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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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Cano Health announced a global agreement with the Unsecured Creditors Committee and received Court approval for its Disclosure Statement, advancing its Chapter 11 reorganization plan.

The company expects to emerge from bankruptcy in the third quarter of 2024. CEO Mark Kent highlighted significant progress in their Transformation Plan, targeting $290 million in cost reductions and a focus on core operations in Florida.

The Restructuring Support Agreement, backed by major lenders, will convert nearly $1 billion in secured debt into new debt and equity in the reorganized company.

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Cano Health, Inc. (CANO) has been notified by the New York Stock Exchange (NYSE) of its decision to commence delisting proceedings for the company's Class A common stock and to immediately suspend trading. This action follows the company's filing for relief under Chapter 11 of the U.S. Bankruptcy Code. The company does not intend to appeal the NYSE's determination and expects its Common Stock to be delisted. The Common Stock is expected to continue trading on the OTC market under the symbol 'CANOQ'.
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Cano Health, Inc. has entered into a Restructuring Support Agreement with lenders, receiving a commitment for $150 million in new capital to reduce its debt and achieve long-term success. The company has initiated prearranged voluntary Chapter 11 proceedings and expects to achieve approximately $290 million of annualized cost reductions by the end of 2024. Cano Health is filing 'first day' motions to maintain business-as-usual operations and expects to emerge from the restructuring process in the second quarter of 2024.
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Cano Health, Inc. (NYSE: CANO) announced an acceleration of its Transformation Plan, targeting $290 million of cost reductions by the end of 2024. The company's strategic shift aims to improve Medical Cost Ratio, reduce expenses, and maximize productivity and liquidity.
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Cano Health, Inc. (NYSE: CANO) appoints Patricia Ferrari and Carol Flaton to enhance the Board's and Management's ongoing strategic, operational, and financing initiatives.
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Cano Health, Inc. (NYSE: CANO) faces technical difficulties in filing its Q3 2023 Quarterly Report on Form 10-Q with the SEC, causing a delay in public availability until November 13, 2023. The report is accessible on the company's investor relations website at investors.canohealth.com.
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Cano Health, Inc. (NYSE: CANO) announced improved performance and stability in Medicare Advantage business, with over $100 million in annualized third-party medical cost reductions by 2024. Q3 2023 results show 19% increase in total revenue to $788.1 million and 6% increase in total membership to 312,151. Net loss was $(491.7) million, compared to $(112.0) million in the prior year. Adjusted EBITDA was $(66.1) million, down from $18.2 million in the prior year.
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Cano Health, Inc. has completed a 1-for-100 reverse stock split of its shares, which is expected to enable the company's Class A common stock to regain compliance with the NYSE listing rules. The split became effective immediately upon filing of the Certificate of Amendment. The company's Class A common stock will begin trading on a split-adjusted basis on November 3, 2023. The total number of authorized shares for issuance will be reduced, and outstanding stock options and restricted stock units will be adjusted. No fractional shares will be issued, and outstanding warrants will be proportionately adjusted. Cano Health's transfer agent will sell fractional shares and allocate the proceeds to stockholders. Additional information can be found in the company's proxy statement and Investor Relations website.
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Cano Health, Inc. will release its financial results for the third quarter of 2023 on November 9, 2023. The company is a leading value-based primary care provider and population health company. A conference call will be held on the same day to review the business and financial results. The call can be accessed through dial-in numbers or via webcast.
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Cano Health, Inc. files preliminary proxy statement for a reverse stock split.
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FAQ

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

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