Company Reports Strong Same Clinic Revenue
Growth Trends; Reaffirms Guidance
Hanger, Inc. (NYSE: HNGR), a leading provider of orthotic and
prosthetic (O&P) patient care services and solutions, today
announced its financial results for the first quarter ended March
31, 2022.
Financial Highlights
- Net revenues were $261.3 million for the three months ended
March 31, 2022, compared to $237.5 million for the same period in
2021, reflecting growth of 10.0 percent. Patient Care same clinic
revenue growth per day was 6.9 percent during the period with
continuing increases in work-in-process levels during the
quarter.
- Net loss was $8.0 million for the three months ended March 31,
2022, compared to $3.3 million for the same period in 2021. Loss
from operations was $2.5 million for the quarter compared to income
from operations of $2.0 million for the same period in 2021.
- Adjusted EBITDA was $8.9 million in the first quarter of 2022,
compared to $13.5 million for the same period in 2021, reflecting a
decline of $4.6 million. Comparative earnings in the period were
affected by a favorable $3.5 million disallowance and patient
non-payment rate in the prior year period, as well as other items
specific to the current year period.
- GAAP loss per share was $0.21 for the first quarter of 2022,
compared to $0.09 per share for the same period in 2021. Adjusted
loss per share was $0.15 for the three months ended March 31, 2022,
compared to $0.08 for the same period in 2021.
- The Company reaffirmed its full year guidance for 2022.
Vinit Asar, President and Chief Executive Officer of Hanger,
Inc., stated, "We are pleased with the strong rate of revenue
growth achieved by our Patient Care business in the first quarter.
We currently believe these positive growth trends will be
sustainable as work-in-process levels have continued to increase
during the quarter."
Mr. Asar continued, "While we encountered some operational
difficulties and increased costs during the period, we believe
these effects were for the most part temporary in nature and
specific to our first quarter results. Based on this, we remain
comfortable with and have reaffirmed our guidance for the
year."
Segment Results for Three Months Ended March 31, 2022
Patient Care Segment
For the three months ended March 31, 2022, Patient Care net
revenues were $219.8 million, an increase of $24.1 million, or 12.3
percent, compared to the same period in 2021. For the three month
period, acquisitions of O&P clinics that were consummated in
2021 and 2022 contributed $11.2 million of incremental revenue.
Net same clinic revenue on a day-adjusted basis grew 6.9 percent
during the first quarter of 2022 compared to the same quarter in
the prior year period. Patient Care results benefited from the
continued improvement in patient volumes compared to the decreased
levels of demand experienced due to the COVID pandemic during the
same period in 2021.
Excluding the effect of acquisitions, net revenue from
prosthetics grew 7.7 percent and net revenue from orthotics grew
5.9 percent, each compared to the first quarter of 2021.
Prosthetics comprised 52.1 percent of Patient Care segment net
revenue for the quarter, compared to 51.7 percent in the same
period of 2021. Income from operations in the Patient Care segment
was $17.0 million during the first quarter of 2022, a decrease of
$2.1 million compared to the $19.1 million reported in the prior
year.
Payor disallowances and patient non-payment were 4.4 percent of
gross charges during the first quarter of 2022 which compared to
2.9 percent during the first quarter of 2021, resulting in an
approximate $3.5 million comparative decrease to revenue, income
from operations and Adjusted EBITDA. During the quarter, the
Patient Care segment's income from operations and Adjusted EBITDA
incurred $1.2 million and $0.9 million, respectively, in increased
costs associated with its fabrication facilities, in part due to
increased reliance on higher cost third party fabrication services
related to constraints encountered in its own operations due to the
effects of the Omicron variant of COVID-19, the availability of
staffing and delays in the opening of its new fabrication facility
in Phoenix, Arizona. That facility was successfully opened prior to
the end of the quarter. The segment also incurred $0.6 million in
increased freight costs as compared with the first quarter of
2021.
Adjusted EBITDA for the segment was $23.1 million, which
reflected a $1.9 million decrease compared to the first quarter of
2021. Adjusted EBITDA margin in the segment totaled 10.5 percent
compared to 12.7 percent during the first quarter of 2021.
Products & Services Segment
For the three months ended March 31, 2022, Products &
Services net revenues totaled $41.5 million, reflecting a decline
of 0.8 percent compared with the same period in 2021. Revenue from
the distribution of O&P componentry totaled $31.4 million,
reflecting growth of $0.7 million, or 2.4 percent. Therapeutic
solutions revenue in the first quarter totaled $10.1 million, a
decline of $1.0 million, or 9.4 percent.
Income from operations for the Products & Services segment
was $2.5 million in the first quarter of 2022 compared to $4.7
million in the same period of 2021. Adjusted EBITDA for the segment
totaled $4.9 million for the first quarter of 2022, a $2.0 million
decline compared with the same period of 2021. Adjusted EBITDA
margin in the segment totaled 11.7 percent compared to 16.4 percent
during the first quarter of 2021.
Corporate & Other
Expenses associated with corporate and other activities
increased by $0.3 million to $22.0 million for the quarter ended
March 31, 2022 compared to the same period in 2021. Excluding the
effect of depreciation and amortization, and acquisition-related
expense, the net cost of corporate and other activities increased
by $0.7 million to $19.0 million in the first quarter of 2022.
Net Income; Interest Expense
Interest expense totaled $7.4 million for the three month period
ended March 31, 2022, which is unchanged from the prior year
period.
For the three month period ended March 31, 2022, net loss was
$8.0 million compared with $3.3 million for the same period in
2021. GAAP diluted loss per share was $0.21 compared to $0.09 per
share in 2021. Adjusted diluted loss per share was $0.15 for the
three months ended March 31, 2022, compared to $0.08 per share for
the same period in 2021.
Net Cash Used In Operating Activities; Liquidity
Cash flows used in operating activities for the three months
ended March 31, 2022 were $8.3 million compared to cash flows used
in operating activities of $42.4 million for the same period in
2021. The Company's days sales outstanding were 48 days as of March
31, 2022, which reflected a three-day increase as compared to the
same period in 2021.
On March 31, 2022, the Company had liquidity of $167.2 million,
comprised of $37.4 million in cash and cash equivalents, and $129.8
million in available borrowing capacity under its revolving credit
facility. This compares to total liquidity of $165.1 million on
March 31, 2021.
2022 Outlook
Due in part to favorable same clinic growth trends, the previous
incorporation of disallowance trends similar to those experienced
in the first quarter and the anticipated temporary nature of
certain other costs incurred in the quarter, the Company's outlook
for 2022 remains unchanged since its initial announcement on
February 7, 2022.
As previously disclosed, the Company 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. 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 in this outlook is provided on a non-GAAP basis
only because a reconciliation to the most comparable GAAP financial
measure, net income, is not available without unreasonable effort
due to the unpredictable nature of reconciling items that render
such a reconciliation not meaningful for investors.
Conference and Webcast Details
Hanger’s management team will host a conference call tomorrow,
Thursday, May 5, 2022 at 8:30 a.m. Eastern time to discuss the
Company’s first quarter 2022 financial results and business
outlook.
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 335781. 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.
Additional Notes
A reconciliation of GAAP and non-GAAP financial results is
included in the tables provided at the back of this press release.
The Company has provided certain supplemental key statistics
relating to its results for certain prior periods. These key
statistics are non-GAAP measures used by the Company’s management
to analyze the Company’s business results that are being provided
for informational and analytical context.
Accompanying supplemental information will be posted to the
Investor Relations section of Hanger’s web site at
investor.hanger.com.
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. Recognized by Forbes as one
of America’s Best Employers for 2022, and 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; 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; 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; 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, 2021 and
Quarterly Report on Form 10-Q for the three months ended March 31,
2022, 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.
Table 1 Hanger, Inc. Condensed
Consolidated Statements of Operations (Unaudited - in
thousands, except share and per share amounts)
For the Three Months Ended
March 31,
2022
2021
Net revenues
$
261,287
$
237,470
Material costs
85,592
75,170
Personnel costs
101,675
89,880
Other operating costs
36,168
31,498
General and administrative expenses
32,442
30,903
Depreciation and amortization
7,955
7,998
(Loss) income from operations
(2,545
)
2,021
Interest expense, net
7,385
7,340
Non-service defined benefit plan
expense
160
167
Loss before income taxes
(10,090
)
(5,486
)
Benefit for income taxes
(2,113
)
(2,156
)
Net loss
$
(7,977
)
$
(3,330
)
Basic and diluted per common share
data:
Basic and diluted loss per share
$
(0.21
)
$
(0.09
)
Weighted average shares used to compute
basic and diluted loss per share
38,802,420
38,268,332
Table 2 Hanger, Inc. Condensed
Consolidated Balance Sheets (Unaudited - in thousands)
As of March 31,
As of December 31,
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
37,423
$
61,692
Accounts receivable, net
139,617
152,058
Inventories
83,288
87,462
Income taxes receivable
548
581
Other current assets
18,527
16,536
Total current assets
279,403
318,329
Non-current assets:
Property, plant, and equipment, net
80,906
82,434
Goodwill
367,914
363,554
Other intangible assets, net
25,032
25,892
Deferred income taxes
45,743
45,494
Operating lease right-of-use assets
141,820
144,491
Other assets
18,844
17,945
Total assets
$
959,662
$
998,139
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Current portion of long-term debt
$
13,535
$
14,938
Accounts payable
57,969
63,565
Accrued expenses and other current
liabilities
58,391
60,399
Accrued compensation related costs
37,232
54,465
Current portion of operating lease
liabilities
33,182
33,438
Total current liabilities
200,309
226,805
Long-term liabilities:
Long-term debt, less current portion
500,555
502,307
Operating lease liabilities
121,725
124,016
Other liabilities
28,520
34,840
Total liabilities
851,109
887,968
Shareholders’ equity:
Common stock
392
389
Additional paid-in capital
373,092
373,644
Accumulated other comprehensive loss
(4,242
)
(11,150
)
Accumulated deficit
(259,993
)
(252,016
)
Treasury stock, at cost
(696
)
(696
)
Total shareholders’ equity
108,553
110,171
Total liabilities and shareholders’
equity
$
959,662
$
998,139
Table 3 Hanger, Inc. Condensed
Consolidated Statements of Cash Flows (Unaudited - in
thousands)
For the Three Months Ended
March 31,
2022
2021
Cash flows used in operating
activities:
Net loss
$
(7,977
)
$
(3,330
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
7,955
7,998
Benefit from doubtful accounts
(170
)
(211
)
Share-based compensation expense
2,903
3,179
Deferred income taxes
(2,466
)
(1,795
)
Amortization of debt discounts and
issuance costs
518
472
Gain on sale and disposal of fixed
assets
(228
)
(524
)
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable, net
12,845
11,093
Inventories
4,259
(1,437
)
Other current assets and other assets
(2,540
)
(3,492
)
Income taxes
33
25
Accounts payable
(6,038
)
(14,055
)
Accrued expenses and other current
liabilities
1,328
(1,299
)
Accrued compensation related costs
(17,245
)
(36,936
)
Other liabilities
(1,598
)
(1,576
)
Operating lease liabilities, net of
amortization of right-of-use assets
123
(478
)
Net cash used in operating activities
(8,298
)
(42,366
)
Cash flows used in investing
activities:
Acquisitions, net of cash acquired
(4,001
)
(19,377
)
Purchase of property, plant, and
equipment
(4,003
)
(6,541
)
Purchase of therapeutic program equipment
leased to third parties under operating leases
(450
)
(395
)
Proceeds from sale of property, plant, and
equipment
551
796
Net cash used in investing activities
(7,903
)
(25,517
)
Cash flows used in financing
activities:
Payment of employee taxes on share-based
compensation
(3,452
)
(4,520
)
Repayment of term loan
(1,263
)
(1,263
)
Payment on Seller Notes
(3,087
)
(446
)
Payments of financing lease
obligations
(266
)
(265
)
Payments under vendor financing
arrangements
—
(275
)
Proceeds from the exercise of options
—
366
Net cash used in financing activities
(8,068
)
(6,403
)
Decrease in cash and cash equivalents
(24,269
)
(74,286
)
Cash and cash equivalents at beginning of
period
61,692
144,602
Cash and cash equivalents at end of
period
$
37,423
$
70,316
Table 4 Hanger, Inc. Segment
Information: Revenue, EBITDA and Adjusted EBITDA (Unaudited -
in thousands)
EBITDA is defined as operating income before depreciation and
amortization. Adjusted EBITDA is defined as EBITDA before certain
charges, third-party professional fees in excess of normal amounts
incurred in connection with our financial statement remediation,
expenses associated with equity-based compensation, severance
expenses, certain expenses incurred in connection with our
acquisitions, proceeds received from grants under the Coronavirus
Aid, Relief and Economy Security Act ("CARES Act") and certain
other charges.
We use EBITDA and Adjusted EBITDA as measures to assess the
relative level of our indebtedness and our compliance with certain
debt covenants which are based on these measures. Additionally, we
utilize these measures to assess our operating and financial
performance. We believe that these measures enhance a user’s
understanding of normal operating income excluding certain charges,
depreciation and amortization.
Neither EBITDA or Adjusted EBITDA are measures of financial
performance computed in accordance with Generally Accepted
Accounting Principles (“GAAP”) and should not be considered in
isolation nor as a substitute for operating income, net income,
cash flows from operations, or other statement of operations or
cash flow data prepared in conformity with GAAP, or as a measure of
profitability or liquidity. In addition, the calculation of EBITDA
and Adjusted EBITDA is susceptible to varying interpretations and
calculations, and the amounts presented may not be comparable to
similarly titled measures of other companies. EBITDA and Adjusted
EBITDA may not be indicative of historical operating results, and
we do not intend these measures to be predictive of future results
of operations.
For the Three Months Ended
March 31,
2022
2021
Net Revenue (a)
Patient Care
$
219,818
$
195,682
Products & Services
41,469
41,788
Net revenue
$
261,287
$
237,470
EBITDA (b)
Patient Care
$
21,737
$
23,865
Products & Services
4,530
6,611
Corporate & Other
(20,857
)
(20,457
)
EBITDA (Non-GAAP)
$
5,410
$
10,019
Adjusted EBITDA (b)
Patient Care
$
23,059
$
24,948
Products & Services
4,855
6,870
Corporate & Other
(18,996
)
(18,274
)
Adjusted EBITDA (Non-GAAP)
$
8,918
$
13,544
(a) Excludes intersegment revenue.
(b) EBITDA and Adjusted EBITDA are
"Non-GAAP" measures. Please refer to both Table 6 and Table 7 for a
reconciliation of these measures to GAAP net income.
Table 5 Hanger, Inc.
Reconciliation of Net Loss and Loss Per Share to Adjusted
Net Loss and Adjusted Loss Per Share (Unaudited - in thousands,
except share and per share amounts)
Earnings Per Share (or “EPS”) is defined as net income divided
by our basic or diluted common shares during the applicable period.
Adjusted EPS is defined as EPS adjusted for certain equity-based
compensation charges, third-party professional fees in excess of
normal amounts incurred in connection with our financial statement
remediation, severance expenses, certain expenses incurred in
connection with our acquisitions, proceeds received from grants
under the CARES Act, and certain other charges.
We utilize Adjusted EPS to assess our operating and financial
performance. We believe that this measure enhances a user’s
understanding of normal operating results excluding certain
charges.
Adjusted EPS is not a measure of financial performance computed
in accordance with GAAP and should not be considered in isolation
nor as a substitute for operating income, net income, cash flows
from operations, or other statement of operations or cash flow data
prepared in conformity with GAAP, or as a measure of profitability
or liquidity. In addition, the calculation of Adjusted EPS is
susceptible to varying interpretations and calculations, and the
amounts presented may not be comparable to similarly titled
measures of other companies. Adjusted EPS may not be indicative of
historical operating results, and we do not intend these measures
to be predictive of future results of operations.
For the Three Months Ended
March 31,
2022
2021
Net loss - as reported (GAAP)
$
(7,977
)
$
(3,330
)
Adjustments:
Amortization expense
1,791
1,234
Acquisition-related expenses
85
160
Hanger supply chain implementation
costs
386
132
Severance expenses
134
54
Adjustments prior to tax effect
$
2,396
$
1,580
Tax effect of specified adjustments
(a)
(266
)
(1,219
)
Adjustments after taxes
2,130
361
Adjusted net loss (Non-GAAP)
$
(5,847
)
$
(2,969
)
Basic and diluted loss per share - as
reported (GAAP)
$
(0.21
)
$
(0.09
)
Effect of above listed specified
adjustments
0.06
0.01
Adjusted basic and diluted loss per share
- as reported (Non-GAAP)
$
(0.15
)
$
(0.08
)
Shares used to compute basic and diluted
loss per share
38,802,420
38,268,332
(a) “Tax effect of specified adjustments” reflects the
difference between the Company's effective provision for taxes and
the application of a combined federal and state statutory tax rate
of 24% for the 2022 and 2021 periods to the Company's earnings from
operations before taxes, after the incorporation of the identified
adjustments above.
Table 6 Hanger, Inc.
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
(Unaudited - in thousands)
EBITDA is defined as operating income before depreciation and
amortization. Adjusted EBITDA is defined as EBITDA before certain
charges, third-party professional fees in excess of normal amounts
incurred in connection with our financial statement remediation,
expenses associated with equity-based compensation, severance
expenses, certain expenses incurred in connection with our
acquisitions, proceeds received from grants under the CARES Act and
certain other charges.
We use EBITDA and Adjusted EBITDA as measures to assess the
relative level of our indebtedness and our compliance with certain
debt covenants which are based on these measures. Additionally, we
utilize these measures to assess our operating and financial
performance. We believe that these measures enhance a user’s
understanding of normal operating income excluding certain charges,
depreciation and amortization.
Neither EBITDA or Adjusted EBITDA are measures of financial
performance computed in accordance with Generally Accepted
Accounting Principles (“GAAP”) and should not be considered in
isolation nor as a substitute for operating income, net income,
cash flows from operations, or other statement of operations or
cash flow data prepared in conformity with GAAP, or as a measure of
profitability or liquidity. In addition, the calculation of EBITDA
and Adjusted EBITDA is susceptible to varying interpretations and
calculations, and the amounts presented may not be comparable to
similarly titled measures of other companies. EBITDA and Adjusted
EBITDA may not be indicative of historical operating results, and
we do not intend these measures to be predictive of future results
of operations.
For the Three Months Ended
March 31,
2022
2021
Net loss - as reported (GAAP)
$
(7,977
)
$
(3,330
)
Adjustments to calculate EBITDA:
Depreciation and amortization
7,955
7,998
Interest expense, net
7,385
7,340
Non-service defined benefit plan
expense
160
167
Benefit for income taxes
(2,113
)
(2,156
)
Adjustments - net loss to EBITDA
13,387
13,349
EBITDA (Non-GAAP)
5,410
10,019
Further adjustments to calculate Adjusted
EBITDA:
Equity-based compensation
2,903
3,179
Acquisition-related expenses
85
160
Hanger supply chain implementation
costs
386
132
Severance expenses
134
54
Further adjustments - EBITDA to Adjusted
EBITDA
3,508
3,525
Adjusted EBITDA (Non-GAAP)
$
8,918
$
13,544
Table 7 Hanger, Inc. Segment
Reconciliation of Income (Loss) From Operations to EBITDA and
Adjusted EBITDA (Unaudited - in thousands)
EBITDA is defined as operating income before depreciation and
amortization. Adjusted EBITDA is defined as EBITDA before certain
charges, third-party professional fees in excess of normal amounts
incurred in connection with our financial statement remediation,
expenses associated with equity-based compensation, severance
expenses, certain expenses incurred in connection with our
acquisitions, proceeds received from grants under the CARES Act and
certain other charges.
We use EBITDA and Adjusted EBITDA as measures to assess the
relative level of our indebtedness and our compliance with certain
debt covenants which are based on these measures. Additionally, we
utilize these measures to assess our operating and financial
performance. We believe that these measures enhance a user’s
understanding of normal operating income excluding certain charges,
depreciation and amortization.
Neither EBITDA or Adjusted EBITDA are measures of financial
performance computed in accordance with Generally Accepted
Accounting Principles (“GAAP”) and should not be considered in
isolation nor as a substitute for operating income, net income,
cash flows from operations, or other statement of operations or
cash flow data prepared in conformity with GAAP, or as a measure of
profitability or liquidity. In addition, the calculation of EBITDA
and Adjusted EBITDA is susceptible to varying interpretations and
calculations, and the amounts presented may not be comparable to
similarly titled measures of other companies. EBITDA and Adjusted
EBITDA may not be indicative of historical operating results, and
we do not intend these measures to be predictive of future results
of operations.
For the Three Months Ended
March 31,
2022
2021
Patient Care
Income from operations - as reported
(GAAP)
$
16,993
$
19,050
Depreciation & amortization
4,744
4,815
EBITDA (Non-GAAP)
21,737
23,865
Further adjustments to calculate Adjusted
EBITDA:
Equity-based compensation
831
897
Hanger supply chain implementation
costs
470
132
Severance expenses
21
54
Further adjustments - EBITDA to Adjusted
EBITDA
1,322
1,083
Adjusted EBITDA (Non-GAAP)
23,059
24,948
Products & Services
Income from operations - as reported
(GAAP)
2,507
4,676
Depreciation & amortization
2,023
1,935
EBITDA (Non-GAAP)
4,530
6,611
Further adjustments to calculate Adjusted
EBITDA:
Equity-based compensation
296
259
Hanger supply chain implementation
costs
(84
)
—
Severance expenses
113
—
Further adjustments - EBITDA to Adjusted
EBITDA
325
259
Adjusted EBITDA (Non-GAAP)
4,855
6,870
Corporate & Other
Loss from operations - as reported
(GAAP)
(22,045
)
(21,705
)
Depreciation & amortization
1,188
1,248
EBITDA (Non-GAAP)
(20,857
)
(20,457
)
Further adjustments to calculate Adjusted
EBITDA:
Equity-based compensation
1,776
2,023
Acquisition related expenses
85
160
Further adjustments - EBITDA to Adjusted
EBITDA
1,861
2,183
Adjusted EBITDA (Non-GAAP)
(18,996
)
(18,274
)
Total Adjusted EBITDA (Non-GAAP)
$
8,918
$
13,544
Table 8 Hanger, Inc.
Indebtedness (Unaudited - in thousands)
As of March 31,
As of December 31,
2022
2021
Debt:
Term Loan B
$
484,800
$
486,063
Seller Notes
27,725
29,812
Deferred payment obligation
4,000
4,000
Finance lease liabilities and other
3,097
3,344
Total debt before unamortized discount and
debt issuance costs
519,622
523,219
Unamortized discount and debt issuance
costs, net
(5,532
)
(5,974
)
Total debt
$
514,090
$
517,245
Current portion of long-term debt:
Term Loan B
$
5,050
$
5,050
Seller Notes
7,595
8,969
Finance lease liabilities and other
890
919
Total current portion of long-term
debt
13,535
14,938
Long-term debt
$
500,555
$
502,307
Net indebtedness:
Total debt before unamortized discount and
debt issuance costs
$
519,622
$
523,219
Cash and cash equivalents
(37,423
)
(61,692
)
Net indebtedness
$
482,199
$
461,527
Table 9 Hanger, Inc. Key
Operating Metrics
As of and For the Three Months
Ended March 31,
2022
2021
Same clinic revenue (a):
Growth (decline) rate prior to
disallowances and PNP
7.9
%
(1.1
)%
Growth rate on net revenue
6.9
%
1.4
%
Clinical locations:
Patient care clinics
757
718
Satellite clinics
118
107
Total clinical locations
875
825
(a) Same Clinic Revenue is computed on a per day basis. This
normalizes revenue for the number of days a clinic was open in each
comparable period. These measures are both non-GAAP and
unaudited.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220504006015/en/
Investor Relations Contact: Asher Dewhurst (443) 213-0503
HangerIR@westwicke.com
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