The Hanger Inc. has announced the second quarter sales today in a press release. The company has reported $275.9 million net sales. If compared to last year, the second quarter sales this year is 3% higher compared to second quarter of 2013.
The President and CEO of Hanger Inc, Vinit Asar issued a statement via the same press release. Mr Asar said, we are clearly disappointed with our second quarter results and are revising our outlook for the year.”
Mr Asar further added, ”The continuing pressure on authorizations, collections and patient flow has had a significant impact on our top and bottom line to date, and will continue to pressure our earnings growth at least through the remainder of this year. We have already begun meeting these challenges head-on by increasing our focus on business development and implementing cost reductions, including a reduction in force, and the rationalization of certain investments and other cost-savings measures. While this is certainly a difficult environment today, we remain confident that the fundamental growth prospects of our market and our strategy and execution capabilities will deliver significant long-term returns for our shareholders.”
The net sales of the second quarter have seen an increase of $8.1 million. It was because the patient care segment has seen an increase of $6.8 million. The products and Services department has seen an increase of $1.3 million.
The income generated from surgeries and other operations is $26.4 million compared to $36.6 million last year. It reflects the reason behind Hanger Inc’s CEO’s disappointment.