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Cano Health reported strong financial results for Q2 2021, with total revenue reaching $393.2 million, a 130% increase year-over-year. Membership grew to 156,038, including 111,866 Medicare capitated members, up 57% and 54% respectively. Net income was $4.9 million, and Adjusted EBITDA was $24.8 million, climbing 53%. Cano Health is expanding its services with recent acquisitions and is projecting updated 2021 revenue of $1.6 billion and membership growth to 215,000.
Cano Health, Inc. (NYSE: CANO) will host a conference call on August 12, 2021 at 8:30 AM ET to discuss its second quarter results for the period ending June 30, 2021. A press release with the financial results will be issued on the same day. Interested parties can join the call by dialing (844) 684-0650 for U.S. participants or +1 (343) 761-2594 for international attendees. Additionally, the call will be accessible via webcast on Cano Health's investor relations webpage.
Cano Health has acquired Doctor's Medical Center for $300 million, enhancing its position in the Florida market. The acquisition, completed on July 2, 2021, adds 18 medical centers and approximately 7,000 Medicare Advantage, 31,000 Medicaid, and 14,000 ACA members to Cano's membership, expanding total membership to around 197,000. Cano Health's adjusted EBITDA is projected to reach $150 million for 2022, bolstered by synergies from the acquisition. The updated guidance for 2021 shows a revenue increase to $1.5 billion
Cano Health has acquired University Health Care and its affiliates for $600 million. This acquisition strengthens Cano Health's position in Florida's market and enhances its population health management platform. With this deal, Cano expects to add 24,000 Medicare Advantage members and estimates its adjusted EBITDA for 2021 to be between $100 million and $110 million. The expected revenue growth aligns with Cano's strategy to provide high-quality primary care to underserved communities.
Cano Health, Inc. (NYSE: CANO) announced its Q1 2021 financial results, reporting $280.1 million in total revenue, up 107% year-over-year, and membership growth of 91% to 116,895 members. The company's net loss was $10.5 million, while adjusted EBITDA increased 77% to $22.8 million, with an adjusted EBITDA margin of 8.1%. Cano Health is on track to meet its full-year 2021 outlook, targeting revenue between $1.4 billion and $1.5 billion. The company has also expanded its medical centers from 45 to 72 and saw significant COVID-19 outcome improvements for its members.
InTandem Capital Partners announced that its portfolio company, Cano Health (NYSE: CANO), has successfully completed its business combination with Jaws Acquisition Corp. This approval, granted by Jaws’ stockholders on June 2, 2021, positions Cano Health to enhance its growth and solidify its status as a leader in primary care for seniors in underserved communities. With a network expanding from two clinics to over 70 across multiple states, Cano Health serves over 100,000 members, focusing on value-based care while addressing the needs of low-income and minority populations.