Why Canoo Health Is Getting Obliterated Thursday

Cano Health Inc CANO shares are trading lower by 34.13% to $2.20 Thursday morning after the company reported worse-than-expected third-quarter EPS and sales results.

What Happened?

Cano Health reported quarterly losses of 23 cents per share which missed the analyst consensus estimate of a loss of 5 cents by 360 percent. The company reported quarterly sales of $665.00 million which missed the analyst consensus estimate of $717.93 million by 7%. This is a 26% increase over sales of $526.80 million in the same period last year.

Among other highlights provided by Cano:

• Total membership of 294,596, including 168,346 Medicare capitated members, an increase of 40% year-over-year for both
• Net loss of $(112.0) million, unfavorably impacted by a $65.7 million fair value adjustment of warrant liabilities
• Adjusted EBITDA of $42.5 million, compared to $13.6 million in the third quarter of 2021, an increase of 211% year over year

According to data from Benzinga Pro, CANO has a 52-week high of $12.87 and a 52-week low of $2.05.