Cano Health, Inc. Stock Price, News & Analysis

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.