UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
CURRENT REPORT
FORM 8-K
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
Date of Report (Date of Earliest Event Reported): March 24, 2020
Hanger, Inc.
(Exact name of registrant as specified in its charter)
|
Delaware (State or other jurisdiction of incorporation) |
1-10670 (Commission File Number)
|
84-0904275 (IRS Employer Identification No.) |
10910 Domain Drive, Suite 300
Austin, Texas 78758
(Address of principal executive offices (zip code))
(512) 777-3800
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a - 12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13d-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | HNGR | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
| Item 7.01 | Regulation FD Disclosure. |
Hanger, Inc. (the “Company”) announced today that it expects to experience a near-term reduction in patient appointment volumes in its clinics due to the effects of the COVID-19 pandemic and the related quarantine and social activity cessation measures being implemented by Federal, State and local authorities to respond to and suppress the virus. As a result, the Company may find it necessary to reduce the operating hours or temporarily close certain of its clinics, and experience reductions in other business volumes, during the periods and in the geographic regions affected by the virus. Accordingly, due to lack of certainty of the effects and duration of the virus, the Company is withdrawing its earnings outlook for revenue and Adjusted EBITDA for 2020.
The Company had $134.7 million in available cash and investment balances, and $15.8 million in undrawn capacity under its revolving credit facility on March 23, 2020.
As the COVID-19 outbreak in the United States remains in its early stages, the Company is unable to predict the potential future effects of the outbreak on its business or prospects.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HANGER, INC. | ||
| By: | /s/ Thomas E. Hartman | |
| Thomas E. Hartman | ||
| Senior Vice President and General Counsel | ||
| Dated: March 24, 2020 | ||