Hanger Inc, a provider of orthotic and prosthetic (O&P) patient care services and solutions, announces its financial results for the first quarter ended March 31, 2022.
Hanger Inc 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, states, “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.”
Asar continues, “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.”
[Source(s): Hanger Inc, Business Wire]
Hanger Reports Final 2021 Financial Results