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View Annual Report focuseD ON Growth 2012 ANNUAL REPort 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 1,400 clinicians and therapists help those with limb loss, paralysis, debilitating physical conditions and other orthopedic anomalies regain their physical mobility after injury or illness. Financial Highlights (dollars in millions, except per-share data) At or for the years ending December 31 2012 2011 2010 2009 Net Sales $ 985.6 $ 918.5 $ 817.4 $ 760.1 Adjusted Income from Operations(1) $ 131.0 $ 118.0 $ 102.3 $ 90.5 Adjusted Net Income(1) $ 62.7 $ 53.9 $ 44.1 $ 36.1 Adjusted Diluted Earnings Per Share(1) $ 1.80 $ 1.57 $ 1.34 $ 1.13 Working Capital $ 251.5 $ 240.6 $ 185.3 $ 216.7 Total Assets $ 1,237.3 $ 1,126.7 $ 1,060.6 $ 875.0 Shareholders’ Equity $ 503.1 $ 428.6 $ 363.9 $315.9 Adjusted Earnings Per Diluted Share Adjusted Net Income Applicable to Common Stock Net Sales Adjusted Net Income(1) Adjusted Diluted ($ in millions) ($ in millions) Earnings Per Share(1) Net Sales $985.6 $62.7 $1.80 1000 $918.5 60 $1.57 $817.4 $53.9 800 1.6 $760.1 $1.34 48 $44.1 $1.13 600 1.2 $36.1 36 400 0.8 24 200 0.4 12 0 0.0 0 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 (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. feLLow StocKhoLdeRS: Having achieved strong operating and financial results for 2012, we are again positioned to deliver significant earnings growth for 2013. In a complex and uncertain healthcare and economic environ- ment, our core orthotic and prosthetic (O&P) businesses drove another year of record revenues and earnings in meeting or exceeding our financial guidance for 2012. With significant growth in same-center revenues, our share increased 14.6% to $1.80 from $1.57 for 2011. Patient Care segment continued to gain market share Due primarily to revenue-driven operating leverage through organic growth. We also had a record year for and ongoing expense control, our adjusted operating acquisitions, completing the purchase of independent margin increased 50 basis points for 2012 from 2011. patient care clinics with $60.2 million in annualized Hanger also produced a 31.6% increase in cash revenues, three times our 2012 acquisition target of flow from operations for 2012 to $81.3 million and had $20 million. Beyond the Patient Care segment, our capital investments of $33.2 million. At December 31, Distribution segment continued to grow well, and our 2012, the Company had $118.7 million in total liquidity, smallest segment, Therapeutic Solutions, showed a and its leverage ratio, as defined in its credit facili- modest return to growth in the fourth quarter of 2012. ties, improved to 2.8 at year-end 2012 compared with As a reflection of our continuing strong perfor- 3.0 at year-end 2011. mance, Hanger was named to the 2012 Forbes© list of the 100 Best Small Companies in America. Additionally, OPERATING MOMENTUM CONTINUING IN 2013 within the subcategory of Forbes Best Small Companies We expect our operating and financial momentum to Hiring in the U.S., Hanger was ranked #5. continue in 2013, and that we will cross the milestone of $1 billion in revenues for the year. With favorable RECORD RESULTS FOR 2012 patient demographics and stable pricing, we expect Hanger’s revenues increased 7.3% to a record $985.6 consistent organic growth in our Patient Care reve- million for 2012, primarily reflecting an 8% increase nues. Patient Care revenues for 2013 will further in Patient Care revenues, which was comprised of reflect the full-year impact of our 2012 patient care growth in same-center revenues of 4.0%, or $30.1 clinic acquisitions, as well as new transactions we million, and revenues from patient care clinic acqui- anticipate completing in 2013. We expect to comple- sitions of $30.2 million. Distribution revenues for ment the expansion in Patient Care revenues with 2012 increased $6.8 million, or 6.8%, to $107 million, continued steady growth in our Distribution segment and revenues from Therapeutic Solutions declined and improved performance from our Therapeutic slightly for the year. Solutions segment. Within the Therapeutic Solutions Net income per diluted share for 2012 increased segment, we expect ACP to generate modest growth to $1.83 from $1.59 for 2011. Excluding certain tax throughout 2013, despite a challenging reimburse- benefits, headquarters relocation, acquisition costs, ment environment for their customer base within the and implementation costs related to our new clinic skilled nursing and rehabilitation industries. management system, adjusted net income per diluted 1. EXPANDED VISION, EXPANDED OPPORTUNITY Neurotronics and SureFit, adjacent markets can Hanger is also well positioned to produce long-term provide new products and services for Hanger and profitable growth beyond 2013. We are the clear significant new revenue streams as they continue to leader in O&P services, a highly fragmented and support the growth of our traditional O&P patient locally-competitive industry with compelling growth care business. dynamics. While our traditional patient care clinics will continue to produce the significant majority of our SUMMARY revenue and earnings for the foreseeable future, we Our confidence in our ability to produce significant have steadily expanded our focus on helping patients long-term profitable growth for our stockholders and care providers well beyond the traditional O&P reflects both positive industry dynamics and our patient care clinic. This expansion is wholly consistent record of consistent profitable growth throughout the with our core competency in helping people in need of economic cycle. At the most basic level, our confidence rehabilitative products and services increase their in Hanger’s future reflects the strength of our skilled mobility and improve their lives. Supporting this fun- and passionate employees, who are so dedicated to damental capability, we have developed deep exper- improving the lives of their patients. We thank them tise in facilities-based services, national distribution, for their hard work, past and future, and for the inspi- innovative technology and product development, ration they draw from the will and perseverance of payor assistance and compliance with governmental their patients. rules, regulations and accreditation standards. We also recognize the great contributions and Leveraging all these strengths, our vision today is leadership of Tom Kirk, who, first as president and to be the partner of choice for products and services COO since 2002 and then as CEO from early 2008, led that enhance human physical capability, whether our a re-engineering effort at Hanger that re-established interaction with the patient is in a traditional O&P the Company’s growth trajectory. We thank him for patient care clinic or in a variety of other healthcare his commitment to Hanger and wish him the best in venues, such as hospitals, physicians’ offices and his retirement. skilled nursing facilities. In closing, we thank the Board for their counsel, Our core business participates in a $4.3 billion oversight and integrity and our fellow stockholders U.S. market that has favorable growth drivers. To for the confidence in Hanger their investment repre- effectively pursue this market opportunity, we will sents. As Hanger continues to fulfill its goal of expand our unique portfolio of integrated rehabilita- empowering human potential, we also expect it to tive solutions, focusing strongly on O&P and the most create further long-term growth in stockholder value. immediate adjacent markets. While we are confident Hanger will benefit from overall industry growth driven Sincerely, by favorable demographics, we also see further opportunities to drive long-term Patient Care growth through acquisitions, opening de novo centers, expanding our presence in new O&P care settings, and the introduction of new products and services. Vinit K. Asar In addition, as we have demonstrated through the President and long-term development of SPS, Linkia, ACP, Innovative Chief Executive Officer Hanger was named to the 2012 Forbes© list of the 100 Best Small Companies in America. 2. Born without her arm, Carrie Davis is the national coordinator of Hanger’s peer-to-peer support mentoring program, Amputee Empowerment Partners (EmpoweringAmputees.org). She is also a triathlete and mother of two boys. 3. Known as the “bionic man” to chil- dren of his church and hometown of Greenville, South Carolina, Rod Hansen is the treasurer, youth director, a deacon, and missionary housing director of a local Baptist church.
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