Hanger, Austin, Texas, will announce a preliminary estimate of certain results for the year ended December 31, 2021, and will also provide its initial financial outlook for 2022 after the stock market closes on Monday, February 28. Hanger’s management team will host a conference call on Tuesday, March 1, at 8:30 a.m. Eastern time to discuss its fourth quarter (4Q) and full year 2021 financial results and outlook for 2022.
Preliminary 2021 Results:
- Anticipated net revenues for the year ended December 31, 2021, will be approximately $1.1 billion, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the same period to be about $118.9 million, reflecting growth of roughly 12 percent in net revenue and 13 percent in adjusted EBITDA as compared to 2020.
- Since Hanger’s most recent discussion of the outlook for 2021 provided on November 8, 2021, its revenue has been adversely affected by the impact of the Omicron variant of COVID-19 on its patient visit trends and on its clinic operations. In addition to increased employee absences due to COVID-19, the company’s results have also been affected by labor shortages, primarily in administrative and technical roles, as well as increases in labor costs amidst the national labor shortage and inflationary environment.
- Hanger anticipates 2022 net revenue will be between $1.19 billion and $1.22 billion, and adjusted EBITDA between $127 million and $132 million. This reflects growth of about 7 percent in revenue and 9 percent in adjusted EBITDA over 2021. Hanger’s revenue growth includes an estimate of approximately 5 percent in same clinic revenue growth on a day adjusted basis related to its patient care segment.
- The company’s outlook for 2022 includes about $35 million in revenue relating to the full year effect of acquisitions consummated in 2021.
A live webcast, replay of the call, and earnings release will be available on the company’s investor relations website.