Hanger, Austin, Texas, announced financial results for its second quarter (2Q) and the six months year-to-date (YTD) that ended June 30.
Financial highlights include:
Net revenue was $267 million, compared to $263.4 million in 2Q 2017, reflecting net revenue growth of 1.4 percent year-over-year.
Net cash provided by operating activities was $25.4 million, compared to $5.3 million for 2Q 2017.
Net income was $12.9 million, compared with $1.6 million for 2Q 2017.
As of June 30, Hanger had liquidity of $142.9 million, comprising $48.8 million in cash and cash equivalents, and $94.1 million in available borrowing capacity under its revolving credit facility, compared to liquidity of $127 million on March 31. The increase in liquidity resulted from the positive cash flow from operations.
For the six months ended June 30, total net revenue was $501 million, compared to $497.1 million for the same period in 2017, reflecting net revenue growth of 0.8 percent year-over-year.