satisfy the other conditions to the consummation of the Merger or complete necessary financing arrangements; the risk that the Merger disrupts our current plans and operations or diverts management's attention from its ongoing business; the effects of the Merger on our business, operating results, and ability to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom we do business; the risk that our stock price may decline significantly if the Merger is not consummated; the nature, cost and outcome of any legal proceedings related to the Merger, 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; 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; 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; 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, 2021 and Quarterly Report on Form 10-Q for the three months ended March 31, 2022, 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.

    Additional Information and Where to Find It

    This communication relates to the proposed merger (the "Merger") of Hanger and Merger Sub pursuant to the terms of the Agreement and Plan of Merger, dated as of July 21, 2022, by and among Parent, Merger Sub and Hanger (the "Merger Agreement"). Parent and Merger Sub are indirect subsidiaries of funds managed and advised by Patient Square Capital. A special meeting of the stockholders of Hanger will be announced as promptly as practicable to seek stockholder approval in connection with the proposed Merger. Hanger has filed with the Securities and Exchange Commission ("SEC") a preliminary proxy statement and other relevant documents in connection with the proposed Merger. Stockholders of Hanger are urged to read the definitive proxy statement and other relevant materials filed with the SEC when they become available because they will contain important information about Hanger, Parent, Merger Sub and the Merger. Stockholders may obtain a free copy of these materials (when they are available) and other documents filed by Hanger with the SEC at the SEC's website at www.sec.gov, at Hanger's website at http://corporate.hanger.com or by sending a written request to our Corporate Secretary at our principal executive offices at 10910 Domain Drive, Suite 300, Austin, Texas 78758.

    Participants in the Solicitation

    Hanger, its directors and certain of its executive officers and employees may be deemed to be participants in soliciting proxies from Hanger's stockholders in connection with the Merger. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of Hanger's stockholders in connection with the Merger and any direct or indirect interests they have in the Merger will be set forth in Hanger's definitive proxy statement for its special stockholder meeting when it is filed with the SEC. Information relating to the foregoing can also be found in Hanger's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022 and Hanger's definitive proxy statement for its 2022 Annual Meeting of Stockholders (the "Annual Meeting Proxy Statement") filed with the SEC on April 7, 2022. To the extent that holdings of Hanger's securities have changed since the amounts set forth in the Annual Meeting Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.

    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,

     

     

    2022

     

    2021

     

    2022

     

    2021

    Net revenues

     

    $

    312,033

     

    $

    280,819

     

    $

    573,320

     

    $

    518,289

    Material costs

     

     

    98,433

     

     

    89,271

     

     

    184,025

     

     

    164,441

    Personnel costs

     

     

    110,275

     

     

    97,549

     

     

    211,950

     

     

    187,429

    Other operating costs

     

     

    38,970

     

     

    32,788

     

     

    75,138

     

     

    64,286

    General and administrative expenses

     

     

    35,444

     

     

    33,110

     

     

    67,886

     

     

    64,013

    Depreciation and amortization

     

     

    8,124

     

     

    8,007

     

     

    16,079

     

     

    16,005

    Income from operations

     

     

    20,787

     

     

    20,094

     

     

    18,242

     

     

    22,115

    Interest expense, net

     

     

    7,524

     

     

    7,152

     

     

    14,909

     

     

    14,492

    Non-service defined benefit plan expense

     

     

    160

     

     

    167

     

     

    320

     

     

    334

    Income before income taxes

     

     

    13,103

     

     

    12,775

     

     

    3,013

     

     

    7,289

    Provision for income taxes

     

     

    2,986

     

     

    2,616

     

     

    873

     

     

    460

    Net income

     

    $

    10,117

     

    $

    10,159

     

    $

    2,140

     

    $

    6,829

     

     

     

     

     

     

     

     

     

    Basic and diluted per common share data:

     

     

     

     

     

     

     

     

    Basic earnings per share

     

    $

    0.26

     

    $

    0.26

     

    $

    0.05

     

    $

    0.18

    Weighted average shares used to compute basic income per share

     

     

    39,089,865

     

     

    38,647,042

     

     

    38,946,937

     

     

    38,458,733

    Diluted earnings per share

     

    $

    0.26

     

    $

    0.26

     

    $

    0.05

     

    $

    0.17

    Weighted average shares used to compute diluted income per share

     

     

    39,250,735

     

     

    39,208,155

     

     

    39,293,775

     

     

    39,216,725

    Table 2

    Hanger, Inc.

    Condensed Consolidated Balance Sheets

    (Unaudited - in thousands)

     

     

     

    As of June 30,

     

    As of December 31,

     

     

    2022

     

    2021

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    24,380

     

     

    $

    61,692

     

    Accounts receivable, net

     

     

    150,898

     

     

     

    152,058

     

    Inventories

     

     

    88,018

     

     

     

    87,462

     

    Income taxes receivable

     

     

    —

     

     

     

    581

     

    Other current assets

     

     

    19,614

     

     

     

    16,536

     

    Total current assets

     

     

    282,910

     

     

     

    318,329

     

    Non-current assets:

     

     

     

     

    Property, plant, and equipment, net

     

     

    81,015

     

     

     

    82,434

     

    Goodwill

     

     

    377,164

     

     

     

    363,554

     

    Other intangible assets, net

     

     

    25,147

     

     

     

    25,892

     

    Deferred income taxes

     

     

    43,069

     

     

     

    45,494

     

    Operating lease right-of-use assets

     

     

    139,009

     

     

     

    144,491

     

    Other assets

     

     

    18,552

     

     

     

    17,945

     

    Total assets

     

    $

    966,866

     

     

    $

    998,139

     

     

     

     

     

     

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

    Current liabilities:

     

     

     

     

    Current portion of long-term debt

     

    $

    15,636

     

     

    $

    14,938

     

    Accounts payable

     

     

    67,651

     

     

     

    63,565

     

    Accrued expenses and other current liabilities

     

     

    56,151

     

     

     

    60,399

     

    Accrued compensation related costs

     

     

    56,795

     

     

     

    54,465

     

    Current portion of operating lease liabilities

     

     

    34,326

     

     

     

    33,438

     

    Total current liabilities

     

     

    230,559

     

     

     

    226,805

     

     

     

     

     

     

    Long-term liabilities:

     

     

     

     

    Long-term debt, less current portion

     

     

    465,022

     

     

     

    502,307

     

    Operating lease liabilities

     

     

    117,230

     

     

     

    124,016

     

    Other liabilities

     

     

    28,847

     

     

     

    34,840

     

    Total liabilities

     

     

    841,658

     

     

     

    887,968

     

     

     

     

     

     

    Shareholders' equity:

     

     

     

     

    Common stock

     

     

    393

     

     

     

    389

     

    Additional paid-in capital

     

     

    376,717

     

     

     

    373,644

     

    Accumulated other comprehensive loss

     

     

    (1,330

    )

     

     

    (11,150

    )

    Accumulated deficit

     

     

    (249,876

    )

     

     

    (252,016

    )

    Treasury stock, at cost

     

     

    (696

    )

     

     

    (696

    )

    Total shareholders' equity

     

     

    125,208

     

     

     

    110,171

     

    Total liabilities and shareholders' equity

     

    $

    966,866

     

     

    $

    998,139

     

    Table 3

    Hanger, Inc.

    Condensed Consolidated Statements of Cash Flows

    (Unaudited - in thousands)

     

     

     

    For the Six Months Ended

    June 30,

     

     

    2022

     

    2021

    Cash flows provided by (used in) operating activities:

     

     

     

     

    Net income

     

    $

    2,140

     

     

    $

    6,829

     

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

     

     

     

     

    Depreciation and amortization

     

     

    16,079

     

     

     

    16,005

     

    Benefit from doubtful accounts

     

     

    (68

    )

     

     

    (292

    )

    Share-based compensation expense

     

     

    6,504

     

     

     

    6,418

     

    Deferred income taxes

     

     

    (734

    )

     

     

    232

     

    Amortization of debt discounts and issuance costs

     

     

    1,044

     

     

     

    948

     

    Gain on sale and disposal of fixed assets

     

     

    (863

    )

     

     

    (718

    )

    Changes in operating assets and liabilities, net of acquisitions:

     

     

     

     

    Accounts receivable, net

     

     

    1,262

     

     

     

    5,363

     

    Inventories

     

     

    309

     

     

     

    (5,899

    )

    Other current assets and other assets

     

     

    (2,197

    )

     

     

    (6,202

    )

    Income taxes

     

     

    584

     

     

     

    57

     

    Accounts payable

     

     

    4,597

     

     

     

    (6,577

    )

    Accrued expenses and other current liabilities

     

     

    1,606

     

     

     

    (2,765

    )

    Accrued compensation related costs

     

     

    2,284

     

     

     

    (21,412

    )

    Other liabilities

     

     

    (1,186

    )

     

     

    (522

    )

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

     

     

    (416

    )

     

     

    (780

    )

    Net cash provided by (used in) operating activities

     

     

    30,945

     

     

     

    (9,315

    )

    Cash flows used in investing activities:

     

     

     

     

    Purchase of property, plant, and equipment

     

     

    (10,596

    )

     

     

    (13,339

    )

    Acquisitions, net of cash acquired

     

     

    (12,490

    )

     

     

    (35,349

    )

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

     

     

    (1,358

    )

     

     

    (870

    )

    Proceeds from sale of property, plant, and equipment

     

     

    1,392

     

     

     

    1,332

     

    Net cash used in investing activities

     

     

    (23,052

    )

     

     

    (48,226

    )

    Cash flows used in financing activities:

     

     

     

     

    Payment of employee taxes on share-based compensation

     

     

    (3,478

    )

     

     

    (4,560

    )

    Payment on Seller Notes

     

     

    (5,000

    )

     

     

    (2,265

    )

    Repayment of term loan

     

     

    (36,263

    )

     

     

    (2,525

    )

    Payments of financing lease obligations

     

     

    (515

    )

     

     

    (529

    )

    Payments under vendor financing arrangements

     

     

    —

     

     

     

    (1,375

    )

    Proceeds from the exercise of options

     

     

    51

     

     

     

    371

     

    Net cash used in financing activities

     

     

    (45,205

    )

     

     

    (10,883

    )

    Decrease in cash and cash equivalents

     

     

    (37,312

    )

     

     

    (68,424

    )

    Cash and cash equivalents at beginning of period

     

     

    61,692

     

     

     

    144,602

     

    Cash and cash equivalents at end of period

     

    $

    24,380

     

     

    $

    76,178

     

    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 EBITDA before certain charges, expenses associated with equity-based compensation, severance expenses, certain expenses incurred in connection with our acquisition strategy, including the pending Merger Agreement, 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,

     

     

    2022

     

    2021

     

    2022

     

    2021

     

     

     

     

     

     

     

     

     

    Net Revenue (a)

     

     

     

     

     

     

     

     

    Patient Care

     

    $

    265,670

     

     

    $

    236,787

     

     

    $

    485,488

     

     

    $

    432,469

     

    Products & Services

     

     

    46,363

     

     

     

    44,032

     

     

     

    87,832

     

     

     

    85,820

     

    Net revenue

     

    $

    312,033

     

     

    $

    280,819

     

     

    $

    573,320

     

     

    $

    518,289

     

     

     

     

     

     

     

     

     

     

    EBITDA (b)

     

     

     

     

     

     

     

     

    Patient Care

     

    $

    45,321

     

     

    $

    44,427

     

     

    $

    67,058

     

     

    $

    68,292

     

    Products & Services

     

     

    6,707

     

     

     

    5,364

     

     

     

    11,237

     

     

     

    11,975

     

    Corporate & Other

     

     

    (23,117

    )

     

     

    (21,690

    )

     

     

    (43,974

    )

     

     

    (42,147

    )

    EBITDA (Non-GAAP)

     

    $

    28,911

     

     

    $

    28,101

     

     

    $

    34,321

     

     

    $

    38,120

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA (b)

     

     

     

     

     

     

     

     

    Patient Care

     

    $

    47,791

     

     

    $

    44,845

     

     

    $

    70,850

     

     

    $

    69,793

     

    Products & Services

     

     

    7,095

     

     

     

    5,647

     

     

     

    11,950

     

     

     

    12,517

     

    Corporate & Other

     

     

    (19,430

    )

     

     

    (19,517

    )

     

     

    (38,426

    )

     

     

    (37,791

    )

    Adjusted EBITDA (Non-GAAP)

     

    $

    35,456

     

     

    $

    30,975

     

     

    $

    44,374

     

     

    $

    44,519

     

     

     

     

     

     

     

     

     

     

    (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, severance expenses, certain expenses incurred in connection with our acquisition strategy, including the pending Merger Agreement, 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,

     

     

    2022

     

    2021

     

    2022

     

    2021

     

     

     

     

     

     

     

     

     

    Net income - as reported (GAAP)

     

    $

    10,117

     

     

    $

    10,159

     

     

    $

    2,140

     

     

    $

    6,829

     

     

     

     

     

     

     

     

     

     

    Adjustments:

     

     

     

     

     

     

     

     

    Amortization expense

     

     

    1,853

     

     

     

    1,315

     

     

     

    3,644

     

     

     

    2,549

     

    Acquisition-related expenses

     

     

    535

     

     

     

    170

     

     

     

    620

     

     

     

    330

     

    Hanger supply chain implementation costs

     

     

    153

     

     

     

    135

     

     

     

    539

     

     

     

    267

     

    Severance expenses

     

     

    1,312

     

     

     

    —

     

     

     

    1,446

     

     

     

    54

     

    Proceeds from grants under the CARES Act

     

     

    —

     

     

     

    (670

    )

     

     

    —

     

     

     

    (670

    )

    California wage and hour settlement

     

     

    1,288

     

     

     

    —

     

     

     

    1,288

     

     

     

    —

     

    Adjustments prior to tax effect

     

    $

    5,141

     

     

    $

    950

     

     

    $

    7,537

     

     

    $

    2,530

     

     

     

     

     

     

     

     

     

     

    Tax effect of specified adjustments (a)

     

     

    (1,393

    )

     

     

    (678

    )

     

     

    (1,659

    )

     

     

    (1,897

    )

    Adjustments after taxes

     

     

    3,748

     

     

     

    272

     

     

     

    5,878

     

     

     

    633

     

     

     

     

     

     

     

     

     

     

    Adjusted net income (Non-GAAP)

     

    $

    13,865

     

     

    $

    10,431

     

     

    $

    8,018

     

     

    $

    7,462

     

     

     

     

     

     

     

     

     

     

    Basic earnings per share - as reported (GAAP)

     

    $

    0.26

     

     

    $

    0.26

     

     

    $

    0.05

     

     

    $

    0.18

     

    Effect of above listed specified adjustments

     

     

    0.09

     

     

     

    0.01

     

     

     

    0.16

     

     

     

    0.01

     

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

     

    $

    0.35

     

     

    $

    0.27

     

     

    $

    0.21

     

     

    $

    0.19

     

     

     

     

     

     

     

     

     

     

    Diluted earnings per share - as reported (GAAP)

     

    $

    0.26

     

     

    $

    0.26

     

     

    $

    0.05

     

     

    $

    0.17

     

    Effect of above listed specified adjustments

     

     

    0.09

     

     

     

    0.01

     

     

     

    0.15

     

     

     

    0.02

     

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

     

    $

    0.35

     

     

    $

    0.27

     

     

    $

    0.20

     

     

    $

    0.19

     

     

     

     

     

     

     

     

     

     

    Shares used to compute basic earnings per share

     

     

    39,089,865

     

     

     

    38,647,042

     

     

     

    38,946,937

     

     

     

    38,458,733

     

    Shares used to compute diluted earnings per share

     

     

    39,250,735

     

     

     

    39,208,155

     

     

     

    39,293,775

     

     

     

    39,216,725

     

    (a) "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 2022 and 2021 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 EBITDA before certain charges, expenses associated with equity-based compensation, severance expenses, certain expenses incurred in connection with our acquisition strategy, including the pending Merger Agreement, 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,

     

     

    2022

     

    2021

     

    2022

     

    2021

     

     

     

     

     

     

     

     

     

    Net income - as reported (GAAP)

     

    $

    10,117

     

    $

    10,159

     

     

    $

    2,140

     

    $

    6,829

     

     

     

     

     

     

     

     

     

     

    Adjustments to calculate EBITDA:

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    8,124

     

     

    8,007

     

     

     

    16,079

     

     

    16,005

     

    Interest expense, net

     

     

    7,524

     

     

    7,152

     

     

     

    14,909

     

     

    14,492

     

    Non-service defined benefit plan expense

     

     

    160

     

     

    167

     

     

     

    320

     

     

    334

     

    Provision for income taxes

     

     

    2,986

     

     

    2,616

     

     

     

    873

     

     

    460

     

    Adjustments - net income to EBITDA

     

     

    18,794

     

     

    17,942

     

     

     

    32,181

     

     

    31,291

     

    EBITDA (Non-GAAP)

     

     

    28,911

     

     

    28,101

     

     

     

    34,321

     

     

    38,120

     

     

     

     

     

     

     

     

     

     

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Equity-based compensation

     

     

    3,257

     

     

    3,239

     

     

     

    6,160

     

     

    6,418

     

    Acquisition-related expenses

     

     

    535

     

     

    170

     

     

     

    620

     

     

    330

     

    Hanger supply chain implementation costs

     

     

    153

     

     

    135

     

     

     

    539

     

     

    267

     

    Severance expenses

     

     

    1,312

     

     

    —

     

     

     

    1,446

     

     

    54

     

    Proceeds from grants under the CARES Act

     

     

    —

     

     

    (670

    )

     

     

    —

     

     

    (670

    )

    California wage and hour settlement

     

     

    1,288

     

     

    —

     

     

     

    1,288

     

     

    —

     

    Further adjustments - EBITDA to Adjusted EBITDA

     

     

    6,545

     

     

    2,874

     

     

     

    10,053

     

     

    6,399

     

    Adjusted EBITDA (Non-GAAP)

     

    $

    35,456

     

    $

    30,975

     

     

    $

    44,374

     

    $

    44,519

     

    Table 7

    Hanger, Inc.

    Segment Reconciliation of Income 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 EBITDA before certain charges, expenses associated with equity-based compensation, severance expenses, certain expenses incurred in connection with our acquisition strategy, including the pending Merger Agreement, 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,

     

     

    2022

     

    2021

     

    2022

     

    2021

    Patient Care

     

     

     

     

     

     

     

     

    Income from operations - as reported (GAAP)

     

    $

    40,538

     

     

    $

    39,640

     

     

    $

    57,531

     

     

    $

    58,690

     

    Depreciation & amortization

     

     

    4,783

     

     

     

    4,787

     

     

     

    9,527

     

     

     

    9,602

     

    EBITDA (Non-GAAP)

     

     

    45,321

     

     

     

    44,427

     

     

     

    67,058

     

     

     

    68,292

     

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Equity-based compensation

     

     

    1,023

     

     

     

    953

     

     

     

    1,854

     

     

     

    1,850

     

    Hanger supply chain implementation costs

     

     

    159

     

     

     

    135

     

     

     

    629

     

     

     

    267

     

    Severance expenses

     

     

    —

     

     

     

    —

     

     

     

    21

     

     

     

    54

     

    Proceeds from grants under the CARES Act

     

     

    —

     

     

     

    (670

    )

     

     

    —

     

     

     

    (670

    )

    California wage and hour settlement

     

     

    1,288

     

     

     

    —

     

     

     

    1,288

     

     

     

    —

     

    Further adjustments - EBITDA to Adjusted EBITDA

     

     

    2,470

     

     

     

    418

     

     

     

    3,792

     

     

     

    1,501

     

    Adjusted EBITDA (Non-GAAP)

     

     

    47,791

     

     

     

    44,845

     

     

     

    70,850

     

     

     

    69,793

     

     

     

     

     

     

     

     

     

     

    Products & Services

     

     

     

     

     

     

     

     

    Income from operations - as reported (GAAP)

     

     

    4,528

     

     

     

    3,401

     

     

     

    7,035

     

     

     

    8,077

     

    Depreciation & amortization

     

     

    2,179

     

     

     

    1,963

     

     

     

    4,202

     

     

     

    3,898

     

    EBITDA (Non-GAAP)

     

     

    6,707

     

     

     

    5,364

     

     

     

    11,237

     

     

     

    11,975

     

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Equity-based compensation

     

     

    327

     

     

     

    283

     

     

     

    623

     

     

     

    542

     

    Hanger supply chain implementation costs

     

     

    (6

    )

     

     

    —

     

     

     

    (90

    )

     

     

    —

     

    Severance expenses

     

     

    67

     

     

     

    —

     

     

     

    180

     

     

     

    —

     

    Further adjustments - EBITDA to Adjusted EBITDA

     

     

    388

     

     

     

    283

     

     

     

    713

     

     

     

    542

     

    Adjusted EBITDA (Non-GAAP)

     

     

    7,095

     

     

     

    5,647

     

     

     

    11,950

     

     

     

    12,517

     

     

     

     

     

     

     

     

     

     

    Corporate & Other

     

     

     

     

     

     

     

     

    Loss from operations - as reported (GAAP)

     

     

    (24,279

    )

     

     

    (22,947

    )

     

     

    (46,324

    )

     

     

    (44,652

    )

    Depreciation & amortization

     

     

    1,162

     

     

     

    1,257

     

     

     

    2,350

     

     

     

    2,505

     

    EBITDA (Non-GAAP)

     

     

    (23,117

    )

     

     

    (21,690

    )

     

     

    (43,974

    )

     

     

    (42,147

    )

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Equity-based compensation

     

     

    1,907

     

     

     

    2,003

     

     

     

    3,683

     

     

     

    4,026

     

    Acquisition related expenses

     

     

    535

     

     

     

    170

     

     

     

    620

     

     

     

    330

     

    Severance expenses

     

     

    1,245

     

     

     

    —

     

     

     

    1,245

     

     

     

    —

     

    Further adjustments - EBITDA to Adjusted EBITDA

     

     

    3,687

     

     

     

    2,173

     

     

     

    5,548

     

     

     

    4,356

     

    Adjusted EBITDA (Non-GAAP)

     

     

    (19,430

    )

     

     

    (19,517

    )

     

     

    (38,426

    )

     

     

    (37,791

    )

    Total Adjusted EBITDA (Non-GAAP)

     

    $

    35,456

     

     

    $

    30,975

     

     

    $

    44,374

     

     

    $

    44,519

     

    Table 8

    Hanger, Inc.

    Indebtedness

    (Unaudited - in thousands)

     

     

     

    As of June 30,

     

    As of December 31,

     

     

    2022

     

    2021

    Debt:

     

     

     

     

    Term Loan B

     

    $

    449,800

     

     

    $

    486,063

     

    Seller Notes

     

     

    28,885

     

     

     

    29,812

     

    Deferred payment obligation

     

     

    4,000

     

     

     

    4,000

     

    Finance lease liabilities and other

     

     

    3,112

     

     

     

    3,344

     

    Total debt before unamortized discount and debt issuance costs

     

     

    485,797

     

     

     

    523,219

     

    Unamortized discount and debt issuance costs, net

     

     

    (5,139

    )

     

     

    (5,974

    )

    Total debt

     

    $

    480,658

     

     

    $

    517,245

     

     

     

     

     

     

    Current portion of long-term debt:

     

     

     

     

    Term Loan B

     

    $

    5,050

     

     

    $

    5,050

     

    Seller Notes

     

     

    9,672

     

     

     

    8,969

     

    Finance lease liabilities and other

     

     

    914

     

     

     

    919

     

    Total current portion of long-term debt

     

     

    15,636

     

     

     

    14,938

     

    Long-term debt

     

    $

    465,022

     

     

    $

    502,307

     

     

     

     

     

     

    Net indebtedness:

     

     

     

     

    Total debt before unamortized discount and debt issuance costs

     

    $

    485,797

     

     

    $

    523,219

     

    Cash and cash equivalents

     

     

    (24,380

    )

     

     

    (61,692

    )

    Net indebtedness

     

    $

    461,417

     

     

    $

    461,527

     

    Table 9

    Hanger, Inc.

    Key Operating Metrics

     

     

     

    As of and For the Three Months

    Ended June 30,

     

    For the Six Months Ended

    June 30,

     

     

    2022

     

    2021

     

    2022

     

    2021

     

     

     

     

     

     

     

     

     

    Same clinic revenue (a):

     

     

     

     

     

     

     

     

    Growth rate prior to disallowances and PNP

     

    6.9

    %

     

    18.5

    %

     

    7.4

    %

     

    8.7

    %

    Growth rate on net revenue

     

    6.2

    %

     

    18.2

    %

     

    6.5

    %

     

    9.9

    %

     

     

     

     

     

     

     

     

     

    Clinical locations:

     

     

     

     

     

     

     

     

    Patient care clinics

     

    761

     

     

    723

     

     

     

     

     

    Satellite clinics

     

    117

     

     

    112

     

     

     

     

     

    Total clinical locations

     

    878

     

     

    835

     

     

     

     

     

    (a) Same Clinic Revenue is computed on a per day basis. This 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/20220808005586/en/

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