Hanger, Austin, Texas, has filed its quarterly report for the three months ended March 31. Financial results reported on Form 10-Q with the Securities and Exchange Commission are as follows:
- Net revenue totaled $234 million, compared to $233.7 million for the same period in 2017.
- Patient care net revenue totaled $188.5 million, an increase of $0.9 million compared to the same period a year ago. The net revenue growth was primarily the result of higher same-clinic revenue growth.
- Products and services net revenue totaled $45.5 million for the first three months, a $0.6 million decrease compared to the same period of 2017, a decline of 1.2 percent. The revenue decline was due to a $1.3 million decrease in revenue for therapeutic solutions, which are services primarily provided to the post-acute market within skilled nursing facilities.
- Net loss was $22.6 million compared with a net loss of $17.7 million from the same period a year ago.
On March 31, Hanger reported liquidity of $127 million, comprising $32.9 million in cash and cash equivalents, and $94.1 million in available borrowing capacity under its revolving credit facility, compared to liquidity of $87.9 million on December 31, 2017, which comprised $1.5 million in cash and cash equivalents, and $86.4 million in available borrowing capacity under its revolving credit facility. The increase in liquidity from year-end 2017 resulted from the refinancing of Hanger’s outstanding debt with a new $605 million senior credit facility completed March 6.