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Hanger Posts 2Q Financial Results

by The O&P EDGE
January 2, 2022
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Hanger, Austin, Texas, has announced its financial results for the second quarter ended June 30.

Financial highlights include:

  • Net revenue was $281.1 million for the three months ended June 30, compared to $267.0 million for the same period in 2018, reflecting a net revenue increase of 5.3 percent.
  • Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $37.4 million in the second quarter, compared to $33.6 million for the same period in 2018, reflecting an increase of $3.7 million or 11.1 percent.
  • For the three months ending June 30, patient care net revenue totaled $231.2 million, an increase of $13.0 million or 6.0 percent, compared to the same period a year ago. Total revenue growth for the segment includes $5.8 million of revenue from O&P clinics acquired in late 2018 and early 2019.
  • Income from operations in the patient care segment was $41.8 million during the second quarter of 2019, reflecting growth of $6.8 million compared to the $35.0 million reported in the prior year.
  • Products and services net revenue totaled $49.9 million for the period ending June 30, reflecting a $1.1 million, or 2.3 percent increase compared to the same period in 2018.
  • For the three months ended June 30, net income was $10.0 million compared with $12.9 million the same period in 2018. The $2.9 million decline in net income was due primarily to the $3.7 million aggregate gain on favorable settlements recognized during the second quarter of 2018 as well as an increase in Hanger’s provision for income taxes.
  • As of June 30, cash flows provided by operating activities totaled $29.3 million, which reflected a $3.9 million, or 15.3 percent, increase over the second quarter of 2018. On June 30, Hanger had liquidity totaling $133.0 million, comprising $38.2 million in cash and cash equivalents and $94.8 million in available borrowing capacity under its revolving credit facility, compared to liquidity of $115.3 million on March 31.
  • Based on the company’s year-to-date results, it reaffirms its full-year 2019 net revenue and adjusted EBITDA outlook of: revenue between $1.075 billion and $1.105 billion, and adjusted EBITDA between $121 million and $126 million.

“As anticipated, we benefited from the timing of prosthetic deliveries during the quarter, which have brought our year-to-date results in line with our original expectations,” said Vinit Asar, Hanger president and CEO.

Related posts:

  1. DJO Record 3Q Net Revenues ‘Exceed Expectations’
  2. Hanger Reports 3Q 2021 Financials
  3. Hanger Announces 2006 4Q Revenue, Sales Growth
  4. Hanger Reports 4Q and Full Year 2018 Results, 2019 Outlook
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