Hanger releases fourth quarter earnings

Hanger Inc. announced net sales of $278.2 million for the fourth quarter of 2013, an increase of $8.6 million from the fourth quarter of 2012, according to a company press release.

The fourth quarter net sales increase of $8.6 million, or 3.2%, was a result of an $11.1 million, or 4.9%, increase in the patient care segment, $2.8 million increase in same-center sales, an $8.3 million increase from acquired entities and a $2.5 million decline in products & services. Net sales for the year ended Dec. 31, 2013 increased $72 million, or 7.4%, to $1,046.4 million from $974.4 million in the same period of 2012. The sales increase was driven by an $18.8 million, or 2.4%, increase in the same-center sales in the patient care segment, a $51.1 million increase from acquired entities, as well as a $2.1 million, or 1.2%, increase in sales in the products and services segment.

“As we reflect on 2013, we view it as both successful and challenging,” Vinit K. Asar, president and chief executive officer of Hanger, stated in the release. “We successfully grew adjusted diluted EPS by 8% while weathering sequestration, an increase in the number of Medicare audits that are affecting many health care providers and operational issues in one of our businesses. Entering 2014 our core business remains healthy, and we are making a number of investments in our back office that we believe will improve our future operations.”

Leave a Reply

Your email address will not be published.