Hanger Reports 2019 Results

Hanger, Austin, Texas, announced its financial results for the fourth quarter (4Q) and year-end 2019.

4Q financial highlights include: Net revenue was $300.9 million for the three months ended December 31, 2019, compared to $284.9 million for the same period in 2018, reflecting growth of 5.6 percent. Patient care segment net same-clinic revenue grew by 2.9 percent. Net income was $18.8 million for the three months ended December 31, 2019, compared to $4.5 million for the same period in 2018. 4Q 2019 net income benefited from a $7.1 million reduction of certain tax valuation allowances relating to state tax deferred assets. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $42.4 million in 4Q, compared to $40 million for the same period in 2018, reflecting an increase of $2.3 million or 5.8 percent. Growth in Adjusted EBITDA was driven by a $16.4 million increase in Patient care segment revenue and a resulting $5.2 million increase in segment Adjusted EBITDA. Generally accepted accounting principles (GAAP) diluted earnings per share was $0.49 for 4Q 2019, compared to $0.12 for the same period in 2018. Adjusted diluted earnings per share was $0.45 for the three months ended December 31, 2019, compared to $0.40 for the same period in 2018, a 12.5 percent increase year-over-year. Financial highlights for the year ended December 31, 2019, include: Net revenue was $1,098 million for the year ended December 31, 2019, compared to $1,048.8 million for the same period of 2018, reflecting net revenue growth of 4.7 percent. For the twelve-month period, acquisitions that occurred in late 2018 and early 2019 contributed $28.9 million to net revenue growth, inclusive of consolidations. Patient care net revenue grew $48.3 million, or 5.6 percent, for the year to $905.7 million. Net same-clinic revenue growth for 2019 was 2.1 percent. The number of clinic operating days was equivalent for both 2019 and 2018. For the full year of 2019, excluding the effect of acquisitions, revenue from prosthetics increased by 3.2 percent, while orthotics revenue increased by 0.9 percent. Products and services segment net revenue grew $1 million, or 0.5 percent, driven by growth of $7.4 million in distribution services, offset by a $6.4 million decrease in revenue from therapeutic solutions. The revenue decline in therapeutic solutions was within the range originally anticipated for 2019. Net income was $27.5 million for the year ended December 31, 2019, compared to a $0.9 million net loss for the same period in 2018. Results for the period ending December 31, 2018, included a $17 million pre-tax loss on the extinguishment of debt related to the company's March 2018 refinancing, which was partially offset by a $3.7 million one-time gain related to favorable settlements. Adjusted EBITDA of $124.2 million for 2019 compares with the $121.1 million reported in the prior year. For the year ended December 31, 2019, GAAP diluted earnings per share was $0.72, compared to a loss of $0.02 per share in 2018. Adjusted diluted earnings per share was $0.90 for 2019, compared to $0.78 per share for the same period in 2018.

Hanger Reports 2019 Results

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Related posts:

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RECENT NEWS

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