Hanger Inc (NYSE:HNGR) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 08:00 am ET

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Hanger Inc (NYSE:HNGR) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings and welcome to Hanger's Second Quarter 2020 Earnings Call. Today all participants will be in a listen-only mode. [Operator Instructions] Today, we will have prepared remarks, followed by a question-and-answer session. Instructions for questions and answers, will be provided after the formal presentation. It is now my pleasure to introduce your host, Seth Frank, Vice President of Treasury and Investor Relations. Sir, you may proceed.

Executive
Seth Frank

Good morning. Thank you. Welcome to Hanger's second quarter 2020 earnings conference call. With us today are Vinit Asar, Hanger's President and Chief Executive Officer and Thomas Kiraly, Executive Vice President and Chief Financial Officer. Some of the information discussed today will include forward-looking statements in the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause Hanger's actual results to materially differ from those we discuss today. Those risks include, among others, matters we have identified in the forward-looking statements portion of our latest earnings release and in our filings with the SEC. Hanger disclaims any obligation to update forward-looking information discussed on this call. And with that, let's hand the call over to Vinit.

Executive
Vinit K. Asar

Thanks, Seth. Good morning everyone and thank you all for joining us. We hope those of you listening today are staying safe and in good health, especially during these times. Today, I will review our second quarter results and give you an update on our efforts to manage the business during COVID-19. Tom will then review the numbers in detail and we will take questions. If you ask me to describe the second quarter of 2020 in one word, I would have to say, remarkable. At the beginning of April, shelter in place orders, rising infection rates and uncertainty about the future were peaking. Managing our business was made all the more challenging by fragmented civic responses to the pandemic varying by state and in some cases by county. As we discussed during our last call, we at Hanger, took early and decisive action to expeditiously build an operational and financial plan, which would allow us to successfully navigate this global challenge. We executed on specific actions that maximize our opportunity to emerge on the other side of all of this on a strong footing to resume the momentum that we saw in the early days of 2020.

Our approach to managing through the pandemic and the year ahead, was and remains grounded in three imperatives. First, ensuring the safety and welfare of our patients and employees. Second, delivering on our purpose of empowering human potential together by ensuring uninterrupted access to essential O&P services. Part of this effort has included proactive communications with our referring physicians and patients to ensure they know that the Hanger team is accessible and open in person or via video consultation, providing safe high-quality O&P care. And third, ensuring that Hanger has adequate liquidity to endure a multi-quarter, potentially prolonged downturn in patient volumes. I am pleased to say that we are