Hanger Orthopedic Group / HGR
About Hanger Orthopedic Group
2 Bethesda Metro Center, Suite 1200, Bethesda, Md. 20814
www.hanger.com
| 301-986-0701
| Founded: 1861
Industry: Health Care | Category: Public Companies
Hanger Orthopedic saw sales stay almost flat last year while costs rose. The company also lost more than $1.7 million in revenue after some of its centers were damaged in the Gulf Coast hurricanes.
The company's profits have grown more slowly since it ended an acquisition spree that saw the consolidation of the orthotics and prosthetic services industry. Hanger has spent the past several years in search of new sources of revenue and has several new initiatives underway. One new subsidiary, called Innovative Neurotronics, Inc., will identify emerging technologies at research centers and universities that use electrical stimulation to improve the function of impaired limbs. In February of this year, Innovative Neurotronics won FDA approval for its WalkAide treatment. Another Hanger subsidiary, Linkia Inc., signed a contract with Cigna Healthcare last September to manage its provision of orthotic and prosthetic services.
Despite the damage done by the hurricanes, 2005 was a much quieter year for Hanger than was 2004, when its stock price plummeted after a worker at a Long Island clinic alleged that some of her colleagues had falsified forms and overcharged insurers. A company investigation concluded that the alleged activity was limited to that one location.
Chairman: Ivan R. Sabel
President and CEO: Thomas F. Kirk
2005 Financial Data
Revenues: $578,241,000 | Net Income: $17,753,000Asssets: $704,467,000 | Earnings Per Share: $0.53
Total employees: 3,319 | Local employees: 235
Company Leadership
| Ivan R. Sabel | Chairman and CEO |
| Thomas F. Kirk | President and COO |
| Richmond L. Taylor | EVP of the company and COO of Hanger Prosthetics & Orthotics, Inc. and HPO, |
| George E. McHenry | EVP and CFO |
| Ron May | President and COO of Southern Prosthetic Supply, Inc. |
Source: Compensation data provided by Equilar, Inc..
| Ivan R. Sabel Chairman and CEO | $1,164,232 Salary: $520,000 |
| Thomas F. Kirk President and COO | $1,086,504 Salary: $450,000 |
| Richmond L. Taylor EVP of the company and COO of Hanger Prosthetics & Orthotics, Inc. and HPO, | $545,634 Salary: $345,000 |
| George E. McHenry EVP and CFO | $508,355 Salary: $275,000 |
| Ron May President and COO of Southern Prosthetic Supply, Inc. | $446,395 Salary: $219,502 |
Did You Know
Hanger Orthopedic Group is a network of more than 600 medical offices across the country that calls itself the world's top provider of prosthetic patient-care services — helping people with artificial limbs and braces. Hanger has three businesses: caring for patients, distributing braces and prosthetic devices, and making the devices.
