May 12, 2017
AUSTIN, Texas, May 12, 2017 – Hanger, Inc. (OTC PINK: HNGR) today announced the filing of its Annual Report on Form 10-K for the year ended December 31, 2014 with the Securities and Exchange Commission (SEC). The Form 10-K contains financial statements for the full year of 2014, restated financial statements for 2012, 2013 and the first two quarters of 2014, and restated information for 2010 and 2011. The filing is a significant milestone in the Company’s ongoing efforts to become current in its filings with the SEC after identifying a need for the restatement of previously filed financial statements and the remediation of various accounting issues that led to a cessation of its SEC filings. The Company has now turned its focus to completing its 2015 and 2016 financial statements as expeditiously as possible.
“For more than 155 years, Hanger has been a company guided by strong values and business standards,” stated Hanger, Inc. President and Chief Executive Officer Vinit Asar. “These values and standards are reflected in our ongoing efforts to remediate the various accounting issues that have delayed our financial filings and led to the extensive review and correction of our historical financial information. We take our obligation to meet our financial reporting requirements seriously and remain committed to working as quickly as possible to regain compliance.”
The Company has provided preliminary estimates of certain cash flow data for the period ended March 31, 2017 in its Current Report on Form 8-K filed on May 8, 2017. Due to the ongoing preparation and audit of its 2015 and 2016 financial statements, the Company is not able to provide balance sheet or income statement information for those periods, or for the first quarter of 2017. In addition to completing the restatement of its financial statements, the Company has also taken action to strengthen its accounting resources, processes and controls, as well as its compliance training and culture to ensure employees have effective tools and education to meet required standards.
“At Hanger, we are proud of our work and believe deeply in our purpose of empowering human potential together,” shared Asar. “As we’ve undertaken our accounting remediation efforts, service to our patients has continued without disruption, and this will remain the case. We will continue to deliver superior, patient focused care and unsurpassed customer service. This has been – and remains – the soul of our company.”
About Hanger, Inc. – Headquartered in Austin, Texas, Hanger, Inc. is a leading provider of orthotic and prosthetic (O&P) patient care services and products. The company operates as an ecosystem of diversified companies delivering complementary solutions to individuals and providers with O&P needs, and is organized in two business segments – Patient Care and Products & Services. Through its Patient Care segment, Hanger provides comprehensive, outcomes-based O&P services to individuals of all ages at more than 925 Hanger Clinic locations nationwide. Through its Products & Services segment, Hanger serves the broader O&P community and skilled nursing facilities through designing and distributing branded and private label O&P devices, products and components, providing consulting services, and offering post-acute rehabilitative solutions. Rooted in clinical research, excellence, and innovation, Hanger is a purpose-driven company focused on empowering human potential. For more information, visit corporate.hanger.com.
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Contact:
Annie Myers
External Relations Manager
(210) 440-7380 or [email protected]