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Cano Health, Inc. - CANO STOCK NEWS

Welcome to our dedicated page for Cano Health news (Ticker: CANO), a resource for investors and traders seeking the latest updates and insights on Cano Health stock.

Cano Health, Inc. (NYSE: CANO) is a high-touch, technology-powered healthcare company that provides personalized, value-based primary care to approximately 310,000 members across the United States and Puerto Rico. Founded in 2009 and headquartered in Miami, Florida, Cano Health focuses on transforming healthcare by improving the health, wellness, and quality of life for its patients through primary care medical centers and affiliated providers.

Recently, Cano Health has made significant strides in refining its operational footprint. On September 26, 2023, the company announced the sale of assets associated with its senior-focused primary care centers in Texas and Nevada to CenterWell Senior Primary Care for approximately $66.7 million. This transaction is part of Cano Health's strategy to streamline operations, focusing on improving performance in its core Florida market. The proceeds from this sale have strengthened the company's balance sheet, allowing it to remain in compliance with its debt covenants and enhance its liquidity to $109 million.

In addition, Cano Health appointed Eladio Gil as Interim Chief Financial Officer on September 29, 2023. Gil's extensive experience in healthcare finance is expected to drive further operational efficiencies and financial stability. On November 2, 2023, the company completed a 1-for-100 reverse stock split to regain compliance with NYSE listing requirements and make its stock more attractive to investors.

As of November 9, 2023, the company reported third-quarter 2023 financial results showing a 23% increase in capitated revenue year-over-year, despite higher third-party medical costs. Cano Health continues to exit non-core markets, such as California, New Mexico, and Puerto Rico, aiming to focus resources on its core Florida operations.

On February 4, 2024, Cano Health entered a Restructuring Support Agreement (RSA) with lenders holding a significant portion of its debt. This agreement included filing for prearranged voluntary Chapter 11 proceedings to facilitate debt reduction and operational restructuring. Supported by $150 million in new debtor-in-possession financing, the company expects to emerge from Chapter 11 with a stronger financial position by Q3 2024.

With its ongoing Transformation Plan, Cano Health aims to achieve approximately $290 million in annualized cost reductions by the end of 2024. Through this plan, the company seeks to enhance patient engagement, restructure contracts, and improve the efficiency and quality of care delivery.

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Eladio Gil appointed as Interim CFO of Cano Health, succeeding Brian Koppy. Gil has over 30 years of healthcare experience and previously served as CFO of Total Health. Cano Health aims to reduce complexity and create value for shareholders.
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Cano Health sells assets for $66.7 million, improving balance sheet and focusing on Florida market. Expects to remain in compliance with debt covenants and has $109 million liquidity.
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Cano Health notified by NYSE of non-compliance with Listing Rule due to low stock price. Company plans to increase stock value through business strategy and considers reverse stock split. Largest stockholder supports reverse stock split. Company remains committed to driving strategy and evaluating strategic interest.
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Mark Kent appointed as CEO of Cano Health, replacing Dr. Marlow Hernandez
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Cano Health plans to sell the company and exit operations in California, New Mexico, Illinois, and Puerto Rico. Q2 2023 financial results show an increase in total membership and revenue, but a net loss and lower adjusted EBITDA. MRA revenue was lower than expected, leading to higher medical costs. The company is also restructuring operations, reducing its workforce, and assessing divestiture of non-core assets. Liquidity is low, and there are concerns about the company's ability to continue as a going concern. 2023 guidance has been withdrawn. Shares issued and outstanding are approximately 539 million.
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Cano Health, Inc. has rescheduled its second quarter 2023 earnings release and conference call to tomorrow afternoon. The earnings release and call will review the business and financial results. To access the live call and webcast, please refer to the provided details.
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Group Holding ~35% Stake Issues Letter to Cano’s Stockholders Regarding the Current Board’s Latest Failures and the Importance of Continuing to Provide Feedback to the Failed Directors
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Cano Health, Inc. announces the resignation of CEO Dr. Marlow Hernandez and the appointment of Mark Kent as interim CEO. The largest single stockholder group calls for a board reconstitution overseen by independent directors. The board refuses to accept stockholders' mandate for change. The group urges the board to appoint independent candidates Guy P. Sansone and Joseph Berardo, Jr. as directors. The current board's actions are criticized for lacking appropriate corporate governance and oversight.
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FAQ

What is the market cap of Cano Health (CANO)?

The market cap of Cano Health (CANO) is approximately 12.4M.

What services does Cano Health provide?

Cano Health offers primary care medical services focusing on personalized, value-based care to improve patient health and wellness.

What was the significance of the recent asset sale to CenterWell?

The sale of assets in Texas and Nevada for $66.7 million is part of Cano Health's strategy to focus on its core Florida market, improving operational and financial performance.

Who is the current Interim Chief Financial Officer of Cano Health?

Eladio Gil was appointed as the Interim Chief Financial Officer on September 29, 2023, bringing over 30 years of healthcare finance experience.

Why did Cano Health complete a 1-for-100 reverse stock split?

The reverse stock split was completed to regain compliance with NYSE listing requirements and enhance the stock's attractiveness to investors.

What are Cano Health's recent financial highlights?

In the third quarter of 2023, Cano Health reported a 23% year-over-year increase in capitated revenue, driven by higher Medicare revenue PMPM and changes in membership mix.

What is the focus of Cano Health's Transformation Plan?

The Transformation Plan aims to achieve $290 million in annualized cost reductions by optimizing core operations in Florida and enhancing patient engagement and care efficiency.

What are the expected benefits of Cano Health's Chapter 11 restructuring?

The restructuring is expected to reduce debt, improve liquidity, and position Cano Health for long-term success by focusing on core business areas and achieving significant cost reductions.

How has Cano Health's financial restructuring been supported?

Cano Health's restructuring is supported by a $150 million debtor-in-possession financing from existing secured lenders and a Restructuring Support Agreement with major creditors.

What is Cano Health's strategy for the future?

Cano Health plans to continue enhancing its core Florida operations, exiting non-core markets, and focusing on improving care delivery and financial performance through its Transformation Plan.

Where can I find more information about Cano Health's restructuring proceedings?

Additional information can be found on the company's restructuring proceedings website at https://www.kccllc.net/CanoHealth.

Cano Health, Inc.

NYSE:CANO

CANO Rankings

CANO Stock Data

12.43M
1.25M
43.43%
34.34%
19.99%
Medical Care Facilities
Healthcare
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United States
Miami