Cano Health reports increased revenues but lowers full-year guidance

Miami-based Cano Health, a value-based care provider operating in nine states and Puerto Rico, reported revenues up by 33 percent in the third quarter of 2022 to total $665 million.

That figure, however, was below expectations amid lower revenue from new membership growth, the company said. As a result, it is lowering revenue expectations for the full year to between $2.7 billion and $2.75 billion compared with previous guidance of up to $2.9 billion.

The company, which reported a net loss for the third quarter of $112 million, is aiming for total membership of between 300,000 and 305,000 by the end of this year, unchanged from previous guidance.

The company, which has previously been rumored to be in talks to be acquired by CVS, trades under the ticker CANO on the New York Stock Exchange.

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