Hanger Orthopedic Group, Inc. announced net sales of $248.1 million for the quarter ended December 31, 2011, an increase of $21.6 million, or 9.5%, from the fourth quarter of 2010. Net sales also increased 12.4% for the year ended December 31, 2011 compared with 2010, according to a press release.
The increase in fourth quarter sales is the result of $10 million increase from the Therapeutic Solutions segment, principally from the acquisition of Accelerated Care Plus. During 2011, Hanger also acquired eight companies comprising 21 patient care service centers, which are expected to generate approximately $28 million in annualized revenues.
“We are pleased to achieve a 15.5% increase in adjusted earnings per share for 2011 in a challenging economic environment that included continued high unemployment, flat Medicare pricing as well as reductions in Medicaid reimbursement in our Patient Care Services segment and a reduction in Medicare reimbursement for skilled nursing facilities, which indirectly impacted our Therapeutic Services segment,” Thomas F. Kirk, chief executive officer of Hanger, stated in the release. “These challenges were primarily responsible for fourth quarter growth rates below those achieved for the full year. We expect some improvement in the operating environment for 2012, especially for our Patient Care Services segment. We also expect certain of these challenges to continue, and we have put action plans and teams in place to address these conditions.”
