) revealed that it has acquired four patient care companies year
to date with annualized sales of roughly $10 million. The
acquired accompanies have nine clinics in six states. With this,
HGR completed half of its 2013 goal to acquire $20 million in
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The acquired companies are East Coast Orthotics, Inc.; Nascott,
Inc.; Keller's Limb & Brace, Inc. dba Snell's of Jackson; and
Development & Research, Inc., dba San Juan P&O. Together,
they have over 60 clinicians.
Hanger posted adjusted earnings per share (EPS) of 52 cents for
the second quarter of 2013 that exceeded the year-ago EPS by a
penny but failed to meet the Zacks Consensus Estimate of 56
cents. Adjusted net earnings increased 5.1% to $18.5 million in
Revenues increased 8.7% year over year to $273.7 million in the
quarter, beating the Zacks Consensus Estimate of $271 million.
The increase was mainly driven by growth in the Patient Care
segment, partially mitigated by soft sales from the Products and
Revenues from Hanger's Patient-Care segment grew 11.1%, which
include a 3.9% increase in same-center sales and a higher
contribution of $15.0 million from acquisitions completed in
Hanger revised its financial guidance for 2013. The company
expects revenues in the band of $1.06 billion to $1.08 billion.
It projects same center sales from its Patient Care Services
segment to grow 3% to 5%. However, Products & Services
revenues are projected to be flat (earlier up 3% to 5%) in 2013.
HGR also raised its adjusted earnings per share guidance to the
range of $2.07- $2.13 from the earlier range of $2.02-$2.09 in
Austin, Texas-based Hanger provides orthotic and prosthetic
patient care services in 45 states in the U.S. and the District
of Columbia through over 740 patient care centers. Orthotic care
comprises custom design, fabrication, and brace and support fit
for treatment of musculoskeletal conditions. Prosthetic care
deals in custom design, fabrication, and fit of artificial limbs
required by patients suffering from loss of a limb at birth,
vascular disease, diabetes, cancer, or trauma.
Currently, HGR carries a Zacks Rank #3 (Hold). While we remain on
the sidelines about Hanger, other medical products companies that
are performing well include
PLC Systems Inc.
) with a Zacks Rank #1 (Strong Buy), and
) with a Zacks Rank #2 (Buy).