Private company

Hanger, Inc.

American healthcare company

Hanger, Inc. (formerly Hanger Orthopedic Group, Inc.) is a leading American provider of products and services that assist in enhancing or restoring the physical capabilities of patients with disabilities or injuries that is headquartered in Austin, Texas (formerly Bethesda, Maryland). The company provides orthotic and prosthetic (O&P) services, distributes O&P devices and components, manages O&P networks, and provides therapeutic solutions to patients and businesses in acute, post-acute, and clinical settings.3 Wikipedia text CC BY-SA 4.0

Last updated Oct 21, 2026.

Overview

  • Industrymedical equipment, prosthesis1
  • HeadquartersAustin1
  • Websitewww.hanger.com
  • Legal formDelaware corporation1
  • Incorporated inDE5
  • Business address10910 Domain Drive, Suite 300, Austin, Tx 787585
  • Filer categoryLarge accelerated filer5
  • LEI254900ZJJJYVLHJXSZ604
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 21537384

Hanger, Inc. (formerly Hanger Orthopedic Group, Inc.) is a leading American provider of products and services that assist in enhancing or restoring the physical capabilities of patients with disabilities or injuries that is headquartered in Austin, Texas (formerly Bethesda, Maryland). The company provides orthotic and prosthetic (O&P) services, distributes O&P devices and components, manages O&P networks, and provides therapeutic solutions to patients and businesses in acute, post-acute, and clinical settings. Hanger, Inc. operates through two segments: Patient Care and Products & Services.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2021

6.5%Operating margin7
3.7%Net margin7
11.9%Revenue growth, 20217
38.1%Return on equity7
$13.6MFree cash flow7

Where the money goes

Where each dollar of revenue went, fiscal 2021

  • Other costs96¢$1.1B
  • Income tax0¢$1.2M
  • Profit4¢$42.0M

Out of $1.1B in revenue.7

Where each dollar of operating cash went, fiscal 2021

  • Capital spending62¢$22.6M
  • Kept or used elsewhere38¢$13.6M

Out of $36.2M of cash from operations.7

Financial statements

Revenue8910117$1.1B in 2021+5% since 2015
0$500.0M$1.0B$1.5B2015: $1.1B$1.1B20152016: $1.0B$1.0B2016−2%2017: $1.0B$1.0B2017−0%2018: $1.0B$1.0B2018+1%2019: $1.1B$1.1B2019+5%2020: $1.0B$1.0B2020−9%2021: $1.1B$1.1B2021+12%
Operating income8910117$72.7M in 2021
-$400.0M-$200.0M0$200.0M2015: -$349.6M-$349.6M20152016: -$71.3M-$71.3M2016−80%2017: -$18.9M-$18.9M2017−73%2018: $59.6M$59.6M20182019: $65.4M$65.4M2019+10%2020: $71.9M$71.9M2020+10%2021: $72.7M$72.7M2021+1%
Net income8910117$42.0M in 2021
-$400.0M-$300.0M-$200.0M-$100.0M0$100.0M2015: -$327.1M-$327.1M20152016: -$106.5M-$106.5M2016−67%2017: -$104.7M-$104.7M2017−2%2018: -$858.0K-$858.0K2018−99%2019: $27.5M$27.5M20192020: $38.2M$38.2M2020+39%2021: $42.0M$42.0M2021+10%
Fiscal year2015201620172018201920202021
Revenue$1.1B8$1.0B9$1.0B10$1.0B11$1.1B7$1.0B7$1.1B7
Operating income-$349.6M8-$71.3M9-$18.9M10$59.6M11$65.4M7$71.9M7$72.7M7
Interest$100.0K8$100.0K9$100.0K9$100.0K9
Income before tax$43.1M7
Income tax-$67.6M8-$15.9M9$27.3M10$5.2M11$3.0M7$638.0K7$1.2M7
Net income-$327.1M8-$106.5M9-$104.7M10-$858.0K11$27.5M7$38.2M7$42.0M7
Earnings per share-$2.8910-$0.0211$0.747$1.017$1.097
Earnings per share (diluted)-$2.8910-$0.0211$0.727$0.997$1.077
Shares (weighted, basic)38.6M shares7
Shares (weighted, diluted)39.2M shares7

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Corporate structure

Hanger, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Hanger, Inc.

  • Hanger, Inc. Austin, Texas, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Hanger, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$314.0M7 Dec 31, 2021$304.6M7 Dec 31, 2020+3.1%
Accumulated depreciation$231.6M7 Dec 31, 2021$219.7M7 Dec 31, 2020+5.4%
Property and equipment, net$82.4M7 Dec 31, 2021$84.9M7 Dec 31, 2020−2.9%
Finance-lease assets$2.7M7 Dec 31, 2021$3.0M7 Dec 31, 2020−9.4%
Operating-lease assets (leased space)$144.5M7 Dec 31, 2021$124.7M7 Dec 31, 2020+15.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$61.7M7 Dec 31, 2021$144.6M7 Dec 31, 2020−57.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$363.6M7 Dec 31, 2021$277.2M7 Dec 31, 2020+31.1%
Intangible assets, net (excluding goodwill)$25.9M7 Dec 31, 2021$18.4M7 Dec 31, 2020+40.5%
Finite-lived intangibles, gross$38.5M7 Dec 31, 2021$26.1M7 Dec 31, 2020+47.1%
Accumulated amortization$16.7M7 Dec 31, 2021$11.8M7 Dec 31, 2020+41.0%
Finite-lived intangibles, net$21.8M7 Dec 31, 2021$14.3M11 Dec 31, 2020+52.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$87.5M7 Dec 31, 2021$76.4M7 Dec 31, 2020+14.4%
Raw materials$22.8M7 Dec 31, 2021$19.7M7 Dec 31, 2020+15.4%
Work in process$15.8M7 Dec 31, 2021$12.0M7 Dec 31, 2020+31.3%
Finished goods$48.9M7 Dec 31, 2021$44.7M7 Dec 31, 2020+9.5%

The story

James Edward Hanger, the first documented amputee of the American Civil War, founded the company in Virginia in 1861.

A remark in Ambrose Bierce's postwar memoir that "We shot off a Confederate leg at Philippi" refers to Hanger. At 18 years of age, Hanger joined the Confederate cavalry at Philippi, Virginia, on June 2, 1861. One day later, during the Battle of Philippi, while Hanger was sheltering inside a stable with the rest of the Churchville (Virginia) Cavalry when the "first solid Union cannon shot of the war" bounced into the stable and struck his leg. The injury required amputation of Hanger's leg above the knee; he underwent the first battlefield amputation of the war, at the hands of Union surgeons. Hanger returned to his parents’ home to recuperate wearing a prosthesis that was essentially a wooden peg. His dissatisfaction with the fit and function of the limb replacement led Hanger to design and construct a new prosthesis from whittled barrel staves, rubber and wood, with hinges at the knee and foot. The device worked well, and the state legislature commissioned him to manufacture the “Hanger Limb” for other wounded soldiers.

Manufacturing operations for J.E. Hanger, Inc., were established in the cities of Staunton and Richmond. Hanger was awarded his first patent for an artificial limb, number 155, from the Confederate Patent Office on March 23, 1863. Over the years Hanger developed and patented additional products for veterans and other amputees.

In 1906, Hanger moved the company’s headquarters to Washington, DC. In 1915, he traveled to Europe to help World War I amputees and to learn from European prosthetists.

Hanger’s five sons were active in operating the family business. In 1915, they divided J.E. Hanger, Inc., into four separate companies, with each operating in a different region of the country. At the time of Hanger’s death in 1919, the companies had branches in Atlanta, St. Louis, Philadelphia, Pittsburgh, London and Paris.

In the years leading up to World War II, there was little significant advancement in the U.S. prosthetics industry. The new wave of amputee veterans demanded better prosthetic options, and in 1946, the federal government began providing funds for research and development in prosthetics.

J.E. Hanger, Inc., was able to introduce new prosthetic socket designs made from improved materials such as thermosetting resins.

Around this time, the orthotics industry sought to combine with the prosthetics industry. In 1950, the American Orthotics and Prosthetics Association was formed, which brought a new emphasis on the education and certification of clinical practitioners. By the mid 1950s, J.E.Hanger, Inc., had added orthotic services to its business, and had expanded to 50 offices in the U.S. and 25 in Europe.

Read the full text

The 1960s and 1970s held relatively few technological improvements, but the 1980s marked the beginning of a period of advanced technological development that continues to the present day. In 1986, Sequel Corporation, a Colorado-based communications company, sold off its cellular phone business and began investing in the orthotics and prosthetics industry. In 1989, Sequel bought J. E. Hanger, Inc., of Washington, DC. At the time of purchase, J. E. Hanger, Inc., was an $8 million business with offices in 11 cities and eight states. Soon after, Sequel changed the name of the company to Hanger Orthopedic Group. Ivan Sabel, president and chief operating officer, was focused on centralizing the design and manufacturing of the company's prosthetic and orthotic devices and distributing them nationally.

In 1996, the company bought J. E. Hanger, Inc., of Georgia. This acquisition doubled the size of the company, which now had 175 patient care centers, six distribution sites, four manufacturing plants and 1,000 employees in 30 states. Hanger continued purchasing small companies and by 1998, was operating 256 patient care centers. In 1999, Hanger Orthopedic Group bought its biggest competitor and the industry leader, the orthotics and prosthetics division of NovaCare. This added an additional 369 patient care centers. Following the NovaCare acquisition, the company continued to expand its corporate holdings with related specialty businesses. In 1999, Fortune Magazine ranked Hanger Orthopedic Group as 79th on its list of One Hundred Fastest-Growing Companies.

In October 2022, Patient Square Capital, LP. acquired Hanger, Inc.

From Wikipedia’s article on Hanger, Inc., shared under CC BY-SA 4.0.6

Leadership

Who has led Hanger, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (47)

Products and brands

Subsidiaries

Hanger, Inc. operates seven business lines within two segments: Patient Care and Products & Services.

Hanger, Inc.'s Patient Care segment comprises Hanger Clinic and Linkia.

Linkia is a network management company that works exclusively with the orthotics and prosthetics industry.

Its Products & Services segment includes Accelerated Care Plus, Hanger Fabrication Network (formerly National Labs), Innovative Neurotronics, Southern Prosthetic Supply (SPS), and SureFit.

Read the full text

Southern Prosthetic Supply has distribution centers in five states, distributing more than 400,000 products offerings. Through its SureFit subsidiary, SPS manufactures and sells therapeutic footwear for diabetic patients in the podiatric market. Through Hanger Fabrication Network, it is a fabricator of O&P devices both for out-patient care clinics and competitor clinics.

Innovative Neurotronics, Inc., specializes in the development and commercialization of emerging neuromuscular technologies. Neuromuscular refers to the use of electrical stimulation to improve the functionality of an impaired extremity.

Research

Employees of the company are editors and contributing authors of textbooks such as Prosthetics and Patient Management: A Comprehensive Clinical Approach, Functional Restoration of Adults and Children with Upper Extremity Amputation, and Physical Medicine and Rehabilitation: Principles and Practice.

From Wikipedia’s article on Hanger, Inc., shared under CC BY-SA 4.0.6

Former names

  • HANGER ORTHOPEDIC GROUP INCMay 18, 1995 to Jun 6, 20125

Timeline

  1. Oct 3, 20228-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer75
  2. Sep 30, 20228-K Shareholder vote; Other events76
  3. Sep 20, 20228-K Other events77
  4. Aug 8, 20228-K Results of operations78
  5. Jul 22, 20228-K Entered a material agreement79
  6. Jul 21, 20228-K Other events80
  7. May 20, 20228-K Shareholder vote81
  8. May 4, 20228-K Results of operations82
  9. Feb 28, 20228-K Results of operations83
  10. Feb 7, 20228-K Results of operations84
  11. Nov 29, 20218-K Entered a material agreement; New debt or obligation85
  12. Nov 9, 20218-K Results of operations86
  13. Aug 29, 2012New chief executive Vinit K. Asar becomes CEO15
  14. Aug 12, 2008New chief executive Thomas F. Kirk becomes CEO16
  15. Mar 9, 2006New chief executive Ivan R. Sabel becomes CEO17
  16. Mar 3, 1988Founded Hanger, Inc. is founded4

Calendar

When it reported results

  1. Aug 8, 2022Reported quarterly or annual results78
  2. May 4, 2022Reported quarterly or annual results82
  3. Feb 28, 2022Reported quarterly or annual results83
  4. Feb 7, 2022Reported quarterly or annual results84
  5. Nov 9, 2021Reported quarterly or annual results86
  6. Nov 8, 2021Reported quarterly or annual results87

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

126 filings to the SEC since October 2021: 1 annual reports, 3 quarterly reports, 13 major events, 77 insider forms, 11 large holders, 21 other. The latest 20:

  1. Nov 8, 2022SC 13G/A EDGAR
  2. Oct 13, 202215-12G EDGAR
  3. Oct 6, 2022EFFECT EDGAR
  4. Oct 4, 20224 EDGAR
  5. Oct 4, 20224 EDGAR
  6. Oct 4, 20224 EDGAR
  7. Oct 4, 20224 EDGAR
  8. Oct 4, 20224 EDGAR
  9. Oct 4, 20224 EDGAR
  10. Oct 4, 20224 EDGAR
  11. Oct 4, 20224 EDGAR
  12. Oct 4, 20224 EDGAR
  13. Oct 4, 20224 EDGAR
  14. Oct 4, 20224 EDGAR
  15. Oct 4, 20224 EDGAR
  16. Oct 4, 20224 EDGAR
  17. Oct 4, 20224 EDGAR
  18. Oct 4, 20224 EDGAR
  19. Oct 4, 20224 EDGAR
  20. Oct 4, 20224 EDGAR

The 126 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 0 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 15, 2022Kiraly Thomas EEVP & Chief Financial OfficerSale8,750$19.16$167.7KForm 4
Mar 8, 2022Campbell James HSVP, Chief Clinical OfficerSale4,000$19.52$78.1KForm 4
Dec 16, 2021Kiraly Thomas EEVP & Chief Financial OfficerSale8,750$17.30$151.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Hanger, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHANGER, INC.2
  • CIK0000722723
  • Employer ID (EIN)84-09042752
  • Filer statusLarge accelerated filer2
  • Incorporated inDelaware2
  • Fiscal year endsDecember 312
  • Industry code (SIC)8093 Services-Specialty Outpatient Facilities, NEC2
  • Business address10910 Domain Drive, Suite 300, Austin, TX 787582
  • Phone512-777-38002
  • Shares outstanding39,123,266 as of Aug 3, 202213
  • Public float$950.3M as of Jun 30, 20217
  • On EDGAR sinceApr 28, 19952
  • Filings1,766 in all: 4 (959), 8-K (227), SC 13G/A (111), 10-Q (73), 3 (46), SC 13G (46), SC 13D/A (38), 4/A (30)2
    All 46 form types

    10-K (24), DEF 14A (24), CORRESP (21), DEFA14A (17), UPLOAD (15), ARS (13), NT 10-Q (12), SC 13D (11), 424B3 (9), S-8 (9), SD (9), 10-Q/A (6), EFFECT (6), NT 10-K (6), PRE 14A (6), 8-K/A (5), S-3 (5), 10-K/A (4), S-4 (4), 10-K405/A (3), S-8 POS (3), 10-K405 (2), 25-NSE (2), 424B4 (2), 8-A12B (2), POS AM (2), S-3/A (2), S-4/A (2), 15-12G (1), 3/A (1), 424B1 (1), 424B5 (1), CERT (1), DEFM14A (1), PREM14A (1), S-2 (1), S-2/A (1), S-2MEF (1)

  • Latest filingsAnnual report (10-K) Feb 28, 2022
    Quarterly report (10-Q) Aug 8, 2022
    Proxy statement (DEF 14A) Apr 7, 2022
    Latest 8-K (8-K) Oct 3, 2022

Sources

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