HNGR - Earnings call transcript Q3 2020

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Operator

Greetings, and welcome to Hanger's Third Quarter 2020 Earnings Call. All participants will be in listen-only mode. [Operator Instructions].

As a reminder, this conference is being recorded. Today, we will have prepared remarks, followed by a Q&A period. answers provided and presentation. the questions for will after be formal Instructions is introduce Treasury President to my and host, Relations. It pleasure Vice your now Seth Frank, Investor of your may conference. you begin Sir,

Seth Frank

third Good you. Chief With today Kiraly, Executive Vinit morning. are Financial Executive Chief earnings Hanger's and and Welcome Hanger's Officer. us President Thank Asar, Officer; conference quarter to Vice call. XXXX Thomas and President

of in XXXX. information actual discussed from statements could Litigation today the statements meaning Those today. the forward-looking Securities that of we include, of those to Some Reform results subject in we among call. include Act SEC. statements These are in the hand of uncertainties differ to risks Private the will discuss our Hanger them. risks have to and materially disclaims Hanger's forward-looking over any and I’d forward-looking now, the the this filings identified on others, call information discussed to obligation with our matters to portion like update And release latest earnings cause

Vinit Asar

Thanks, morning XXXX Hanger's call. us earnings conference all third you Seth. for and quarter Good joining thank

period appreciation normalized also back our in continuing these feedback safety are patient volumes getting to we sequential protocols including decline the positive pace third earnings XX% XX.X%, provide quarter, and the order my during position, company $X.X revenue. remains was on to we O&P which employees of liquidity high second employees to trend, million cash with favorable the patients comfortable variety and the Hanger's despite to for positioned efforts year-on-year today. declines. the as recovery. is return especially the we furloughed seek continued revenue preservation $XX on the quarter, volume more strong employee patient a comfort, welcomed gating customer volume, operational adjusted we where measures, October. acknowledge in the position pandemic The enter within quarter, to for declined the will patient we revenue quarter our our response from during clinics. third are restored uptick the million, that In XXXX. A to our EBITDA salaries second same during demonstrated but impact million. declined contributed $XX.X our and meet further Net left a day-adjusted process, quarter recovery Tom of the of want a and of even compared year-over-year performance our resulted details, narrowing times resurgence segment, strengthened appointment not third capital achieve flow preservation financial and and compared cost QX a the the We place and factors, Judging organic momentum, marked $XXX.X of to third off provided combined of during pandemic. and fully to volume volumes Net decrease During and the Promoter in In a length the Same we in we the of in up the basis quarter. totaled with in by current QX in patients the from are of of partially strategies. continued cash through have the as primary along us XX.X% infections, quality XXXX a in or better while this and on the express a appointment million, the XX% to direct to with Score received Total lower meaningful increasingly of our reflects factor a insulate revenue ability willingness improvement ultimate for enabling X% quarter salaries care I well improvement. of given with the trends care net and to patient pick and containment in restored the of the known, clinic growth reported care of decrease had acquired

despite Our Promoter Net remains strong at Score patient care overall for challenging environment. XX.X the

by to Excluding orthotics acquisitions, period QX generally XXXX, XX.X% compared demonstrated declining of to demonstrated XX.X% in compared a recovery, only the QX business a of previously orthotic boosted categories XXXX. our stated in remain by line Custom X.X% revenue relatively for prosthetic segment personnel pronounced collections, the impact disallowed other same QX actions. in while remain and to in year, care EBITDA Patient inserts resilience, spinal with sequential and margins resulting continued the cranial last strong. declining orthotics in of strong Shoes categories. cost depressed grew quarter, and applications compared lower the

cash success, continues revenue these with demonstrate collections the market to Our above times. generating are to team and uncertain working cycle ensure community during results we payer

decline performed second better the quarter. the segment net third segment in declined compared is services also a and in quarter. to products Our XX.X% in revenue This third the X.X% Total quarter.

are pleased its business year. the and with through We this distribution performance recovery of the

this customers on and as product that offerings superior While service. some have to we is improvement market satisfaction as overall gain of confidence strong our based and distribution recovery, continues well new subsidiary due to our industry customer share,

subsidiary solutions was therapeutic Our stable.

normalized of human full is resurgence. is capital, the protect welfare our assets the significantly our barring critical even as but in the to of monitor volumes, for and settles. In think continue benefit and for setback to of imperative in it invested stakeholders. we closely, we be to most the to a of long-term quarter long of third differentiated a The people to skilled our full and and so our our all, to trends nursing and offerings significant the market strengthened restoration that business believe point recovery ahead have market valuable related growth has salaries, critical the COVID-XX year-to-date current XXXX, portfolio all We return company Hanger term.

be of patients critical and shared COVID; I effective have remains be for date. kind, element an an which of strong, absolute safe, you employees Our mantra be success and our has our a priority before, with us. to been true north during Safety

As in we move internal uniquely to a healthcare to had our organize and and we January quickly positioned to the for leverage pandemic foresight for resources are operationally. services company, financially which plan the

intact minimal our care us result, for to coronavirus move this paused safe a we and our to As from to our a We prepared where believe safe have journey, an disruption employees and organization operational and will been keep forward. in we of strategic most environment able open, allow clinics with up infection. patient pick provide as keep growth

our we promoted result, distribution the two Regina recently a a business veteran former our for new XX-year As our of President leaders President Products to announced Services of segments. and Weger, & segment. business O&P We Hanger

This part the strategy As & significantly several growth, in you with and expand this the know, a on years. focus Regina's has is our will due the large over last and extensive Regina cohesive segment. success Services grown leadership knowledge Products of to distribution leading business O&P industry. the

at welcomed segment. Pete Chief the Operating Officer patient Hanger, we for position responsible the of care Stoy Secondly, to

Pete relationships and of experience orientation, skill a Health, possessing he XX Cardinal McKesson will experience we Healthcare leading operational and As commercial at businesses to set that, States. years Services, scale healthcare number tremendous a teams. Pete's comes growth his be coming value large-scale between up in across of the as and of wealth Hanger, years. their industry the from leader, a United Coast spent healthcare Pete medical Sodexo region. managing deep East growth-oriented systems across brings Prior to

Board. the years Chief at in care O&P, a Hanger Finally, Surgery Johnston Orthopedic He our September. we with first-hand patient brings closely the of Virginia's linked Board care Hospital of has of Dr. Richmond, effective Jones Board invaluable XX in late orthopedic at to addition than expertise OrthoVirginia, experience level, therapy. also a Jones He more as orthopedic served the is Mark and in of at expanded provider Virginia. field knowledge to practicing surgical of expertise he Willis and largest Dr. and surgeon to our

amputations. agenda health peer-reviewed an our ER published require limb X in Clinical the help that O&P to perspective. O&P our outcomes from recently following the quarter, research determined period, study receiving economics of the were months individuals team likely Affairs prosthesis and value and within less continued services study earlier specifically and IMPACT decision-makers healthcare a less lower to illustrate three patients Scientific a XX% analyzed visit, rehabilitation a likely fall. The amputation, experience with expanding significantly were almost The to to During significant

earlier highlights the long-term lower benefits cost quality research limb of prosthesis intervention team health and of life amputations. Our in outcome,

of relative knowledge outcomes make benefits are increase to different of to assessment the manufacturers, more associated clinicians decisions expanding comparability about with informed as the O&P the of the various help componentry agenda study that four of microprocessor models. our the patient of We unbiased such research include knee controlled technology from we and as publication study manufacturers comparison peer-reviewed also body four leading our see end, OASIS for populations. expect To different knees X an different in from journal. we provides This research head-to-head a microprocessor to

for patients leading clinical clinical clinical to to to provider we conducting types and serve the and continue studies quality care. is It referral decision-making, through As sources manufacturer expand specific that the agnostic peer share that O&P of research patient our or essential these are with informed technology. are to of underlying better partnerships services, our we community strengthen

host As relationships. industry patient the of leaders and technology assessments. maintaining to protocols, challenges outcomes, the at areas O&P that trends requirements best industry payer staying forefront and navigate pandemic-related practices the is that evolving with the of are posed by care, end, have clinical in key to Hanger roundtables pandemic, industry we to continues the begun ensure safety of To abreast we

recommencing and focus of the are stresses pleased expertise The a and businesses of some support and bear, also has of pipeline. and on allowing care. Hanger local has are further with best, they do relevant practice. we for It which desire demonstrated what is the patient the We to quality depth independent to to M&A based running bring that O&P likely their challenges our clinicians join these on pandemic exacerbated program

the outstanding summary, in as Hanger a specifically what and teams. we position post-pandemic goals, challenges. the from are our for Thank effort to management Act in our you preserving pleased a financial which employees, accomplished with we we strength well an near-term XXXX. on COVID-XX your very time liquidity, up of pick Hanger. strong have and and trajectory in a navigate We as believe to world of have navigated in that manner subsides by So significant We interest revenue cycle in our CARES the been sacrifices thanks placed as of growth assistance and year the efforts unprecedented has

numbers Tom will the Tom? in discuss detail. Now, more

Thomas Kiraly

Vinit. Thanks,

to continued business well Hanger As quarter, by the despite the caused perform COVID-XX adverse the during pandemic. results demonstrate, the third conditions

prolonged well our for to in as investor effects call, those accumulation achieved the August in and objectives of preserving have position the personnel as a focus clinical included We primary XXXX. we on so capacity during our can the we that discussed of Hanger expansion a resume quarter. As in pandemic year our believe objectives growth in the past and order current capital our

million reflected million XX.X EBITDA in a first months performance in During which from XX as compared XXX.X to the million. the was and a stands XX XX.X% same adjusted revenue EBITDA as revenue, With EBITDA, in decrease labor million in during most last Hanger year. for period, as this XXXX. the compared which revenue nine in compared decrease of or decline approximately recent temporary to benefited million this Adjusted operating quarter. and reductions period year-to-date, cost XX.X reflects million adjusted the produced at and X.X% million in X.X% with We Hanger XXX.X a XX.X

was from the approximately full year-to-date our of decline a an by in temporary In improved month results the an of September the driven XX% XX% reductions. in approximately decline decline each April, patient and our patient have segment have third peak in million XX% quarter. decline $XX.X Since revenue of third in a XX this average segment. primarily Our gradually benefited care to cost quarter, in of million decrease total for appointment volumes in

in mix. improved As continues volumes increasing revenue second portion increases sequential Nevertheless, quarter. Vinit of were prosthetics our that area orthotics constitute key from revenue the an service contributed to the shared, to the

as During XXXX prosthetics XX.X% XX.X% the our accounted time with compared the last at quarter, same in third for year. revenue of

performance decrease to their in effect clinic devices, continued company's in contributed relative our higher percentage XX% down collection same the of the moderation also a by the to patient it to non-payment quarter. working reported compared throughout Given from XXXX. reimbursement XX.X% prosthetic to a as cycle Due to team, of favorable be same this patient X.X% gross segment management we last flow a revenue favorable rate of the a trends revenue been on charges in as X.X% of revenue factor continued fell on trends. patient to benefit and strong This disallowances revenue, our the capital period the increase during The the appointment company's which as the cash the to in appointments favorably quarter, and key our was segment contributing year. net revenue has decline during

segment compared in declined in segment declined care decline decreased continued the a the the the million this segment, segment, of a also we by a in affected second area To also manner Revenues Within by This cost reductions. of third quarter. X.X%. services the with period X.X solutions some XX.X% XXXX. and significant be deeper in and the products improvement this distribution patient services on pandemic, same company's to business. or reported from focus reflected our as to X.X% by quarter therapeutic in the our strengthening XX.X% saw by little this volumes While in similar

quarter, realized and reductions, from third employee payroll decrease to savings addition salary reduced hours million associated $XX $XX in employee in we costs, million in an the During furloughs, taxes. materials exempt approximately

advertising, travel, saved expenses. We X also other from approximate debt professional an reductions and million in fees, bad

temporary savings, in when quarter to As it and we are that second considering filing recognize discussed they our conference in nature. important is financial these call,

our financial pandemic plan Our addressing the pandemic the the to build for and was to extend its Hanger team preserve the enable capacity company designed COVID-XX resources to to withstand multi-quarter and the at treat September the By and status. and patients had of in year. active to restored returned furloughed small we number a to positions reductions XX, but coming all our completely see wage

we salaries to XX third million that the the expenses would result, a its with of increase company as incur estimate a quarter As in sequential will compared operating in fourth the XX million approximately quarter. and

remain on in the expenses the be continue structure account estimating focused during managing highly taken While we quarters. we to coming sequential time, into that it's increase demanding earnings our our will think when cost important company's for this

need supply third procurement delay Before process on implementation just I flows, quarters, to proceed strategy. progress expenditures in like made Despite now chain to the area, moment necessary work the to under we've distribution Atlanta completing that associated of the technology relating facility million in cash to discuss in also our turn the and build-out a take to I'd we with operate the million to capital XX.X year are in the date, program of Of related in expended our distribution this the and the primary we've center. our of in and did equipment facility. we systems, this that systems new of X to XXXX to investment second the the our new

to from the from caused pandemic. lead approximately provider practices. million it's derived pressures successful from chain certain freight have job supply agenda changes that tremendous note our Additionally, of and X negotiations, year-to-date people the in operating for this distraction a benefited it and the savings done progressing despite important the critical by program This we and in who have

flow. some further Now, you with discussion regarding cash I'll our provide

flows working and capital actions, favorable resources. able During operating results the accumulate to operating capital months, three and through were generate strong past cash further we

and of operating we first flow XXXX. for reflected of year-to-date. cash to XX.X million year-to-date million the in flow the This Our XXX.X a million an in increase million level was the nine produced of of XXX.X for as operating cash months XX.X quarter grew the

benefited reflected improvements have in collections, from in a year. improvement receivable compared accounts third the four-day quarter which as DSO last We period with in same strong the

capital, the also the balances when These million deferrals quarter the last including decreased XX.X trends been year, same compensatory and actions current CARES of from taxes. payments, the and in and year XX in in payable portion the this debt, by funds our current by increases During year year. comparing second operating date investment million have terms, accounts current Act during have of flow of cash favorable payroll receipt XX driven inventories excluding net of with our September various at cash in working

offense since it access resources March placed the has having us retained to us in XXX.X a trailing and from under position to the an has and of company September reflected just call, indebtedness discussed After cash our the the it the facility second consequences normal capital, in an perhaps year. flows offsetting XXXX, to of cash, enabled effect of equal have as XX only to importantly, quarter to months more XXX.X net level considering revolving in reinvest and million million of credit XX% As reflected net of new reestablish we XX. and and end to year. on during measures operating or XX returns quarter pandemic million even endure defense to quarter a accumulated cash capacity XX. adverse under adjusted more working approach the due to cash this significant ratio our amount and move pandemic. the of leverage the of as the next effects increase the to as despite available approximate Nevertheless, able We operation these likely on EBITDA need we'll we X.Xx a in of our million This be we believe was at XXX these being will financial

enter and you Now, XXXX. as out brief I'll trends year comments current the regarding with close our some provide we

trends from appointments a the in increases infection near-term sequential did would in in cautious volume significant quarter, continue to third we the rates. we encourage patient view While recent on gradual due a increase to benefit

for is time certain a belief we provide appointments these in It not due further While cannot guidance for to increases In due will also to assuming financial time. capital our improvement our summary, continued to the at the behaviors able were resources second in the affect best working to flow necessary from be quarter, company sustain build it we remain With the a this financial to to to our may on well chosen uncertainty and the execution is being. it plan, to have patients, continued call that that be the as questions in continuing position of has the this and perspective, you cash careful positive the over how patient for would it momentum the have. we to of in operator commenced back open I'll XXXX. turn we business that, resumption its up any to

Operator

Thank you.

the now will be Jefferies. question question-and-answer first will begin Brian ahead. from with Please the Instructions]. go We And session. Tanquilut [Operator

Brian Tanquilut

comments Hi. end you Good Tom, with start guess, made on of Congrats quarter. morning, just good the remarks. your I towards guys. prepared the I'll the

right. sequential about As we think the trend,

are So uptick COVID? so revenue your way that? And for cautiousness then should that rate kind of right am baseline sounds just I as full in think flattening we is the in right of exit to thinking an XXXX, like expenses to that your think sequentially like see because hours, then build about essentially full and the run from back growing salary that 'XX, in as employees QX about we and using the

Thomas Kiraly

Yes.

but on elements the bit. just a a of point, are clarify you that shared I think to number

cost of the million. to million structure yes, So an expense XX do on think XX increase in side, we

On side, the predict. to very it's revenue difficult just

recovery a year, QX. point, mean We more with cause increase the and somewhat in all this view. the are it's We to COVID, near is as stay business company more do in may pretty on be to flat the When benefit like XXXX, you a that it position to our QX big seeing an we we're where positive the that would we'd term. was, in believe that infections think and effect winter additional last go next in into concerned at from at in would we're QX about that to could go – the virus. which recovery country the moves year's and this comparable fact to much not to the here search good a from But have the

Brian Tanquilut

we've lot right. this, that past a And to have XXXX Tom, I you a pre-COVID would look in follow-up about what like that that, guys XXXX quarters talked your outlook felt been, confident guess would

you the believe that do still that's case? So

Vinit Asar

Yes. Vinit. This Hi, is Brian.

Brian Tanquilut

Vinit. Hi,

Vinit Asar

Hi, that's We place. set. you do. do if believe the COVID case momentum XXXX, had the we XXXX about We the Yes, strategy in we feeling people then the pretty into think began because all were had hit. and We coming back set. positive we pieces had Brian. when the We

we're left So think liquidity stronger we are as trajectory, off up just this perspective. much pick pandemic in where all terms today that of those in growth pretty place subsides, we we’ll because from pieces a and

So out. it helps

Brian Tanquilut

on back point liquidity like so that considering to perspective, right, sounds into it Just you're the acquisitions.

mind So how through or characteristics are just what if walking you're don't this data types pacing us at interested point? you thinking what like flow, in also you and deal of about assets

Vinit Asar

Sure.

have a regulations. been compliance We criteria We to look sellers things of discussions combination of both certainly a potential what their of is as businesses and regional size. billing is these are O&P in of fair really located. like and businesses, at look businesses smaller It's the well local where these businesses, at the the as things. So, geography with look the we we at amount engaged

the We the look of quality also team. at

the reputation the the team. of are. most who know, clinicians For part, general, We in we know these

that care. The processes take extensive all team we smooth in integration. successful And new we at a Brian, the had productive. in us, they're these of So cultural they when join Hanger? look the we and that with we take will look success factors, fit, so on the at have advantage way that's coming look quality Hanger a transaction desire fit patient clinicians, then and the we the We've resources and on how the for and is focus to know retained the at businesses we've wants to can

systems on growth making the well. The been acquired has gone which gone trajectory, year, have the reason up And businesses. it's pick sure transition has The integration integrated. well. about during the would then first we the we these have So was

Brian Tanquilut

That recovery. you of then guys we're the like share? of you How in terms market you seems investors out And manufacturers. seen on have And points as do makes industry, gaining think a been O&P the of think some have hearing stand then data I lot sense. about it some focused of the things

So, I or a they? or guess do you differentiation that ask, sign think if of of has manufacturers may of wouldn't industry's kind the just I some market numbers maybe the gains? it how yours And at point? numbers spike why any share Hanger to this Is

Vinit Asar

Yes. Sure.

I think pieces. it's two different

they're numbers, a it's reports manufacturer device reporting on. when So that business a medical their

So they industry. manufacturing report our where provision probably about level where providing. the sit, in healthcare we places share the providers their this up market the we that were competitors share for When against or months period, this normal to market care care numbers, picked O&P From know services we we gaining six nine provide was the could to share to industry some pandemic or smaller and be during that losing last care the in is of we're unable market provide in them. either

to in to provide that referral their the So sources reached us out absence. care

provision, the against and losing reports oranges cautious competitors. or the are and correlate because probably results, manufacturers share the a of kind service their it's manufacturer I to in we're an be trying gaining So if two in would share apples things

Brian Tanquilut

compared us or for me, just the on the on volumes the prosthetic could thinking one-to-one, – Tom, decline question us then color And what of business? with color QX. you makeup last there you. prosthetics same-store or quarter the same-store look in is Any with share like? Got terms flat essentially apple Is second that prosthetics you can comment to of about share your the volume any

Thomas Kiraly

Sure, Brian.

benefit we volume you a quarter quarter, second and I the quarter. first in first the additional when back – completed results the some good quarter did that first think recall you the fell that's had shared over question. think I When of from May, from look

acuity if Now a that, about prosthetic patients the what of When with that cases, second volume second the down more to devices. it higher you for ones that pick actually quarter, even But at occurred the at we was look from quarter trauma-focused QX underlying would of mix look in up. volume was you that were higher-end QX, XX%. saw that volumes qualify more

in became so as theory those were QX, XX% in COVID included patients saw down prosthetics volumes And much compared on in and only that more in comfortable mix bigger as vascular more QX devices vascular a environment. provider QX in X% our we normal. And the we the coming seeing of is more to It component. was patients and their

Brian Tanquilut

All you. right. Got Thanks, guys.

Vinit Asar

Thanks, Brian.

Operator

ahead. will And Solow with go be our next CJS Please question Larry Securities. from

Larry Solow

Great. Thanks. Good morning.

to to bring to all longer than unwind least volumes know couple and probably at to being to is – are think question plan a pre-pandemic Any all questions. perhaps quarters levels get that. back ups – the follow Just and two, at your of the – furloughs bring three Brian's costs. I to I hesitation that the – I back best not are you clearly going for revenues and – probably all guess back first is the just plan on another

So is ability bit there hesitation little for be an there or on perhaps any a need maybe that again, unwind if is to be? that nimble and

Vinit Asar

in we've infections. to as of most watching no resurgence in far. hesitation that a actions Larry, this we're happens what taken that result the current Yes. Really see Thanks, question. Clearly, so for

the place. of were primarily our are April, orders in April, May timeframe fact the affected back, volumes If our place part in That there volumes shutdowns. that more large you timeframe, because March, – May affected a shelter think the than and of infections the in

So watching that. we're

the been working then has work every and room, been clean in the to has the is As back shutdowns, after that long the bring shelter have and believe large tremendous as in to places that there have our And also clean our to we patient, in patient. clinicians people or the because patient right patients. there's thing to a clinic no of hours do, next go treat bring these part we large this

just lot lot stress, So workload. a of of a

so people of morale. well, the and of help does our furloughed back as next bringing salaries the employees And some patient. so that well-being It these certainly take restoring of care can helps the they

long no shelter we we guess, type nimble thing in needed. can we there's that So summary, as we've do. issues experienced place right be May, large that this is as But in believe April to I and in demonstrated the as

Larry Solow

small least sounds demonstrated and than real of little cash outflow How of business, like of and I on certainly, clearly gears patients little there's drives How the the distribution Right. about it just at it's on whatnot? a be. somewhat but side. and on side, get from does some like story. have guess on And still inevitably a good feared pressure hospitals more a bit And side. a been fast the results piece. on about And need inevitably, just clinic pandemic therapeutic to of I a onside better piece even prosthetic that these resilience on bit – the switching shift the sound – inflow side, the you orthotic know discussed it if certainly the into shows back a even your of also a – it cash will of material it's a pretty

through piece the any on that how the of So pandemic? that's and business updates been

Vinit Asar

difficult our the environment, despite pleased part skilled nursing in. pretty facilities solutions they're the therapeutic business actually We're with the Sure. of

team customers, proposition. been hosting They've of the Our the for some enhance webinars enhanced value their really product offerings. has

or but have the pretty a maybe been the business I the next compared stable rest seeing. nature, they've of census, there's that more solutions temporary what We drop quarter been for perspective. feel the stable nursing skilled therapeutic has from been we to perhaps think than the two, in a a volume industry So facilities know of

Thomas Kiraly

Yes. And Larry, add of let too. me little a bit just context

and in a literally you It's on but cash to decline year that was If at business, positive down only a against EBITDA COVID, prior was the flow about modest. by free flow quarter. about just certainly look was down actually From the business. which it positive the clarify, to X.X%, it XXX,XXX it is standpoint, revenue revenue actually cash affected

And year So pleased pandemic it's at way handled and we've very earnings. that not that been a team cash they've business managed with management the their the in the flow in fact, this drain.

Larry Solow

see then the progressed? question have an willing, willing And touched Do are Got has less on. specific amount more sell increasing you pandemic to of – on getting you. as last there evolved, time seen out has acquisitions there sellers as you've you the just other when without that opportunities

Vinit Asar

of to there that I being that would we're There we're are need very their there very pipeline flipside, good Certainly, there. that to. some the some are speaking documentation there very And we've the the discriminating robust, things been businesses that. types by. strengthen out out bringing to, businesses is and on sellers speaking in encouraged on Yes. also say And like and disciplined businesses we're are but pretty and

bring that position in So be determine the pipeline to is good the full, a versus and we to which pretty are assets in want – we're teams able not. are to which the

Larry Solow

appreciate color. the Got Thanks. I it. Great.

Vinit Asar

Thanks, Larry.

Operator

earnings Instructions]. our thus [Operator session today’s this joining XXXX you call. concludes and concludes Hanger’s Thank conference gentlemen, call. third quarter for question-and-answer Ladies and

now disconnect. may You

Hanger (HNGR) 8 Nov 202020 Q3 Earnings call transcript