Cano Health Stock Plummets After-Hours Following Dismal Q2 Results, Seeks Strategic Options Inducing Sale

Cano Health, Inc. CANO shares are tumbling after-hours on Thursday after reporting worse-than-expected second-quarter financial results.

What To Know: Cano reported quarterly losses of 51 cents per share which missed the analyst consensus estimate of losses of 12 cents, a 1,600% increase in losses from three cents per share in the same period last year. 

The company reported quarterly sales of $766.70 million, which missed the analyst consensus estimate of $828.43 million, a 11.22% increase over sales of $689.37 million in the same period last year.

While Cano missed top and bottom line estimates, total membership reached 381,066, including 205,696 Medicare capitated members, an increase of 35% and 25% year-over-year, respectively.

Cano Health is pursuing a process to sell the company. The company plans to exit operations in California, New Mexico, and Illinois by the fall of 2023 and Puerto Rico by January 1, 2024.

The company is withdrawing its fiscal year 2023 guidance provided on May 9, 2023. 

"Cano Health is evaluating strategic interest in the Company to ensure we continue caring for our patients, while maximizing value for our stakeholders," said Mark Kent, Cano Health's Interim CEO. 

Related Link: Pagaya Technologies Stock Pops After Reporting Better-Than-Expected Q2 Sales Results, Raised Outlook

CANO Price Action: Shares of CANO were down 50.90% at 75 cents in the after-hours session at the time of publication, according to Benzinga Pro.

Image by Darko Stojanovic from Pixabay