Login

Cano Health, Inc.

canohealth.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2024 10-Q, filed May 10, 2024. Its latest SEC filing is a 3/A from Jul 12, 2024.

The sections below describe the company as of the FY2023 annual report.

What Did They Do?

Provides primary care through medical centers and affiliated providers to Medicare- and Medicaid-eligible patients, working with health plans.

How Did They Make Money?

Health plans pay monthly per-member fees for medical care; Cano reconciles accounts with them and collects any plan surpluses every 30 to 120 days. It also earns fees for individual services and pharmacy sales.

FY2023 revenue

Who Were Their Customers?

Cano contracts predominantly with health plans to provide care to enrolled members, including Medicare- and Medicaid-eligible patients. It also provides practice management and administrative support to independent physicians and group practices.

Did Revenues Turn Into Profits?

No. It lost $594.4M in FY2023.

Operating income, FY2023
−32% of revenue
▲ +130% (Loss) vs FY2022 (−$436.8M, −16%)
Net income, FY2023
−19% of revenue
▲ +187% (Loss) vs FY2022 (−$207.3M, −8%)
Free cash flow, FY2023
−5% of revenue
▼ −24% (Loss) vs FY2022 (−$195.9M, −7%)

How Were They Changing?

Since the FY2023 annual report
Latest quarter: Q1 FY2024, the three months to Mar 31, 2024
Revenue
▼ −21%
vs $866.9M in Q1 FY2023
Net income
▲ +1377% (Loss)
vs −$28.2M in Q1 FY2023
  • Jul 1, 2024 Cano Health emerged from Chapter 11 as a reorganized private company The restructuring converted more than $1 billion of prepetition debt into stock and warrants; existing investors committed more than $200 million in new capital.

Grew. Revenue grew 8.7x in 4 years, from $361.4M in FY2019 to $3.1B in FY2023, about 72% a year.

From acquisition vehicle to care provider The older report describes a blank-check company seeking a business combination; the latest describes an operating primary-care provider serving Medicare- and Medicaid-eligible patients through its care platform and affiliated providers.

Who Did They Compete With?

Competes with ChenMed, One Medical, and Oak Street Health

Create Account

Sign up for free to unlock this feature.

Already have an account? Sign in

Premium Feature

This feature requires a premium subscription to unlock unlimited historical data and advanced analysis tools.

Premium includes:

  • Unlimited historical financial data
  • Advanced analytics and insights
  • Priority support