Cano Health

Cano Health, Inc. operates primary care centers and supports affiliated medical practices that engages in primary care for seniors in Florida, Texas, Nevada, and Puerto Rico. It provides population health management tools including telehealth, prescription home delivery, wellness programs, transition of care, and high-risk and complex care management. The company was founded by Marlow Hernandez in 2009 and is headquartered in Miami, FL.

Earnings data Q2 2021

Earnings data Q3 2021

Earnings data Q4 2021

Earnings data Q1 2022

Earnings data Q2 2022

Earnings data Q3 2022

Earnings data Q4 2022

Earnings data Q1 2023

Earnings data Q2 2023

Earnings data Q3 2023

Earnings data Q3 2024

Cano Health reports strong 2022 performance, eyes growth opportunities

Cano Health demonstrated strong performance in membership growth and revenue generation in 2022, despite facing challenges in revenue per member and goodwill impairment. Strategic actions to enhance liquidity and operational efficiency position the company for future growth.
The company's focus on optimizing operations, expanding strategically, and improving cash flows presents opportunities for sustainable growth and profitability. Renegotiated contracts and cost-saving initiatives aim to address challenges and drive financial performance.
With a clear roadmap for 2023, including membership and revenue targets, Cano Health is poised to capitalize on its strengths, navigate challenges, and leverage opportunities to drive value for stakeholders. The company's financial health and growth prospects remain promising.

Cano Health reports robust Q1 performance, focuses on profitability

Cano Health's Q1 2023 performance showcased strong revenue growth, membership expansion, and a focus on operational efficiency and profitability.
The company faces challenges in managing increased MCR and seasonality impacts but is strategically positioned to capitalize on opportunities for growth and cost optimization.
By divesting non-core assets, reallocating resources, and focusing on Medicare Advantage business, Cano Health aims to drive profitability and enhance shareholder value.
Overall, Cano Health's performance, strategic initiatives, and financial position indicate a positive outlook for continued growth and operational improvements.

Cano Health reports revenue growth but faces financial challenges in Q2 2023

Cano Health's Q2 2023 showcased revenue growth and membership expansion, but challenges with financial performance and liquidity require strategic focus.
The company's strengths in core markets and operational efficiency initiatives offer opportunities for growth and improved profitability.
Navigating challenges with Medicare Risk Adjustment, unexpected expenses, and market exits will be crucial for Cano Health's future success and financial stability.

Cano Health reports Q3 losses, focuses on cost management strategies

Cano Health's Q3 2023 performance reflects a mix of challenges and strengths, with a focus on cost management and operational efficiency.
The company's strategic initiatives in the Medicare Advantage business show promise for revenue growth and cost reductions.
While facing liquidity concerns and financial losses, Cano Health is actively addressing these challenges through restructuring and cost-saving measures.
Opportunities for growth and improved financial performance exist through further cost optimization and strategic decision-making.

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Emergence from Chapter 11 Expected in Third Quarter of 2024 MIAMI , May 21, 2024 /PRNewswire/ -- Cano Health, Inc. (NYSE: CANO) ("Cano Health" or the "Company"), a leading value-based primary care provider and population health company, today announced a global agreement with the Unsecured Creditors Committee representing the interests of the Company's general unsecured creditors, with the support of the Ad Hoc Lender Group. It also received approval of its Disclosure Statement by the U.S. Bankruptcy Court for the District of Delaware (the "Court"), paving the way to solicit creditor approval of its Plan of Reorganization and its expected emergence from Chapter 11 in the third quarter.

Cano Health Announces Agreement with Unsecured Creditors Committee and Court Approval of Disclosure Statement for its Reorganization Plan

MIAMI , Feb. 5, 2024 /PRNewswire/ -- Cano Health, Inc. (NYSE: CANO) ("Cano Health" or the "Company") announced today that on February 5, 2024, the New York Stock Exchange (the "NYSE") notified the Company that the NYSE had determined to (a) commence proceedings to delist the Company's Class A common stock, par value $0.01 per share ("Common Stock") and (b) immediately suspend trading in the Company's Common Stock pursuant to Section 802.01D of the NYSE Listed Company Manual after the Company filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware on February 4, 2024. The NYSE will apply to the U.S. Securities and Exchange Commission to delist the Company's Common Stock upon completion of all applicable procedures.

NYSE Suspends Trading in Cano Health, Inc. (CANO) and Commences Delisting Proceedings

NEW YORK--(BUSINESS WIRE)--The New York Stock Exchange LLC (“NYSE” or “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the Class A common stock of Cano Health, Inc. (the “Company”) — ticker symbol CANO — from the NYSE. Trading in the Company's Class A common stock will be suspended immediately. NYSE Regulation reached its decision that the Company is no longer suitable for listing pursuant to Listed Company Manual Section 802.01D aft.

NYSE to Commence Delisting Proceedings Against Cano Health, Inc. (CANO)

Cano Health (NYSE: CANO ) stock is plummeting on Monday after the primary care medical services company announced a bankruptcy filing. Cano Health has filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.

Why Is Cano Health (CANO) Stock Down 51% Today?

Cano Health filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware late on Sunday and said it entered into a restructuring support agreement to reduce debt and solicit potential offers, including the sale of the firm.

Cano Health files for bankruptcy, receives $150-mln financing commitment

Positions the Company to Advance Its Ongoing Transformation Plan Designed to Significantly Reduce Costs, Enhance Productivity, and Improve Cash Flow Receives Commitment for $150 Million in New Capital Ensures Patients Continue to Receive High-Quality Care Across Medical Centers MIAMI , Feb. 4, 2024 /PRNewswire/ -- Cano Health, Inc. (NYSE: CANO) ("Cano Health" or the "Company"), a leading value-based primary care provider and population health company, today announced that it has entered into a Restructuring Support Agreement (the "RSA") with lenders (the "Ad Hoc Lender Group") holding approximately 86% of its secured revolving and term loan debt and 92% of its senior unsecured notes. This agreement enables Cano Health to substantially reduce its debt and position the Company to achieve long-term success.

Cano Health Enters Restructuring Support Agreement with a Significant Majority of its Lenders to Strengthen Financial Position

Accelerates Transformation Plan, Now Targeting $290 million of Cost Reductions MIAMI , Dec. 29, 2023 /PRNewswire/ -- Cano Health, Inc. (NYSE: CANO) (" Cano Health " or the " Company ") announced today that it was notified by NYSE Regulation Inc. (the " NYSE ") that it is not in compliance with Section 802.01B of the NYSE Listed Company Manual (the " Listing Rule ") because the Company's total market capitalization has been less than $50 million over a 30 trading-day period and its stockholders' equity is less than $50 million. Pursuant to the Listing Rule, the Company has 10 business days from receipt of the Notice to send a letter to the NYSE confirming receipt of the Notice and to indicate whether it intends to cure the deficiencies.

Cano Health Receives NYSE Notice of Non-Compliance with Market Capitalization Criteria

Patricia Ferrari and Carol Flaton to Enhance the Board's and Management's Ongoing Strategic, Operational and Financing Initiatives MIAMI , Dec. 18, 2023 /PRNewswire/ -- Cano Health, Inc. ("Cano Health" or the "Company") (NYSE: CANO), a leading value-based primary care provider and population health company, today announced the appointment of Patricia Ferrari and Carol Flaton to its Board of Directors. Ms. Ferrari and Ms.

Cano Health Announces Appointment of Two New Independent Directors

NEW YORK , Nov. 20, 2023 /PRNewswire/ -- (PRNEWSWIRE) Pomerantz LLP is investigating claims on behalf of investors of Cano Health, Inc. ("Cano" or the "Company") (NYSE: CANO). Such investors are advised to contact Robert S.

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Cano Health, Inc. - CANO

Cano Health Inc's cash flow challenges appear ‘daunting' as the primary care provider's recent quarterly losses swelled, according to UBS analysts.  In an update to clients, they downgraded Cano Health stock from ‘Neutral' to a ‘Sell', while slashing its price target to $3.75 per share from $12 previously, as the analysts believe elevated third-party medical expenses will have a sustained negative effect on the company's already challenged liquidity position.

Cano Health's cash flow challenges spark analyst ‘sell' rating

NEW YORK--(BUSINESS WIRE)--The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the warrants of Cano Health, Inc. (the “Company”), each exercisable to purchase one share of Class A common stock at an exercise price of $1,150 per share (the “Warrants”)— ticker symbol CANO/WS —from the NYSE. Trading in the Company's Warrants will be suspended immediately. Trading in the Company's Class A common stoc.

NYSE to Commence Delisting Proceedings with Respect to the Warrants of Cano Health, Inc. (CANO/WS)

Cano Health (NYSE: CANO) stock price has crashed as concerns about the company's future remained. The shares tumbled by more than 19% on Friday and reached an all-time low of $6.62.

Cano Health stock price analysis: Bankruptcy risks are elevated

Cano Health, Inc. (NYSE:CANO ) Q3 2023 Earnings Conference Call November 9, 2023 5:00 PM ET Company Participants Mark Kent – Chief Executive Officer Eladio Gil – Interim Chief Financial Officer Conference Call Participants Eduardo Ron – Truist Securities Operator Good afternoon, and welcome to Cano Health's Third Quarter 2023 Earnings Call. Currently, all participants are in listen-only mode.

Cano Health, Inc. (CANO) Q3 2023 Earnings Call Transcript

MIAMI , Nov. 9, 2023 /PRNewswire/ -- Cano Health, Inc. ("Cano Health" or the "Company") (NYSE: CANO), a leading value-based primary care provider and population health company, provided the following update regarding the filing of its Q3 2023 Quarterly Report on Form 10-Q: Due to technical difficulties, Cano Health's Q3 2023 Form 10-Q was accepted for filing by the SEC's EDGAR filing system at 5:45 P.M. on Thursday, November 9, 2023.

Cano Health Provides Update on Third Quarter 2023 10-Q Filing

MIAMI , Nov. 9, 2023 /PRNewswire/ -- Cano Health, Inc. ("Cano Health" or the "Company") (NYSE: CANO), a leading value-based primary care provider and population health company, today announced financial results for the third quarter ended September 30, 2023. Executive Management Highlights Third quarter results reflect improved performance and stability in the Medicare Advantage business due to operational enhancements and third-party medical cost initiatives Targeting over $100 million in annualized third-party medical cost reductions by the end of 2024 through medical cost initiatives and optimization of Medicare Advantage operations Implemented operational reorganization expected to yield approximately $65 million in annualized direct patient expense reductions and SG&A cost reductions beginning in 3Q 2023 and through year-end 2024 Third Quarter 2023 Financial Results Total membership of 312,151 including 195,885 Medicare capitated members, an increase of 6% and 16% year-over-year, respectively, which amounts exclude membership related to the September 2023 sale of substantially all of our assets in Texas and Nevada Total revenue of $788.1 million, compared to $665.0 million in the prior year, an increase of 19% year-over-year Net loss of $(491.7) million, compared to a net loss of $(112.0) million in the prior year, primarily driven by a non-cash goodwill impairment of $(354.0) million and unfavorable operating results, primarily due to higher third-party medical costs Adjusted EBITDA1 of $(66.1) million, compared to $18.2 million in the prior year In the third quarter of 2023, capitated revenue of $770.3 million increased 23% year-over-year.

Cano Health Announces Financial Results for the Third Quarter 2023

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Despite a seemingly positive move on paper, Cano Health (NYSE: CANO ) — which provides value-based primary care for seniors — only saw a modest blip to the downside in early Friday afternoon. Yesterday morning, management announced the completion of a 1-for-100 reverse stock split of its Class A and Class B common shares.

CANO Stock Alert: Cano Health Undergoes 1-for-100 Reverse Stock Split

MIAMI , Nov. 2, 2023 /PRNewswire/ -- Cano Health, Inc. (" Cano Health " or the " Company ") (NYSE: CANO) today announced that it completed a 1-for-100 reverse stock split of its shares Class A common stock and Class B common stock, including both issued and outstanding and unissued shares, following approval by the Company's stockholders and its Board of Directors (the " Reverse Stock Split ").  Discussing the preliminary vote tabulation from the Company's special stockholders' meeting held earlier today, Solomon Trujillo, Chairman of the Board said, "The Board and management are very pleased that our stockholders expressed overwhelming support for the Reverse Stock Split at this time, which we expect will enable the Company's Class A common stock to regain compliance with the New York Stock Exchange's (the " NYSE ") listing rules.

Cano Health Announces Consummation of Previously-Announced 1-for-100 Reverse Stock Split

MIAMI , Nov. 1, 2023 /PRNewswire/ -- Cano Health, Inc. ("Cano Health" or the "Company") (NYSE: CANO), a leading value-based primary care provider and population health company, will release its financial results for the third quarter 2023 after the market closes on Thursday, November 9, 2023, and will host a conference call at 5:00 PM Eastern Time the same day to review its business and financial results.  To access the live call and webcast, please dial (888) 660-6359 for U.S. participants, or (929) 203-0867 for international participants, referencing the Cano Health Third Quarter 2023 Earnings Conference Call and Conference ID 8371699.

Cano Health Announces Date to Report Third Quarter 2023 Results

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MIAMI , Oct. 5, 2023 /PRNewswire/ -- Cano Health, Inc. (" Cano Health " or the " Company ") (NYSE: CANO) today announced that it has filed a preliminary proxy statement with the SEC regarding a special stockholders' meeting to authorize Cano Health's Board of Directors to effect a reverse stock split of the Company's Class A and Class B common stock (the " Common Stock ") at a ratio of 1-for-60, with the Board having the right to adjust such ratio down to 1-for-5 and up to 1-for-100 (the " Reverse Stock Split "). The Board will determine the final split ratio after stockholder approval and would retain the authority to abandon the Reverse Stock Split at any time or to delay or postpone it.

Cano Health Files Preliminary Proxy Statement with the SEC to initiate plan for Reverse Stock Split

Eladio Gil named Interim Chief Financial Officer MIAMI , Sept. 29, 2023 /PRNewswire/ -- Cano Health, Inc. ("Cano Health") (NYSE: CANO) today announced that Eladio Gil has been appointed Interim Chief Financial Officer, effective September 29, 2023.

Cano Health Announces Change in Chief Financial Officer Role

MIAMI, Sept. 26, 2023 /PRNewswire/ -- Cano Health, Inc. ("Cano Health") (NYSE: CANO) today announced that it sold substantially all of the assets associated with the operation of Cano Health's senior-focused primary care centers in Texas and Nevada to CenterWell Senior Primary Care ("CenterWell").

Cano Health sells substantially all of its Primary Care Centers in Texas & Nevada to CenterWell Senior Primary Care

As if it didn't have enough problems, the company received a delisting warning from its exchange. It now has six months to regain compliance with New York Stock Exchange listing requirements.

Why Cano Health Stock Slid by Nearly 3% on Tuesday

MIAMI , Sept. 11, 2023 /PRNewswire/ -- Cano Health, Inc. (NYSE: CANO) (" Cano Health " or the " Company " announced today that it was notified by NYSE Regulation Inc. (the " NYSE ") that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual (the " Listing Rule ") because the average closing stock price of a share of the Company's Class A common stock was less than $1.00 per share over a consecutive 30 trading-day period.

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