Cano Health Stock Plummets After-Hours Following Dismal Q2 Results, Seeks Strategic Options Inducing Sale
Portfolio Pulse from Ryan Gustafson
Cano Health, Inc. (NYSE:CANO) reported worse-than-expected Q2 results, with losses of 51 cents per share, missing the analyst consensus estimate of losses of 12 cents. The company also reported quarterly sales of $766.70 million, missing the analyst consensus estimate of $828.43 million. Despite missing top and bottom line estimates, total membership increased. Cano Health is considering selling the company and plans to exit operations in California, New Mexico, and Illinois by fall 2023, and Puerto Rico by January 1, 2024. The company is also withdrawing its fiscal year 2023 guidance.
August 10, 2023 | 9:16 pm
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Cano Health's Q2 results were worse than expected, which led to a significant drop in its stock price. The company is considering selling itself and withdrawing its 2023 guidance, which could lead to further uncertainty and potential volatility in its stock price.
Cano Health's worse-than-expected Q2 results and the announcement of a potential sale are likely to negatively impact investor sentiment and the company's stock price. The withdrawal of its 2023 guidance could add to this uncertainty.
CONFIDENCE 90
IMPORTANCE 100
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