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, a leading value-based primary care provider, announced its participation in the 40th Annual J.P. Morgan Healthcare Conference on January 11, 2022. Dr. Marlow Hernandez, Chairman and CEO, will deliver a virtual presentation at 10:30 a.m. Eastern Time. A live webcast will be available on Cano Health's Investor Relations website, later archived for replay. The company operates medical centers mainly for seniors in various states, focusing on personalized care and wellness programs, aiming to improve clinical outcomes while lowering costs.
Cano Health, a leading provider of value-based primary care for seniors, will participate in the 4th Annual Evercore ISI Virtual HealthCONx Conference on December 1, 2021. Dr. Marlow Hernandez, the CEO, will engage in a virtual fireside chat at 8:00 a.m. ET. Investors can access a live audio webcast on Cano Health's Investor Relations site, which will later be available for replay. The company operates medical centers in multiple states and Puerto Rico, focusing on personalized care and health management programs to improve clinical outcomes and support underserved communities.
Cano Health, a value-based primary care provider for seniors, will participate in the Wolfe Research Virtual Healthcare Conference on November 18, 2021. Dr. Marlow Hernandez will engage in a virtual fireside chat at 2:00 p.m. Eastern Time. Interested parties can access the live webcast at the provided link. Cano Health operates in several states, focusing on personalized patient care and population health management, especially for underserved communities. The company aims to improve clinical outcomes while managing health care costs.
Cano Health reported strong third quarter results with total revenue reaching $526.8 million, a 100% increase year-over-year. Membership rose to 210,663, including 120,086 Medicare members, marking increases of 105% and 65%, respectively. Adjusted EBITDA reached $35.2 million, up 53% year-over-year, despite a net loss of $40.9 million. The company raised its guidance for both 2021 and 2022, expecting revenue of $1.7 billion in 2021 and between $2.6 billion to $2.7 billion in 2022.
Cano Health, a leading primary care provider, will hold a conference call on November 9, 2021, at 8:30 AM ET to discuss its Q3 2021 financial results, which will be published earlier that morning. The call can be accessed by dialing (844) 684-0650 for U.S. participants or +1 (343) 761-2594 internationally, using the reference ID 7473021. Cano Health specializes in value-based care for seniors and underserved communities across multiple states, focusing on improving clinical outcomes while reducing costs.
Cano Health announced the formation of an Advisory Board for its initiative Healthy Heart by Dr. Juan, aimed at preventing cardiovascular disease. The board comprises experts, including Drs. Oscar Cingolani, Martha Gulati, Ron Blankstein, and Tyler J. Gluckman, who will enhance the program's diagnostic and treatment algorithms. Dr. Rohan Khera will oversee data analysis and population health management. The initiative seeks to leverage state-of-the-art practices and medical breakthroughs to improve patient outcomes in cardiovascular health.
Cano Health, Inc. (NYSE: CANO) announced the pricing of a private offering of $300 million in senior notes with a 6.250% interest rate due on October 1, 2028. The offering aims to close on September 30, 2021, pending customary closing conditions. Proceeds will be used to fully repay a $250 million bridge term loan and for general corporate purposes. This offering is made under Rule 144A and Regulation S, and the notes will not be registered under the Securities Act.
Cano Health announced the appointment of Christine Cannella as the new Vice President of Investor Relations, effective immediately. Her extensive experience in investor relations and deep knowledge of capital markets are expected to enhance Cano Health's investor engagement. Previously, Cannella held a similar role at Fresh Del Monte Produce and has over two decades of leadership experience. Cano Health operates primary care centers focused on seniors and underserved communities across several states and Puerto Rico, emphasizing high-touch population health management.
Cano Health (NYSE: CANO) announced the launch of its new cardiovascular disease prevention initiative, Healthy Heart by Dr. Juan, in six medical centers across Florida, Texas, and Nevada. This program, led by Dr. Juan Rivera, aims to tackle heart disease, responsible for one American death every 36 seconds and costing the U.S. healthcare system $219 billion annually. The initiative focuses on early detection, individualized treatment, and lifestyle education to improve heart health and reduce heart attack risk.
Cano Health (NYSE: CANO) announced the opening of three new medical centers in the Rio Grande Valley, Texas, enhancing its presence in the area. The new locations in Harlingen, Edinburg, and Pharr follow the acquisition of a medical center in Corpus Christi, increasing the total to eight sites in Texas.
Dr. Marlow Hernandez emphasized the importance of this expansion for addressing poor health outcomes in South Texas. Cano Health aims to improve care access and quality for predominantly minority and low-income populations by offering personalized primary care services.
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