Hanger, Inc. (HNGR) Tops Q3 EPS by 21c, Revenues Beat

Hanger, Inc. (OTC: HNGR) reported Q3 EPS of $0.20, $0.21 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $256.6 million versus the consensus estimate of $244.75 million.

Financial Highlights

• Net revenue was $256.6 million for the three months ended September 30, 2020, compared to $279.6 million for the same period in 2019, reflecting a decrease of 8.2 percent. Net same clinic revenue on a day-adjusted basis declined by 10.3 percent, due primarily to a decrease in patient volumes associated with the COVID-19 pandemic.

• Net income was $6.8 million for the three months ended September 30, 2020, compared to $5.7 million for the same period in 2019. Income from operations was $13.1 million for the quarter compared to $17.4 million for the same period in 2019.

• Adjusted EBITDA was $27.9 million in the third quarter of 2020, compared to $32.6 million for the same period in 2019, reflecting a decline of $4.8 million.

• GAAP diluted earnings per share was $0.18 for the third quarter of 2020, compared to $0.15 per diluted share for the same period in 2019. Adjusted diluted earnings per share was $0.20 for the three months ended September 30, 2020, compared to $0.25 per share for the same period in 2019.

• On September 30, 2020, the Company had $242.3 million in liquidity, reflecting an increase of $39.6 million as compared with June 30, 2020.

Vinit Asar, President and Chief Executive Officer of Hanger, Inc., stated, "Our patient volumes demonstrated continued recovery in the third quarter, and this, combined with the cost containment measures we took at the start of the pandemic, contributed to a favorable earnings and cash flow performance. Our employees have demonstrated strength and resilience in the face of these difficult times and their actions have positioned us well for 2021."

For earnings history and earnings-related data on Hanger, Inc. (HNGR) click here.

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