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.
Cano Health, Inc. (NYSE: CANO) has filed two registration statements on Form S-3 with the SEC, replacing prior Form S-1 statements. This administrative move allows the incorporation of future SEC filings by reference into the S-3 statements. No new shares are being offered under these S-3 statements. The previous S-1 filings date back to June and August 2021, respectively, and required periodic amendments for currency. This update does not constitute an offer to sell securities and is not effective yet.
Owl Creek Asset Management has urged Cano Health's Board of Directors to explore strategic alternatives, including a sale to a larger partner. Owning 3.745% of Cano, Owl Creek expressed concerns over the company's recent accounting issues and its need for capital to sustain growth. Citing a significant valuation gap compared to peers, Owl Creek emphasized that a strategic sale could maximize shareholder value. With a projected revenue of $2.85 to $2.90 billion for the year, Cano's trading at under 1.3x its low-end guidance raises concerns about its financial position and market competitiveness.
Cano Health reported robust growth in Q2 with total membership increasing to 281,525, including a 47% rise in Medicare capitated members. Revenue surged by 101% to $689.4 million, but the company faced a net loss of $14.6 million, primarily due to high medical costs associated with new members. Adjusted EBITDA improved to $29.4 million year-over-year. The company updated its 2022 guidance, projecting total revenue between $2.85 billion and $2.90 billion, but raised its medical cost ratio forecast to 78.0%-79.0%. Six new medical centers were opened, bringing the total to 143.
Cano Health announced the appointment of Bob Camerlinck as the new Chief Operating Officer and Amy Charley as the Chief Administrative Officer, effective August 1, 2022. This leadership change aims to enhance the company’s operational standards and strengthen its value-based healthcare model. Camerlinck brings over 25 years of experience in value-based care, while Charley has over 20 years of expertise in healthcare management. The company seeks to leverage their skills to drive growth and operational success.
Cano Health, Inc. (NYSE: CANO) will host a conference call on August 9, 2022, at 5:00 PM ET to discuss its business and financial results for Q2 2022, ending June 30, 2022. A press release with these results will precede the call. Participants can join by dialing (888) 660-6359 for U.S. calls or (929) 203-0867 for international access, using Conference ID 8371699. The call will also be available live via webcast on Cano Health's investor relations website, with a replay accessible for 30 days following the event.
Cano Health will host Healthcare World of Tomorrow at L’ATTITUDE 2022 in San Diego from September 22-25, 2022. This interactive program includes CME sessions, networking, and panels featuring healthcare leaders. The event focuses on primary care delivery models and offers unique access to Cano Health executives. Topics will cover AI in healthcare, diabetes management, and more. Pre-registration is open with a promotional code CANOHEALTH. Cano Health, listed under NYSE: CANO, provides personalized, value-based primary care to over 250,000 members.
Cano Health, a key player in value-based primary care, held its 2022 Investor Day on June 7, 2022, detailing its growth strategy fueled by national expansion and increased membership. The company maintains its 2022 guidance of 290,000 to 295,000 total members and total revenue between $2.8 billion and $2.9 billion. Cano Health expects to achieve a medical cost ratio of 76.0% to 76.5% and an adjusted EBITDA of $230 million to $240 million. The company anticipates adding 25 medical centers in 2023 and expects positive cash flow from operations.
Cano Health, a value-based primary care provider, announced specifics regarding its 2022 Investor Day and participation in the Jefferies Healthcare Conference. The Investor Day will take place in New York on June 7, 2022, from 9:30 AM to 1:00 PM ET. Attendees are encouraged to pre-register. Following this, the company will present at the Jefferies Healthcare Conference on June 8, 2022, at 4:00 PM ET. Live webcasts of these events will be available on Cano Health's investor relations website.
Cano Health reported strong financial results for Q1 2022, with total membership increasing by 130% to 269,333, including 160,306 Medicare members, up 112% year-over-year. Total revenue reached $704.3 million, a 156% increase from the previous year. The net loss was $0.1 million, aided by a $27.2 million fair value adjustment of warrant liabilities. Adjusted EBITDA rose 157% to $45.0 million. The company maintains its full-year guidance, projecting revenue between $2.8 billion and $2.9 billion and an adjusted EBITDA range of $230 million to $240 million.
Cano Health, a value-based primary care provider (NYSE: CANO), will have its Chairman and CEO, Dr. Marlow Hernandez, speak at key investor conferences. The BofA Securities 2022 Healthcare Conference in Las Vegas is set for May 12, 2022, at 11:20 AM PT, and the UBS 2022 Global Healthcare Conference in New York on May 23, 2022, at 3:30 PM ET. A live webcast will be available on Cano Health's investor relations website, with replays accessible post-event. The company focuses on improving health outcomes for over 250,000 members across eight states and Puerto Rico.
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