Cano Health's Q2 Miss and Restructuring: Shares Take a Hit
- August 11th, 2023
- 354 views
Cano Health, Inc. (NYSE: CANO) reported a Q2 2023 loss of $(0.51) per share, which fell short of the consensus estimate loss of $(0.12). The company's quarterly sales were also below expectations, totaling $766.70 million while analysts projected $828.43 million for the period.
Cano Health also unveiled plans to sell itself, accompanied by the decision to discontinue operations in California, New Mexico, Illinois by fall 2023, and Puerto Rico by the end of the year. The company is implementing a comprehensive operational restructuring plan aimed at enhancing efficiency and reducing costs. As part of this restructuring, Cano Health is projected to downsize its workforce by about 700 employees, which constitutes 17% of its total workforce, in the third quarter of 2023.
$CANO was trading at $0.86 in pre-market, reflecting a significant decline of $0.66 or 43.42%
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