AUSTIN, Texas, Aug. 1, 2011 /PRNewswire/ -- The premier provider of services and products that enhance human physical capability, Hanger Orthopedic Group, Inc. (NYSE: HGR) is celebrating a milestone achieved by few American companies – 150 years in business. And it reaches this landmark positioned for continuing success after five consecutive years of meeting or exceeding street estimates and praised by analysts for its strong operating prowess and ability to drive margins.
"The longevity, strength, and endurance demonstrated over the past 150 years are indicative of Hanger's keen adaptability and aptitude for strategic growth in a rapidly changing healthcare environment," said Hanger Orthopedic Group President and CEO Thomas F. Kirk, PhD. "Combined with the dedication, clinical excellence, and entrepreneurial spirit of our employees, Hanger is well suited as the partner of choice for our patients and the healthcare community for the next 150 years."
Founded in 1861 by James Edward Hanger, the first amputee of the Civil War, Hanger Orthopedic Group is steeped in a long history of clinical innovation and customer service. Unsatisfied with the prosthetic options available at the time, Mr. Hanger invented the first articulating prosthetic knee, whittled from wooden barrel staves, just five short months after surviving his battlefield amputation. In the same year, Mr. Hanger secured two patents from the Confederate government and was commissioned to develop prosthetic limbs for veteran soldiers. In 1891, Mr. Hanger was granted a U.S. patent for his invention. By the time of his death in 1919, the J.E Hanger Company had branches in Atlanta, Philadelphia, Pittsburgh, St. Louis, London, and Paris.
"The ingenuity and business savvy demonstrated by Mr. Hanger revolutionized the prosthetic industry and paved the way for ground-breaking innovations including the incorporation of microprocessors, carbon fiber, accelerometers, and robotics," said Kirk. "Today, as a company that has expanded far beyond prosthetic patient care into distribution, network management, and therapeutic solutions, we recognize all those who contributed to our past successes and reaffirm the same core values that serve as the foundation of our legacy."