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    Hanger Reports Third Quarter 2021 Financial Results

    11/8/21 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 third quarter and nine months ended September 30, 2021.

    Financial Highlights

    • Net revenue was $289.8 million for the three months ended September 30, 2021, compared to $256.6 million for the same period in 2020, reflecting growth of 12.9 percent.
    • Net income was $21.1 million for the three months ended September 30, 2021, compared to $6.8 million for the same period in 2020. Income from operations was $25.7 million for the quarter compared to $13.1 million for the same period in 2020. Third quarter 2020 GAAP income from operations and net income benefited from approximately $16 million related to temporary labor and operating cost reductions taken during that period in response to the COVID-19 pandemic.
    • Adjusted EBITDA was $37.2 million in the third quarter of 2021, compared to $27.9 million for the same period in 2020, reflecting growth of $9.3 million or 33.5 percent. Adjusted EBITDA results for the third quarter of 2020 benefited in part, from the temporary cost reductions discussed above.
    • GAAP diluted earnings per share was $0.54 per share for the third quarter of 2021, compared to $0.18 per share for the same period in 2020. Adjusted diluted earnings per share was $0.39 for the three months ended September 30, 2021, compared to $0.20 for the same period in 2020.
    • Hanger revised its annual financial outlook for net revenue and Adjusted EBITDA primarily due to the continuing impact of the COVID pandemic on patient volumes. The Company anticipates net revenue in the range of $1.115 billion to $1.140 billion and Adjusted EBITDA in a range between $124 million and $128 million.

    Vinit Asar, President and Chief Executive Officer of Hanger, Inc., stated, "Hanger's third quarter net revenue grew 12.9 percent, reflecting a continued recovery in our Patient Care business complemented by acquisitions of independent O&P clinics across the United States."

    Mr. Asar added, "While we continue to demonstrate favorable recovery from the peak COVID periods of 2020, and were operating at 99 percent of 2019 levels in the quarter, our third quarter revenue levels were affected by the Delta variant and fell short of our original expectations. Although we believe that market conditions and Hanger's performance will continue to strengthen as COVID subsides in 2022, we are adjusting our outlook for the remainder of the current year to reflect the lingering impact of the pandemic on our business."

    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 September 30, 2021

    Patient Care Segment

    For the three months ended September 30, 2021, Patient Care net revenue was $244.4 million, an increase of $31.7 million, or 14.9 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 $9.7 million of incremental revenue.

    Net same clinic revenue on a day-adjusted basis grew 10.7 percent during the third quarter of 2021 compared to the same quarter in the prior year period. Patient Care results benefited from the continued improvement in patient volumes from the decreased levels of demand experienced due to the COVID pandemic during 2020. In the third quarter of 2021, Hanger's Patient Care net revenue on a same-clinic basis totaled approximately 99 percent of the level experienced in the third quarter of 2019, which reflected an improvement from the 96 percent level reported in the second quarter of 2021.

    Excluding the effect of acquisitions, net revenue from prosthetics grew 10.5 percent and net revenue from orthotics grew 11.0 percent, each compared to the third quarter of 2020. Prosthetics comprised 55 percent of Patient Care segment net revenue for the quarter compared to 56 percent in the same period of 2020.

    Income from operations in the Patient Care segment was $41.3 million during the third quarter of 2021, an increase of $9.1 million compared to the $32.2 million reported in the prior year.

    Adjusted EBITDA for the segment was $47.2 million, which reflected an $8.0 million increase compared to the third quarter of 2020. Adjusted EBITDA margin in the segment totaled 19.3 percent compared to 18.4 percent during the third quarter of 2020. Segment income from operations and Adjusted EBITDA in the prior year period benefited from temporary labor and other cost reductions.

    Products & Services Segment

    For the three months ended September 30, 2021, Products & Services net revenue totaled $45.5 million, reflecting growth of 3.4 percent compared with the same period in 2020. Revenue from the distribution of O&P componentry totaled $34.7 million, reflecting growth of $1.9 million, or 5.9 percent. Therapeutic solutions revenue in the third quarter totaled $10.8 million, a decline of $0.4 million, or 4.0 percent.

    Income from operations for the Products & Services segment was $4.6 million in the third quarter of 2021 compared to $5.1 million in the same period of 2020. Adjusted EBITDA for the segment totaled $6.8 million for the third quarter of 2021, a $1.3 million decline compared with the same period of 2020. Adjusted EBITDA margin in the segment totaled 15.0 percent compared to 18.6 percent during the third 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 that benefited results for the third quarter of 2020.

    Corporate & Other

    Expenses associated with corporate and other activities decreased by $4.0 million to $20.2 million for the quarter ended September 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 decreased by $2.7 million to $16.8 million in the third quarter of 2021.

    Net Income; Interest Expense

    Interest expense totaled $7.3 million for the three month period ended September 30, 2021, a decrease of $0.7 million from the prior year period.

    For the three month period ended September 30, 2021, net income was $21.1 million compared with $6.8 million for the same period in 2020. GAAP diluted income per share was $0.54 compared to $0.18 per share in 2020. Adjusted diluted income per share was $0.39 for the three months ended September 30, 2021, compared to $0.20 per share for the same period in 2020.

    Financial Highlights for the Nine Months Ended September 30, 2021

    • For the period, net revenue was $808.1 million, compared to $723.8 million in 2020, reflecting a net revenue increase of 11.6 percent. Acquisitions of O&P clinics consummated in 2020 and 2021 contributed $24.7 million of incremental revenue for the nine month period.
    • Patient Care net revenue totaled $676.8 million, reflecting growth of $78.1 million, or 13.0 percent. Year-to-date same clinic day-adjusted net revenue per day grew 10.2 percent. For the period, Hanger's Patient Care segment net revenue on a day-adjusted same-clinic basis totaled approximately 98 percent of the level reported for the equivalent period in 2019.
    • Net revenue from prosthetics, excluding acquisitions, grew 5.5 percent on a day-adjusted basis, while orthotics revenue grew by 16.3 percent, also on a net day-adjusted basis and excluding acquisitions. For the year-to date, prosthetics constituted 54 percent of Patient Care segment net revenue.
    • Products & Services segment net revenue totaled $131.3 million, an increase of $6.2 million, or 4.9 percent growth, driven by an increase of $7.7 million in revenue from distribution services and a $1.5 million decline in revenue from therapeutic solutions.
    • GAAP net income was $27.9 million compared to $22.1 million in 2020. Hanger's GAAP results for the first nine months of 2020 included a benefit of $20.6 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. 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 totaled $81.7 million, an increase of $12.1 million as compared to the $69.7 million reported in 2020. The increase in Adjusted EBITDA for the nine month period resulted from 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 $0.71, compared to $0.57 per share in 2020. Adjusted diluted earnings per share was $0.58 for the first nine months of 2021, compared to $0.27 for the same period in 2020.

    Net Cash Provided by Operating Activities; Liquidity

    Cash flows provided by operating activities for the three months ending September 30, 2021 were $12.5 million compared to cash flows provided by operating activities of $13.9 million for the same period in 2020. The Company's days sales outstanding were 42 days as of September 30, 2021, which reflected a one day improvement as compared to the same period in 2020.

    On September 30, 2021, the Company had liquidity of $170.5 million, comprised of $75.6 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 $171.1 million on June 30, 2021.

    Outlook for the Remainder of 2021

    The Company's outlook for 2021, originally provided on March 1, 2021, assumed a continued sequential improvement in the third and fourth quarters of the orthotics and prosthetics business environment related to the continued cessation of the effects of COVID-19 on patient volumes. While Hanger's financial results for the third quarter and the first nine-months of 2021 reflect continued progress with regard to a return to more normal patient volumes, results through the current period remain below pre-pandemic levels.

    As a result, the Company is adjusting its 2021 financial outlook as originally provided on March 1, 2021. Hanger now anticipates net revenue for the year in a range between $1.115 billion and $1.140 billion, and Adjusted EBITDA in a range between $124 million and $128 million. This outlook compares with prior ranges of $1.145 billion and $1.175 billion for net revenue and $130 million and $135 million for Adjusted EBITDA. The Company's revised outlook for 2021 includes approximately $42 million in revenue relating to the full year contribution of acquisitions consummated in 2020 and through September 30, 2021. The Company anticipates a return to normalized growth in 2022, as the COVID-19 pandemic subsides and market conditions improve.

    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, Tuesday, November 9, at 8:30 a.m. Eastern time to discuss the Company's third quarter 2021 financial results and business outlook.

    To participate, dial 844-200-6205 or 929-526-1599 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: www.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 more than 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, June 30, 2021 and September 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

    September 30,

     

    For the Nine Months Ended

    September 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

    Net revenues

     

    $

    289,827

     

     

    $

    256,637

     

     

    $

    808,116

     

     

    $

    723,810

     

    Material costs

     

     

    92,561

     

     

     

    81,462

     

     

     

    257,002

     

     

     

    228,675

     

    Personnel costs

     

     

    98,948

     

     

     

    89,727

     

     

     

    286,377

     

     

     

    252,734

     

    Other operating costs (a)

     

     

    34,871

     

     

     

    29,979

     

     

     

    99,157

     

     

     

    74,207

     

    General and administrative expenses

     

     

    29,620

     

     

     

    33,591

     

     

     

    93,633

     

     

     

    98,918

     

    Depreciation and amortization

     

     

    8,159

     

     

     

    8,803

     

     

     

    24,164

     

     

     

    26,513

     

    Income from operations

     

     

    25,668

     

     

     

    13,075

     

     

     

    47,783

     

     

     

    42,763

     

    Interest expense, net

     

     

    7,313

     

     

     

    8,013

     

     

     

    21,805

     

     

     

    24,918

     

    Non-service defined benefit plan expense

     

     

    167

     

     

     

    158

     

     

     

    501

     

     

     

    474

     

    Income before income taxes

     

     

    18,188

     

     

     

    4,904

     

     

     

    25,477

     

     

     

    17,371

     

    Benefit for income taxes

     

     

    (2,929

    )

     

     

    (1,911

    )

     

     

    (2,469

    )

     

     

    (4,750

    )

    Net income

     

    $

    21,117

     

     

    $

    6,815

     

     

    $

    27,946

     

     

    $

    22,121

     

     

     

     

     

     

     

     

     

     

    Basic and Diluted Per Common Share Data:

     

     

     

     

     

     

     

     

    Basic earnings per share

     

    $

    0.55

     

     

    $

    0.18

     

     

    $

    0.72

     

     

    $

    0.58

     

    Weighted average shares used to compute basic earnings per common share

     

     

    38,730,468

     

     

     

    38,133,598

     

     

     

    38,550,307

     

     

     

    37,878,753

     

    Diluted income per share

     

    $

    0.54

     

     

    $

    0.18

     

     

    $

    0.71

     

     

    $

    0.57

     

    Weighted average shares used to compute diluted earnings per common share

     

     

    39,240,974

     

     

     

    38,637,536

     

     

     

    39,238,370

     

     

     

    38,491,965

     

    (a) For the nine months ended September 30, 2020, Hanger recognized approximately $20.6 million of income within other operating costs related to grant proceeds received under the CARES Act.

    Table 2

    Hanger, Inc.

    Condensed Consolidated Balance Sheets

    (Unaudited - in thousands)

     

     

     

    As of September 30,

     

    As of December 31,

     

     

    2021

     

    2020

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    75,587

     

     

    $

    144,602

     

    Accounts receivable, net

     

     

    136,112

     

     

     

    128,596

     

    Inventories

     

     

    84,747

     

     

     

    76,429

     

    Income taxes receivable

     

     

    8,135

     

     

     

    12,888

     

    Other current assets

     

     

    16,896

     

     

     

    12,357

     

    Total current assets

     

     

    321,477

     

     

     

    374,872

     

    Non-current assets:

     

     

     

     

    Property, plant, and equipment, net

     

     

    83,821

     

     

     

    84,873

     

    Goodwill

     

     

    322,699

     

     

     

    277,223

     

    Other intangible assets, net

     

     

    20,600

     

     

     

    18,431

     

    Deferred income taxes

     

     

    51,445

     

     

     

    54,877

     

    Operating lease right-of-use assets

     

     

    124,502

     

     

     

    124,741

     

    Other assets

     

     

    18,184

     

     

     

    15,734

     

    Total assets

     

    $

    942,728

     

     

    $

    950,751

     

     

     

     

     

     

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

    Current portion of long-term debt

     

    $

    11,700

     

     

    $

    10,085

     

    Accounts payable

     

     

    61,721

     

     

     

    65,091

     

    Accrued expenses and other current liabilities

     

     

    59,172

     

     

     

    62,861

     

    Accrued compensation related costs

     

     

    41,793

     

     

     

    72,541

     

    Current portion of operating lease liabilities

     

     

    36,421

     

     

     

    35,002

     

    Total current liabilities

     

     

    210,807

     

     

     

    245,580

     

     

     

     

     

     

    Long-term liabilities:

     

     

     

     

    Long-term debt, less current portion

     

     

    495,279

     

     

     

    493,012

     

    Operating lease liabilities

     

     

    101,759

     

     

     

    104,589

     

    Other liabilities

     

     

    45,361

     

     

     

    56,593

     

    Total liabilities

     

     

    853,206

     

     

     

    899,774

     

     

     

     

     

     

    Shareholders' equity:

     

     

     

     

    Common stock

     

     

    389

     

     

     

    383

     

    Additional paid-in capital

     

     

    370,858

     

     

     

    365,503

     

    Accumulated other comprehensive loss

     

     

    (14,977

    )

     

     

    (20,215

    )

    Accumulated deficit

     

     

    (266,052

    )

     

     

    (293,998

    )

    Treasury stock, at cost

     

     

    (696

    )

     

     

    (696

    )

    Total shareholders' equity

     

     

    89,522

     

     

     

    50,977

     

    Total liabilities and shareholders' equity

     

    $

    942,728

     

     

    $

    950,751

     

    Table 3

    Hanger, Inc.

    Condensed Consolidated Statements of Cash Flows

    (Unaudited - in thousands)

     

     

     

    For the Nine Months Ended

    September 30,

     

     

    2021

     

    2020

    Cash flows provided by operating activities:

     

     

     

     

    Net income

     

    $

    27,946

     

     

    $

    22,121

     

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    24,164

     

     

     

    26,513

     

    (Benefit) provision for doubtful accounts

     

     

    (194

    )

     

     

    629

     

    Share-based compensation expense

     

     

    9,407

     

     

     

    15,565

     

    Deferred income taxes

     

     

    1,253

     

     

     

    2,067

     

    Amortization of debt discounts and issuance costs

     

     

    1,429

     

     

     

    1,564

     

    Gain on sale and disposal of fixed assets

     

     

    (1,004

    )

     

     

    (729

    )

    Changes in operating assets and liabilities, net of acquisitions:

     

     

     

     

    Accounts receivable, net

     

     

    (5,120

    )

     

     

    39,531

     

    Inventories

     

     

    (6,361

    )

     

     

    (3,834

    )

    Other current assets and other assets

     

     

    (7,170

    )

     

     

    (3,115

    )

    Income taxes

     

     

    4,753

     

     

     

    (6,814

    )

    Accounts payable

     

     

    (4,134

    )

     

     

    12,912

     

    Accrued expenses and other current liabilities

     

     

    (7,670

    )

     

     

    6,914

     

    Accrued compensation related costs

     

     

    (30,902

    )

     

     

    2,339

     

    Other liabilities

     

     

    (4,579

    )

     

     

    8,016

     

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

     

     

    (1,173

    )

     

     

    1,559

     

    Net cash provided by operating activities

     

     

    645

     

     

     

    125,238

     

    Cash flows used in investing activities:

     

     

     

     

    Acquisitions, net of cash acquired

     

     

    (39,253

    )

     

     

    (16,854

    )

    Purchase of property, plant, and equipment

     

     

    (17,201

    )

     

     

    (19,352

    )

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

     

     

    (1,709

    )

     

     

    (3,194

    )

    Proceeds from sale of property, plant, and equipment

     

     

    1,812

     

     

     

    1,578

     

    Purchase of company-owned life insurance investment

     

     

    —

     

     

     

    (250

    )

    Net cash used in investing activities

     

     

    (56,351

    )

     

     

    (38,072

    )

    Cash flows used in financing activities:

     

     

     

     

    Borrowings under revolving credit agreement

     

     

    —

     

     

     

    79,000

     

    Repayment of borrowings under revolving credit agreement

     

     

    —

     

     

     

    (79,000

    )

    Payment of employee taxes on share-based compensation

     

     

    (4,570

    )

     

     

    (6,841

    )

    Repayment of term loan

     

     

    (3,788

    )

     

     

    (3,788

    )

    Payment on Seller Notes

     

     

    (3,319

    )

     

     

    (2,200

    )

    Payments under vendor financing arrangements

     

     

    (1,375

    )

     

     

    (550

    )

    Payments of financing lease obligations

     

     

    (781

    )

     

     

    (521

    )

    Payment of debt issuance costs

     

     

    —

     

     

     

    (214

    )

    Proceeds from the exercise of options

     

     

    524

     

     

     

    39

     

    Net cash used in financing activities

     

     

    (13,309

    )

     

     

    (14,075

    )

    (Decrease) increase in cash and cash equivalents

     

     

    (69,015

    )

     

     

    73,091

     

    Cash and cash equivalents at beginning of period

     

     

    144,602

     

     

     

    74,419

     

    Cash and cash equivalents at end of period

     

    $

    75,587

     

     

    $

    147,510

     

    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

    September 30,

     

    For the Nine Months Ended

    September 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

     

     

     

     

     

     

     

     

     

    Net Revenue (a)

     

     

     

     

     

     

     

     

    Patient Care

     

    $

    244,356

     

     

    $

    212,664

     

     

    $

    676,825

     

     

    $

    598,706

     

    Products & Services

     

     

    45,471

     

     

     

    43,973

     

     

     

    131,291

     

     

     

    125,104

     

    Net revenue

     

    $

    289,827

     

     

    $

    256,637

     

     

    $

    808,116

     

     

    $

    723,810

     

     

     

     

     

     

     

     

     

     

    EBITDA (b)

     

     

     

     

     

     

     

     

    Patient Care

     

    $

    46,190

     

     

    $

    37,024

     

     

    $

    114,482

     

     

    $

    116,483

     

    Products & Services

     

     

    6,569

     

     

     

    7,754

     

     

     

    18,544

     

     

     

    20,842

     

    Corporate & Other

     

     

    (18,932

    )

     

     

    (22,900

    )

     

     

    (61,079

    )

     

     

    (68,049

    )

    EBITDA (Non-GAAP)

     

    $

    33,827

     

     

    $

    21,878

     

     

    $

    71,947

     

     

    $

    69,276

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA (b)

     

     

     

     

     

     

     

     

    Patient Care

     

    $

    47,205

     

     

    $

    39,209

     

     

    $

    116,998

     

     

    $

    100,728

     

    Products & Services

     

     

    6,833

     

     

     

    8,157

     

     

     

    19,350

     

     

     

    21,784

     

    Corporate & Other

     

     

    (16,841

    )

     

     

    (19,505

    )

     

     

    (54,632

    )

     

     

    (52,860

    )

    Adjusted EBITDA (Non-GAAP)

     

    $

    37,197

     

     

    $

    27,861

     

     

    $

    81,716

     

     

    $

    69,652

     

    (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

    September 30,

     

    For the Nine Months Ended

    September 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

     

     

     

     

     

     

     

     

     

    Net income - as reported (GAAP)

     

    $

    21,117

     

     

    $

    6,815

     

     

    $

    27,946

     

     

    $

    22,121

     

     

     

     

     

     

     

     

     

     

    Adjustments:

     

     

     

     

     

     

     

     

    Modification of equity awards (a)

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    5,869

     

    Amortization expense

     

     

    1,407

     

     

     

    1,797

     

     

     

    3,956

     

     

     

    5,071

     

    Third-party professional fees

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,639

     

    Acquisition-related expenses

     

     

    312

     

     

     

    33

     

     

     

    642

     

     

     

    405

     

    Hanger supply chain implementation costs

     

     

    96

     

     

     

    376

     

     

     

    363

     

     

     

    806

     

    Severance expenses

     

     

    (27

    )

     

     

    3,015

     

     

     

    27

     

     

     

    3,015

     

    Proceeds from grants under the CARES Act

     

     

    —

     

     

     

    (43

    )

     

     

    (670

    )

     

     

    (20,576

    )

    Adjustments prior to tax effect

     

    $

    1,788

     

     

    $

    5,178

     

     

    $

    4,318

     

     

    $

    (3,771

    )

     

     

     

     

     

     

     

     

     

    Tax effect of specified adjustments (b)

     

     

    (7,723

    )

     

     

    (4,331

    )

     

     

    (9,620

    )

     

     

    (8,014

    )

    Adjustments after taxes

     

     

    (5,935

    )

     

     

    847

     

     

     

    (5,302

    )

     

     

    (11,785

    )

     

     

     

     

     

     

     

     

     

    Adjusted net income (Non-GAAP)

     

    $

    15,182

     

     

    $

    7,662

     

     

    $

    22,644

     

     

    $

    10,336

     

     

     

     

     

     

     

     

     

     

    Basic earnings per share - as reported (GAAP)

     

    $

    0.55

     

     

    $

    0.18

     

     

    $

    0.72

     

     

    $

    0.58

     

    Effect of above listed specified adjustments

     

     

    (0.16

    )

     

     

    0.02

     

     

     

    (0.13

    )

     

     

    (0.31

    )

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

     

    $

    0.39

     

     

    $

    0.20

     

     

    $

    0.59

     

     

    $

    0.27

     

     

     

     

     

     

     

     

     

     

    Diluted earnings per share - as reported (GAAP)

     

    $

    0.54

     

     

    $

    0.18

     

     

    $

    0.71

     

     

    $

    0.57

     

    Effect of above listed specified adjustments

     

     

    (0.15

    )

     

     

    0.02

     

     

     

    (0.13

    )

     

     

    (0.30

    )

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

     

    $

    0.39

     

     

    $

    0.20

     

     

    $

    0.58

     

     

    $

    0.27

     

     

     

     

     

     

     

     

     

     

    Shares used to compute basic earnings per share

     

     

    38,730,468

     

     

     

    38,133,598

     

     

     

    38,550,307

     

     

     

    37,878,753

     

    Shares used to compute diluted earnings per share

     

     

    39,240,974

     

     

     

    38,637,536

     

     

     

    39,238,370

     

     

     

    38,491,965

     

    (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

    September 30,

     

    For the Nine Months Ended

    September 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

     

     

     

     

     

     

     

     

     

    Net income - as reported (GAAP)

     

    $

    21,117

     

     

    $

    6,815

     

     

    $

    27,946

     

     

    $

    22,121

     

     

     

     

     

     

     

     

     

     

    Adjustments to calculate EBITDA:

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    8,159

     

     

     

    8,803

     

     

     

    24,164

     

     

     

    26,513

     

    Interest expense, net

     

     

    7,313

     

     

     

    8,013

     

     

     

    21,805

     

     

     

    24,918

     

    Non-service defined benefit plan expense

     

     

    167

     

     

     

    158

     

     

     

    501

     

     

     

    474

     

    Benefit for income taxes

     

     

    (2,929

    )

     

     

    (1,911

    )

     

     

    (2,469

    )

     

     

    (4,750

    )

    Adjustments - net income to EBITDA

     

     

    12,710

     

     

     

    15,063

     

     

     

    44,001

     

     

     

    47,155

     

    EBITDA (Non-GAAP)

     

     

    33,827

     

     

     

    21,878

     

     

     

    71,947

     

     

     

    69,276

     

     

     

     

     

     

     

     

     

     

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Third-party professional fees

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,639

     

    Equity-based compensation (a)

     

     

    2,989

     

     

     

    2,602

     

     

     

    9,407

     

     

     

    15,087

     

    Acquisition-related expenses

     

     

    312

     

     

     

    33

     

     

     

    642

     

     

     

    405

     

    Hanger supply chain implementation costs

     

     

    96

     

     

     

    376

     

     

     

    363

     

     

     

    806

     

    Severance expenses

     

     

    (27

    )

     

     

    3,015

     

     

     

    27

     

     

     

    3,015

     

    Proceeds from grants under the CARES Act

     

     

    —

     

     

     

    (43

    )

     

     

    (670

    )

     

     

    (20,576

    )

    Further adjustments - EBITDA to Adjusted EBITDA

     

     

    3,370

     

     

     

    5,983

     

     

     

    9,769

     

     

     

    376

     

    Adjusted EBITDA (Non-GAAP)

     

    $

    37,197

     

     

    $

    27,861

     

     

    $

    81,716

     

     

    $

    69,652

     

    (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

    September 30,

     

    For the Nine Months Ended

    September 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

    Patient Care

     

     

     

     

     

     

     

     

    Income from operations - as reported (GAAP)

     

    $

    41,320

     

     

    $

    32,238

     

     

    $

    100,010

     

     

    $

    102,394

     

    Depreciation & amortization

     

     

    4,870

     

     

     

    4,786

     

     

     

    14,472

     

     

     

    14,089

     

    EBITDA (Non-GAAP)

     

     

    46,190

     

     

     

    37,024

     

     

     

    114,482

     

     

     

    116,483

     

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Equity-based compensation

     

     

    946

     

     

     

    925

     

     

     

    2,796

     

     

     

    3,181

     

    Hanger supply chain implementation costs

     

     

    96

     

     

     

    263

     

     

     

    363

     

     

     

    600

     

    Severance expenses

     

     

    (27

    )

     

     

    1,040

     

     

     

    27

     

     

     

    1,040

     

    Proceeds from grants under the CARES Act

     

     

    —

     

     

     

    (43

    )

     

     

    (670

    )

     

     

    (20,576

    )

    Further adjustments - EBITDA to Adjusted EBITDA

     

     

    1,015

     

     

     

    2,185

     

     

     

    2,516

     

     

     

    (15,755

    )

    Adjusted EBITDA (Non-GAAP)

     

     

    47,205

     

     

     

    39,209

     

     

     

    116,998

     

     

     

    100,728

     

     

     

     

     

     

     

     

     

     

    Products & Services

     

     

     

     

     

     

     

     

    Income from operations - as reported (GAAP)

     

     

    4,595

     

     

     

    5,121

     

     

     

    12,672

     

     

     

    12,959

     

    Depreciation & amortization

     

     

    1,974

     

     

     

    2,633

     

     

     

    5,872

     

     

     

    7,883

     

    EBITDA (Non-GAAP)

     

     

    6,569

     

     

     

    7,754

     

     

     

    18,544

     

     

     

    20,842

     

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Equity-based compensation

     

     

    264

     

     

     

    244

     

     

     

    806

     

     

     

    690

     

    Hanger supply chain implementation costs

     

     

    —

     

     

     

    113

     

     

     

    —

     

     

     

    206

     

    Severance expenses

     

     

    —

     

     

     

    46

     

     

     

    —

     

     

     

    46

     

    Further adjustments - EBITDA to Adjusted EBITDA

     

     

    264

     

     

     

    403

     

     

     

    806

     

     

     

    942

     

    Adjusted EBITDA (Non-GAAP)

     

     

    6,833

     

     

     

    8,157

     

     

     

    19,350

     

     

     

    21,784

     

     

     

     

     

     

     

     

     

     

    Corporate & Other

     

     

     

     

     

     

     

     

    Loss from operations - as reported (GAAP)

     

     

    (20,247

    )

     

     

    (24,284

    )

     

     

    (64,899

    )

     

     

    (72,590

    )

    Depreciation & amortization

     

     

    1,315

     

     

     

    1,384

     

     

     

    3,820

     

     

     

    4,541

     

    EBITDA (Non-GAAP)

     

     

    (18,932

    )

     

     

    (22,900

    )

     

     

    (61,079

    )

     

     

    (68,049

    )

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Third-party professional fees

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,639

     

    Equity-based compensation (a)

     

     

    1,779

     

     

     

    1,433

     

     

     

    5,805

     

     

     

    11,216

     

    Acquisition related expenses

     

     

    312

     

     

     

    33

     

     

     

    642

     

     

     

    405

     

    Severance expenses

     

     

    —

     

     

     

    1,929

     

     

     

    —

     

     

     

    1,929

     

    Further adjustments - EBITDA to Adjusted EBITDA

     

     

    2,091

     

     

     

    3,395

     

     

     

    6,447

     

     

     

    15,189

     

    Adjusted EBITDA (Non-GAAP)

     

     

    (16,841

    )

     

     

    (19,505

    )

     

     

    (54,632

    )

     

     

    (52,860

    )

    Total Adjusted EBITDA (Non-GAAP)

     

    $

    37,197

     

     

    $

    27,861

     

     

    $

    81,716

     

     

    $

    69,652

     

    (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 September 30,

     

    As of December 31,

     

     

    2021

     

    2020

    Debt:

     

     

     

     

    Term Loan B

     

    $

    487,325

     

     

    $

    491,113

     

    Seller Notes

     

     

    18,626

     

     

     

    11,510

     

    Deferred payment obligation

     

     

    4,000

     

     

     

    4,000

     

    Finance lease liabilities and other

     

     

    3,229

     

     

     

    3,869

     

    Total debt before unamortized discount and debt issuance costs

     

     

    513,180

     

     

     

    510,492

     

    Unamortized discount and debt issuance costs, net

     

     

    (6,201

    )

     

     

    (7,395

    )

    Total debt

     

    $

    506,979

     

     

    $

    503,097

     

     

     

     

     

     

    Current portion of long-term debt:

     

     

     

     

    Term Loan B

     

    $

    5,050

     

     

    $

    5,050

     

    Seller Notes

     

     

    5,770

     

     

     

    4,060

     

    Finance lease liabilities and other

     

     

    880

     

     

     

    975

     

    Total current portion of long-term debt

     

     

    11,700

     

     

     

    10,085

     

    Long-term debt

     

    $

    495,279

     

     

    $

    493,012

     

     

     

     

     

     

    Net indebtedness:

     

     

     

     

    Total debt before unamortized discount and debt issuance costs

     

    $

    513,180

     

     

    $

    510,492

     

    Cash and cash equivalents

     

     

    (75,587

    )

     

     

    (144,602

    )

    Net indebtedness

     

    $

    437,593

     

     

    $

    365,890

     

    Table 9

    Hanger, Inc.

    Key Operating Metrics

     

     

     

    As of and For the Three Months Ended

    September 30,

     

    For the Nine Months Ended

    September 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

     

     

     

     

     

     

     

     

     

    Same clinic revenue:

     

     

     

     

     

     

     

     

    Growth (decline) rate on net revenue

     

    10.7

    %

     

    (10.3

    )%

     

    9.1

    %

     

    (10.7

    )%

    Growth (decline) rate day adjusted (a)

     

    10.7

    %

     

    (10.3

    )%

     

    10.2

    %

     

    (11.2

    )%

     

     

     

     

     

     

     

     

     

    Clinical locations:

     

     

     

     

     

     

     

     

    Patient care clinics

     

    725

     

     

    704

     

     

     

     

     

    Satellite clinics

     

    111

     

     

    110

     

     

     

     

     

    Total clinical locations

     

    836

     

     

    814

     

     

     

     

     

    (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/20211108005887/en/

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