Hanger Inc, a provider of orthotic and prosthetic (O&P) patient care services and solutions based in Austin, Tex, announce its final financial results for the fourth quarter and year ended December 31, 2021.
Financial Highlights
- Net revenues were $312.4 million for the three months ended December 31, 2021, compared to $277.3 million for the same period in 2020, reflecting growth of 12.6 percent.
- Net income was $14.0 million for the three months ended December 31, 2021, compared to $16.1 million for the same period in 2020. Income from operations was $24.9 million for the quarter compared to $29.1 million for the same period in 2020, a decline of 14.6 percent.
- Adjusted EBITDA was $37.2 million in the fourth quarter of 2021, compared to $35.5 million for the same period in 2020, reflecting an increase of $1.7 million, or 4.9 percent.
- GAAP diluted earnings per share was $0.36 per share for the fourth quarter of 2021, compared to $0.41 per share for the same period in 2020. Adjusted diluted earnings per share was $0.40 for the three months ended December 31, 2021, compared to $0.36 for the same period in 2020, an increase of 11.1 percent.
- Results were consistent with those included in the Company’s February 7, 2022 release of preliminary financial results for the year-ended December 31, 2021.
Vinit Asar, President and Chief Executive Officer of Hanger, Inc., states, “While COVID-19 presented a challenge throughout 2021, I am pleased that we nevertheless achieved strong revenue and Adjusted EBITDA growth during the year. This growth, coupled with our expansion of the Company through key acquisitions of independent O&P clinics during 2021, have positioned us well for the coming year.”
[Source(s): Hanger Inc, Business Wire]
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