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View Annual Report 2013 ANNUAL REPORT SHAPING THE FUTURE SHAPING THE FUTURE Built on the legacy of James Edward Hanger, the first amputee of the American Civil War, Hanger provides integrated rehabilitative solutions to more than one million patients each year. Specializing in prosthetic and orthotic patient care, distribution and therapeutic solutions, Hanger’s more than 1,300 clinicians and therapists help those with limb loss, paralysis, debilitating physical conditions and other orthopedic anomalies regain their physical mobility after injury or illness. Dollars in millions, except per share data 2013 2012 2011 2010 Net Sales $ 1,046.4 $ 974.4 $ 907.8 $ 808.8 Adjusted Income from Operations(1) $ 136.2 $ 131.0 $ 118.0 $ 102.3 Adjusted Net Income(1) $ 69.0 $ 62.7 $ 53.9 $ 44.1 Adjusted Diluted Earnings Per Share(1) $ 1.95 $ 1.80 $ 1.57 $ 1.34 Working Capital $ 267.1 $ 251.5 $ 240.6 $ 185.3 Total Assets $ 1,271.7 $1,237.3 $ 1,126.7 $ 1,060.6 Shareholder’s Equity $ 580.2 $ 503.1 $ 428.6 $ 364.4 (1) Adjusted net income, adjusted income from operations, and adjusted diluted earnings per share are non-GAAP financial measures. Management relies on these non-GAAP items as primary measures to review and assess operating performance and management teams. The Company believes it is useful to investors to provide disclosures of its operating results on the same basis as that used by management. Manage ment and investors also review the non-GAAP items to evaluate the Company’s overall performance and to compare its current operating results with corresponding periods and with other companies in the health care industry. You should not consider the non-GAAP items in isolation or as a substitute for net income, operating cash flows or other cash flow statement data determined in accordance with accounting principles generally accepted in the United States. Because the non-GAAP items are not measures of financial performance under accounting principles generally accepted in the United States and are susceptible to varying calculations, they may not be comparable to similarly titled measures of other com panies. 1 DEAR STOCKHOLDERS HanGer, Inc. 2013 annual report As a result of sequestration, our Medicare reimbursement segment, coupled with a reduced demand for higher rates were cut by 2% in April, reducing our revenue and pre- priced prosthetics devices from independent O&P provid- tax earnings by almost $3 million. In addition, the health ers due to the regulatory and reimbursement pressures care provider community faced an increase in the number they are facing. of Medicare audits, including Recovery Audit Contractor Adjusted diluted EPS for 2013 increased 8.3% to $1.95 (RAC) audits, which have cost us and our industry signifi- from $1.80 in 2012. Adjusted diluted EPS excludes certain cant time and money to defend. Despite these environmen- non-recurring tax benefits, costs related to acquisitions tal headwinds, our continued focus on our growth strategy and costs related to the implementation of JANUS, our allowed us to deliver over 7% revenue growth and over 8% new clinic management system. Diluted EPS for 2013 were adjusted diluted EPS growth in 2013. $1.80 compared to $1.83 in 2012. In 2013 we also hit a significant financial milestone in We continued to strengthen our balance sheet in 2013. our company’s 152-year history by crossing $1 billion in Our cash flow from operations increased 6.0% to $86.3 revenue. Our Patient Care segment continues to be the million, and we made $38.4 million of capital investments engine that drives our revenue and earnings growth. We to support our growth. We ended the year with $181.3 mil- delivered another year of strong same center growth in lion in total liquidity, and our leverage ratio, as defined in our Patient Care segment, and continued to execute on our its credit facilities, improved to 2.5 at year end 2013 com- orthotic and prosthetic (O&P) acquisition strategy, which pared to 2.8 at year end 2012. resulted in our acquisition of 18 O&P clinics with annualized JANUS, our new clinic management system, brings revenues of approximately $20 million. us squarely into the era of electronic health records and provides increased effectiveness and efficiencies in our SOLID RESULTS FOR 2013 clinics. In process of being rolled out nationally, this multi- Our revenues increased 7.4% to a record $1,046 million for year $35 million investment is in over 70 clinics today, is 2013. This growth was driven primarily by an 8.7% increase expected to be implemented in 300 clinics by the end of in Patient Care segment revenues; comprised of 2.4% 2014, and will be largely rolled out across our clinic foot- growth in same-center revenues, or $18.8 million, and print by the end of 2015. Our materials management initia- revenues from patient care clinic acquisitions of $51.2 mil- tive is progressing extremely well as we continue to gain lion. Products and Services segment revenues for 2013 materials cost savings as a result of more controlled pur- increased $2.0 million, or 1.2%, to $173.2 million, driven chasing patterns. This materials management initiative by strong growth in our rehabilitative solutions unit, which balances the need for clinically efficacious products with was partially offset by a decline in our distribution unit. the appropriate competitive price points negotiated with The decline in our distribution unit was driven by continued our supplier partners. acquisitions of its O&P customers by our Patient Care 2 Net Sales Adjusted Net Income Adjusted Earnings Net Sales Adjusted Net Income Adjusted Diluted Applicable to Common Stock Per Diluted Share ($ in millions) ($ in millions) Earnings Per Share 1200 70.000000 2.000000 1000 58.333333 1.666667 800 46.666667 1.333333 600 35.000000 1.000000 $808.8 $907.8 $974.4 $1,046.4 $44.1 $53.9 $62.7 $69.0 $1.34 $1.57 $1.80 $1.95 400 23.333333 0.666667 200 11.666667 0.333333 0 0.000000 0.000000 2010 2011 2012 2013 2010 2011 2012 2013 2010 2011 2012 2013 During the 4th quarter of 2013, we experienced opera- In closing, we would like to thank the Board of Directors tional issues in a small non-clinic unit within our Patient for their counsel, insight and integrity. We would like to Care segment related to inventory and bad debts. We believe take a moment to remember Isaac Kaufmann, our long-time these issues to be isolated to two locations within this unit Director who passed away at the end of 2013. His guidance and we have corrective actions in place to resolve this by and passion will be missed. We would also like to thank mid-year 2014. our fellow stockholders for the confidence in Hanger their investment represents. As Hanger continues to fulfill its FOCUS ON GROWTH AND EXECUTION IN 2014 mantra of empowering human potential, we expect it to While we do not expect the regulatory and reimbursement create further long-term growth in shareholder value. environment to substantially change from 2013, we are well-positioned to deal with the headwinds and deliver Sincerely, another year of revenue and EPS growth. Our core business in O&P remains strong and we expect continued growth in same-center sales during the year in the Patient Care segment. In addition, we expect to acquire O&P practices worth approximately $35–$45 million in annualized reve- Vinit K. Asar nues during the year. These factors, along with continued Chief Executive Officer, efficiency gains within our core business, reinforce our President and Director confidence and commitment to growing our Patient Care segment within the $4.3 billion O&P market. Our Products and Services segment is expected to decline slightly as a result of the continued distress faced by many of our independent O&P customers combined with the large one- time sale in the rehabilitation unit during Q3, 2013. We are also investing in some of our back office functions and processes to ensure that our planned profitable growth has the required infrastructure to support it. 3 SHapING THE Future HanGer, Inc. 2013 annual report OUR PATIENTS OUR PARTNERS OUR SHAREHOLDERS We continue to invest in the high In the changing healthcare envi- We believe that our leadership standards of care that our patients ronment, our ability to effectively position in our industry allows us have come to expect from Hanger. partner with our payors, suppliers to make significant investments We make cutting-edge prosthetic and customers will be an impor- that will provide us with a sustain- and orthotic technology available tant part of our long-term success. able competitive advantage, pro- to our patients, and train our clini- We will continue to leverage Linkia, vide a platform for continued cians in the most advanced clinical our network management com- top-line and bottom-line growth applications. We’re also investing pany, to provide important services and shape the future of the O&P approximately $35 million in a new for our payors; we will work with industry. We are confident that our clinic management system, which our customers to develop new strategy will provide steady, long- will improve our clinic processes, patient outcome and satisfaction term value for our shareholders provide more efficient access to metrics; and we will partner with while fulfilling our vision of being important patient information and strategic suppliers to deliver the the partner of choice for products ultimately lead to a better experi- highest quality and value to our and services that enhance human ence for our patients.
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