Hanger, Inc. (NYSE: HNGR), a leading provider of orthotic and
prosthetic (O&P) patient care services and solutions, today
announced a preliminary estimate of certain results for the year
ended December 31, 2021. The Company also provided its initial
financial outlook for the year ended December 31, 2022.
Preliminary 2021 Results
The Company currently anticipates that its net revenues for the
year ended December 31, 2021 will be approximately $1.120 billion,
and Adjusted EBITDA for the same period to be approximately $118.9
million. This reflects growth of approximately 12 percent in net
revenue and 13 percent in Adjusted EBITDA as compared to the year
ended December 31, 2020. The Company’s estimated Patient Care same
clinic growth rate was approximately 9 percent on a day-adjusted
basis.
The above estimates regarding the results for the year ended
December 31, 2021 are based on currently-available information, and
are subject to change upon completion of the Company’s financial
statement closing and audit processes.
Since the time of the Company’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.
2022 Outlook
The Company currently anticipates 2022 net revenue will be in a
range between $1.190 billion and $1.220 billion, and Adjusted
EBITDA in a range between $127 million and $132 million. This
reflects growth of approximately 7 percent in revenue and 9 percent
in Adjusted EBITDA over 2021, using the mid-point of the guidance
ranges. The Company’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 approximately $35
million in revenue relating to the full year effect of acquisitions
consummated in 2021.
Adjusted EBITDA
A reconciliation of GAAP and non-GAAP financial results for the
year ended December 31, 2021 is included in Table 1 provided at the
back of this press release. Adjusted EBITDA in the 2022 outlook is
provided on a non-GAAP basis only because a reconciliation to the
most comparable GAAP financial measure, Income Before Taxes, is not
available without unreasonable effort due to the unpredictable
nature of reconciling items that render such a reconciliation not
meaningful for investors. Please refer to our most recent Form 10-Q
as filed with the Securities and Exchange Commission for discussion
of our use of Adjusted EBITDA in evaluating financial
performance.
Fourth Quarter and Full Year 2021 Conference and Webcast
Details
Hanger will report its financial results for the fourth quarter
and the year ended December 31, 2021 after the stock market closes
on Monday, February 28, 2022.
Hanger’s management team will host a conference call on Tuesday,
March 1, 2022 at 8:30 a.m. Eastern time to discuss the Company’s
fourth quarter and full year 2021 financial results and outlook for
2022.
To participate in the Company’s live conference call, please
dial (844) 200-6205 or +1 (929) 526-1599 for international
participants and reference access code 124631. A live webcast,
replay of the call, and earnings release will be available on the
Company’s Investor Relations website at
https://investor.hanger.com/financial-reporting/quarterly-results.
A replay of the call will be available via webcast for on-demand
listening shortly after the completion of the call.
About Hanger, Inc. – Headquartered in Austin, Texas,
Hanger, Inc. (NYSE: HNGR) provides comprehensive, outcomes-based
orthotic and prosthetic (O&P) services through its Patient Care
segment, with approximately 875 Hanger Clinic locations nationwide.
Through its Products & Services segment, Hanger distributes
branded and private label O&P devices, products and components,
and provides rehabilitative solutions. Rooted in 160 years of
clinical excellence and innovation, Hanger is a purpose-driven
company with a vision to lead the O&P markets by providing
superior patient care, outcomes, services and value, aimed at
empowering human potential. For more information on Hanger, visit
investor.hanger.com.
This earnings release contains statements that are
forward-looking statements within the meaning of the federal
securities laws. Forward-looking statements include information
concerning our liquidity and our possible or assumed future results
of operations, including descriptions of our business strategies.
These statements often include words such as “believe,” “expect,”
“project,” “potential,” “anticipate,” “intend,” “plan,” “estimate,”
“seek,” “will,” “may,” “would,” “should,” “could,” “forecasts” or
similar words. These statements are based on certain assumptions
that we have made in light of our experience in the industry as
well as our perceptions of historical trends, current conditions,
expected future developments and other factors we believe are
appropriate in these circumstances. We believe these assumptions
are reasonable, but you should understand that these statements are
not guarantees of performance or results, and our actual results
could differ materially from those expressed in the forward-looking
statements due to a variety of important factors, both positive and
negative, that may be revised or supplemented in subsequent
releases or reports. These statements involve risks, estimates,
assumptions, and uncertainties that could cause actual results to
differ materially from those expressed in these statements and
elsewhere in this release. These uncertainties include, but are not
limited to, the financial and business impacts of COVID-19 on our
operations and the operations of our customers, suppliers,
governmental and private payers and others in the healthcare
industry and beyond; federal laws governing the health care
industry; governmental policies affecting O&P operations,
including with respect to reimbursement; failure to successfully
implement a new enterprise resource planning system or other
disruptions to information technology systems; the inability to
successfully execute our acquisition strategy, including
integration of recently acquired O&P clinics into our existing
business; changes in the demand for our O&P products and
services, including additional competition in the O&P services
market; disruptions to our supply chain; our ability to enter into
and derive benefits from managed-care contracts; our ability to
successfully attract and retain qualified O&P clinicians; labor
shortages and increased turnover in our employee base; contractual,
inflationary and other general cost increases, including with
regard to costs of labor, raw materials and freight; and other
risks and uncertainties generally affecting the health care
industry. For additional information and risk factors that could
affect the Company, see its Form 10-K for the year ended December
31, 2020 and Quarterly Reports on Form 10-Q for the three months
ended March 31, 2021, June 30, 2021 and September 30, 2021, each as
filed with the Securities and Exchange Commission. The information
contained in this press release is made only as of the date hereof,
even if subsequently made available by the Company on its website
or otherwise.
SOURCE Hanger, Inc.
Table 1 Hanger,
Inc. Reconciliation of Income before Income Taxes to EBITDA
and Adjusted EBITDA Preliminary Fiscal Year 2021 Estimated
Results (Unaudited - in millions)
Year Ended December 31,
2021
Income before income taxes
$
43.1
Adjustments to calculate EBITDA:
Depreciation and amortization
32.5
Interest expense, net
28.9
Non-service defined benefit plan
expense
0.7
Adjustments - net income to EBITDA
62.1
EBITDA (Non-GAAP)
105.2
Further adjustments to calculate Adjusted
EBITDA:
Equity-based compensation
12.3
Acquisition-related expenses
0.9
Hanger supply chain implementation
costs
0.4
Severance expenses
0.5
Proceeds from grants under the CARES
Act
(1.1
)
Loss on cancellation of education
event
0.7
Further adjustments - EBITDA to Adjusted
EBITDA
13.7
Adjusted EBITDA (Non-GAAP)
$
118.9
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220207005652/en/
Investor Relations Contact: Kevin Ellich (443) 450-4186
HangerIR@westwicke.com
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