Hanger, Austin, Texas, announced its financial results for the first quarter (1Q) ended March 31.
The highlights were as follows:
· Net revenue was $237.5 million 1, compared to $233.7 million for the same period in 2020, reflecting growth of 1.6 percent.
· Net loss was $3.3 million, compared to $15.7 million for the same period in 2020. Income from operations was $2 million r compared to a loss of $9.2 million for the same period in 2020.
· Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $13.5 million, compared to $5.3 million for the same period in 2020, reflecting growth of $8.3 million.
· Generally accepted accounting principles loss per share was $0.09 per share, compared to a loss of $0.42 per share for the same period in 2020. Adjusted diluted loss per share was $0.08 for the three months ended March 31, compared to a loss per share of $0.28 for the same period in 2020.
· On March 31, the company had $165.1 million in liquidity, reflecting an increase of $33.3 million as compared with March 31, 2020.
“Hanger overcame the effects of the COVID surge as well as the weather impact that affected our clinical and distribution operations in the South,” said Vinit Asar, Hanger president and CEO. “We are pleased to have reestablished growth and are hopeful that vaccination rates and COVID trends continue to enable a return to normal business conditions.”