- Cano Health Inc CANO has announced Q2 revenue of $393.2 million, +130% Y/Y, compared to $171.20 million a year ago, driven by acquisitions and membership growth.
- The total membership of 156,038, including Medicare capitated members, reached 111,866, +57% and 54%, respectively.
- Adjusted EBITDA increased to $24.8 million from $16.2 million a year ago. Reported net income of $4.9 million compared to a net loss of $11.0 million.
- The medical claims expense ratio was 77.0%, compared to 73.0% in Q1 FY21, due to the inclusion of Direct Contracting Entity (DCE) members who we initially expect to have higher medical costs, and, to a lesser extent, by higher elective procedure utilization and costs related to COVID-19.
- Cano Health had $319 million of cash, cash equivalents, and restricted cash at the end of the quarter.
- FY21 Guidance: Cano increased membership guidance to approximately 215,000, up from 205,000 - 210,000 previously.
- It expects revenue of about $1.6 billion, better than consensus and guidance of $1.5 billion. It forecasts adjusted EBITDA of $115 million versus $110 million previously and reaffirms to open 15 to 20 de novo medical centers in 2021
- FY22 Guidance: Cano sees sales of $2.5 billion - $2.6 billion (consensus $2.15 billion), an increase from the prior guidance of approximately $2.23 billion.
- It expects adjusted EBITDA of $165 million - $170 million, up from the prior outlook of $150 million.
- Price Action: CANO shares are up 12.10% at $11.95 during the premarket session on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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