August 3, 2011
Hanger Orthopedic Group Announces Five Acquisitions Producing $20.2 million of Annual Net Revenue
AUSTIN, Texas, Aug. 3, 2011 /PRNewswire/ -- Hanger Orthopedic Group, Inc. (NYSE: HGR) is pleased to announce the acquisition of Team Post-Op, Inc., BioConcepts, Inc., US Orthotics & Prosthetics, Inc., MK Prosthetic & Orthotic Services, Inc, and Rainier Surgical Incorporated & Ortho-Medical Products, Inc. These acquisitions will add annual revenues of approximately $20.2 million to Hanger's patient care operations, and offices in California, Illinois, New York, Texas, Washington, and Virginia.
Thomas F. Kirk, President and Chief Executive Officer of Hanger Orthopedic Group stated, "We are extremely pleased to welcome these talented professionals to the Hanger team. They bring an outstanding reputation for superior patient care and will add value to our core O&P business. These acquisitions were financed with internally generated cash flows and will be accretive to earnings after completion of the initial integration period. We continued to evaluate additional opportunities to acquire patient care centers that meet our criteria."
About Hanger - Hanger Orthopedic Group, Inc., headquartered in Austin, Texas, is the world's premier provider for services and products that enhance human physical capability. Hanger provides orthotic and prosthetic patient care services, distributes O&P devices and components and provides therapeutic solutions to the broader post-acute market. Hanger is the largest owner and operator of orthotic and prosthetic patient care centers, with in excess of 675 O&P patient care centers located in 45 states and the District of Columbia. Hanger, through its subsidiary Southern Prosthetic Supply, is also the largest distributor of branded and private label O&P devices and components in the United States. Hanger provides therapeutic solutions through its subsidiaries Innovative Neurotronics and Accelerated Care Plus. Innovative Neurotronics introduces emerging neuromuscular technologies developed through independent research in a collaborative effort with industry suppliers worldwide. Accelerated Care Plus is a developer of specialized rehabilitation technologies and the nation's leading provider of evidence-based clinical programs for post-acute rehabilitation, serving more than 4,000 long-term care facilities and other sub-acute rehabilitation providers throughout the U.S. For more information on Hanger, visit www.hanger.com.
This document contains forward-looking statements relating to the Company's results of operations. The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Statements relating to future results of operations in this document reflect the current views of management. However, various risks, uncertainties and contingencies could cause actual results or performance to differ materially from those expressed in, or implied by, these statements, including the Company's ability to enter into and derive benefits from managed care contracts, the demand for the Company's orthotic and prosthetic services and products and the other factors identified in the Company's periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Hanger Orthopedic Group, Inc.