Hanger Inc. announced net sales of $271.1 million for the third quarter of 2013, an increase of 11.8% from the third quarter of 2012, according to a company press release.
The third quarter net sales increase of $28.6 million was the result of a $21.6 million increase in the patient care segment, and a $7 million increase in the products and services segment. Income from operations for the quarter was $39.9 million, compared to $35.4 million in 2012.
“We are pleased with our revenue and earnings momentum in the third quarter,” Vinit K. Asar, president and chief executive officer of Hanger, stated in a company release. “We delivered strong same center sales growth of 3.8% in our patient care segment and started to gain traction from our materials management initiatives. In addition, the number of RAC [Recovery Audit Contractors] and other Medicare audits stabilized in the quarter, as did our overall Medicare audit success rate; although the time required to resolve these audits has increased due to a backlog of appeals in the administrative laws system. Our continued growth is a direct reflection of the efforts of our talented employees around the country and the strength of our underlying business.”