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) will hold a conference call on May 9, 2022, at 8:30 AM ET to discuss its Q1 2022 financial results. A press release will precede the call that morning. Interested parties can join the call by dialing (844) 684-0650 for U.S. participants or (343) 761-2594 internationally. Additionally, Cano Health will host an Investor Day on June 7, 2022, in New York City, focusing on the Company's strategic priorities and financial outlook. More details will be available on the company's investor relations website.
Onsite Dental has acquired Dental Excellence Partners, enhancing its stature as a leading value-based dental organization. This acquisition impacts over one million eligible patients across 14 states, focusing primarily on Medicare and Medicaid services. In collaboration with Cano Health (NYSE: CANO), the partnership aims to integrate dental and primary care, promoting preventative health measures and improving patient outcomes. This strategic alliance leverages Cano Health's medical centers, allowing for a more comprehensive approach to healthcare.
Agua Media launches a podcast network targeting the New American Mainstream, primarily focusing on young English-speaking Latinos. This demographic, if considered a standalone nation, would rank seventh worldwide in GDP and is noted for its entrepreneurial growth. Cofounded by Sol Trujillo and Rick Sanchez, Agua Media aims to produce content that resonates with this community, which has a combined economic output of
Cano Health, Inc. (NYSE: CANO) announced strong financial results for Q4 2021, reporting total revenue of $492.3 million, a 90% increase year-over-year. The total membership reached 227,005, including 125,999 Medicare members, a rise of 115% and 69% respectively. However, the company recorded a net loss of $0.5 million. For 2022, Cano Health raised its guidance, anticipating revenue between $2.8 billion and $2.9 billion and adjusted EBITDA of $230 million to $240 million. The company aims to expand its clinical capacity, expecting to operate 184-189 medical centers by year-end.
Cano Health, Inc. (NYSE: CANO) will host a conference call today at 5:00 PM ET to discuss its fourth quarter and full year financial results for 2021. A press release will precede the call. Participants can join via phone at (844) 684-0650 for U.S. callers or (343) 761-2594 for international participants, referencing Conference ID 5979721. A replay will be available shortly after the call on the Cano Health website. Cano Health is a technology-driven healthcare company providing value-based primary care to over 250,000 members across eight states and Puerto Rico.
Cano Health has announced a delay in releasing its fourth quarter and full year 2021 earnings, along with its 2022 guidance updates, originally scheduled for February 28, 2022. The company will file a Form 12b-25 by March 2, 2022, allowing a 15-day extension to file its Form 10-K. The delay is due to potential non-cash adjustments related to Medicare Risk Adjustments which affect revenue recognition timing but not cash operations. Despite this, Cano Health reported a robust 115% year-over-year membership growth and anticipates increased guidance for 2022.
Cano Health, a value-based primary care provider, announced a conference call on February 28, 2022, at 8:30 AM ET, to discuss its fourth-quarter and full-year financial results for 2021, which ended on December 31, 2021. A press release detailing these results will be available earlier that morning. Investors can join the call by dialing (844) 684-0650 or (343) 761-2594 for international participants, referencing Conference ID 6844449. Cano Health will also participate in upcoming investor conferences on February 24 and March 8.
InTandem Capital Partners has announced the closing of its InTandem Capital Opportunities Fund, LP, successfully raising
Cano Health, LLC, a subsidiary of Cano Health, Inc. (NYSE: CANO), has successfully repriced its senior secured Term Loan B, totaling $644.4 million, which matures on November 23, 2027. The repricing reduced the interest rate by 0.75%, now set at Term SOFR plus a 4.00% credit spread adjustment, instead of the previous LIBOR plus 4.50%. This financial maneuver aims to enhance the company's capital management and support its ongoing operations across multiple states, including Florida and Texas.
Cano Health, Inc. (NYSE: CANO) announced a significant increase in total membership, reaching 253,000 as of January 1, 2022, a 114% rise year-over-year. The growth was attributed to organic additions, reflecting successful enrollment strategies in Medicare Advantage and DCE programs. By December 31, 2021, Cano's membership reached 227,000, surpassing prior guidance. The company emphasizes its commitment to value-based primary care for seniors, indicating a strong market position and future growth potential. Financial results for Q4 2021 will be announced soon.
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