UNITED STATES
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Preliminary Proxy Statement
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material under §240.14a-12
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HANGER, INC.
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(Name of Registrant as Specified In Its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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No fee required.
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Fee paid previously with preliminary materials.
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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
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Clinical study publications. Hanger published the “SAFE-AMP” study in the Journal of Assistive Technology. The insight
from this analysis provides guidance on the appropriateness for providing microprocessor-controlled knees (MPKs) to patients with diabetes, mitigating the cost associated with injurious falls that are more likely to occur when patients
are fit with a non-MPK. Additionally, our published research in the IMPACT series confirmed that individuals who receive a prosthesis earlier after an amputation had significantly lower total healthcare costs compared to those who did
not receive a prosthesis within the first year after their amputation. Furthermore, early receipt of a prosthesis following amputation resulted in reduced healthcare utilization. More specifically, the odds of emergency department use
were reduced by 32 percent. These studies further validate the need for outcomes driven care and appropriate reimbursement.
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Net revenue totaled $1,120.5 million, reflecting an 11.9 percent increase or $119.3 million from 2020.
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The Patient Care segment revenue increased 13.4 percent year-over-year in 2021 driven by 9.1 percent same-clinic revenue growth.
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The Products & Services (P&S) segment revenue increased 4.5 percent in 2021 compared to 2020. The P&S team did a nice job growing Department of Defense and Veteran Affairs business, and new
products added to our distribution business in 2021 contributed $3.6 million of incremental revenue compared to 2020.
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Adjusted EBITDA was $118.9 million, an increase of 13.1 percent or $13.8 million over 2020.
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We went live with our state-of-the-art, 150,000 square-foot distribution center in Alpharetta, Georgia, which will enhance the in-stock availability of componentry and reduce delivery times in the eastern
half of the country. The expansion of our distribution capabilities has allowed us to consolidate the number of distribution centers from five to two by mid-2022, which is in-line with the long-term supply chain strategy we outlined in
2019.
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We successfully and seamlessly implemented the financial module of our ERP with the move to an Oracle cloud-based system.
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We fortified our balance sheet by refinancing our revolver in November 2021, which resulted in greater borrowing capacity, a lower interest rate, and an extended maturity. Given the inflationary and
rising interest rate environment, this was a timely move.
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At Hanger, we put our patients first and strive to provide high quality care with great patient satisfaction. During 2021, our net promoter score (NPS) continued to reflect a highly respected level of 86.
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Hanger was named to Forbes list of America’s Best Midsized Employers in February of 2021 and again in February of 2022. We are humbled as an organization to make
this prestigious list, which is ranked based on respondents’ willingness to recommend current employers to friends and family, and there is an option to nominate other notable organizations within their industry.
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In August 2021, Hanger and Ottobock announced a landmark five-year clinical study to collect data around the potential health benefits MPK technologies provide people 65 and older. The ASCENT K2 (ASsessing outComes with microprocEssor kNee uTilization
in a K2 population) will measure the short and long-term effects of MPK use in K2-level community ambulators, which are people who can navigate low-level environmental barriers like stairs and curbs.
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We launched the nationwide Cranial Asymmetry Remolding Experts (CARE) network to connect parents and infants with experienced cranial remolding specialists. This network consists of more than 200
certified orthotists located in 260 clinics across the country with extensive experience correcting infants’ head shapes using custom cranial remolding orthoses, otherwise known as “cranial helmets.” Specialists at Hanger Clinic use
advanced 3D scanning techniques to custom-mold helmets that their patients typically wear for 23 hours a day over several months.
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In March 2021, we established the Hanger Institute for Clinical Research and Education, which will aggregate and coordinate resources across the healthcare continuum to advance clinical practice and
improve patient outcomes while exploring, expanding and facilitating opportunities that advance evidence-based O&P care. Hanger Institute’s five core competencies include real-world data analytics, knowledge translation,
implementation expertise, patient engagement, and strategic partnership alignment.
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In early 2021, Hanger provided the initial contribution that launched the Hanger Foundation Diversity Scholarship as part of our commitment to diversity and inclusion in the O&P profession. These
Hanger Foundation scholarships will supplement the cost of the two-year Masters of Science in Prosthetics and Orthotics (MSPO) program and will offer a two-year mentorship with the option of pursuing residency with Hanger Clinic.
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The 2021 Hanger LIVE education conference featured two keynote sessions with PepsiCo’s retired Chairwoman and CEO, Indra Nooyi, including why diversity and inclusion are critical to the success of any
business. Ms. Nooyi spoke about transforming PepsiCo to a purpose-driven company and creating an environment where employees could feel proud about coming to work because they were actually going to make a difference to society in
profound ways. This aligns with Hanger’s purpose of “Empowering Human Potential Together,” which guides our 5,200 employees as they provide essential care, products and services that restore patients’ mobility and improve their quality
of life.
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Our ESG Task Force, which was formed three years ago, continues to make progress in its mission. The sustainability of our business model is directly linked to the promotion and advancement of our
corporate values, which are: integrity, patient-focused, outcomes, collaboration, and innovation. We use this framework to define and measure career development and success at Hanger for our approximately 5,200 employees and each year
we recognize and reward a select group annually who exemplify these traits through the Hanger Impact Awards.
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Investors should review our proxy statement for detailed information on our Board, its independence, and other demographic composition characteristics.
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