Summary: Hanger Orthopedic Group Inc.

Standard & Poors, May 2011

Abstract
The ratings on Austin, Texas-based orthotics and prosthetics patient care provider Hanger Orthopedic Group reflect our expectations that the company will continue to face a difficult reimbursement environment and cost inflation pressures. Its weak business profile also reflects a narrow business focus. While we expect credit metrics to improve in the near term, the financial risk profile will remain aggressive. Our rating assumes the company will generate moderate growth from acquisitions and patient visit growth at its centers; we expect price increases to be minimal in the near term. The recent acquisition of Accelerated Care Plus, modestly improved the business risk profile of the company, because there is no third-party reimbursement and it generates higher margins. However, the acquisition also...

Companies mentioned in this report are: Hanger Orthopedic Group Inc.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Hanger Orthopedic Group Inc.

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