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It has been a wild few days of trading for leading value-based primary care provider and population health company, Cano Health (US:CANO).
Shares of Cano Health Inc. CANO, +42.87% were up more than 40% in afternoon trading Monday after Barry Sternlicht, a former board director, disclosed in a 13D filing with the Securities and Exchange Commission that he, two others who recently left Cano's board, and certain of their affiliates have entered into an agreement “to act together to pursue change” at the company, “including, but not limited to, the replacement of the CEO, sale of non-core assets and enhancement of shareholder value.” Sternlicht, Elliot Cooperstone and Lewis Gold, who all resigned from Cano's board Thursday, have a combined voting power of about 35.7%, according to the filing.
Shares of Cano Health Inc. CANO, -20.77% tumbled 20.3% toward their first-ever sub $1 close in afternoon trading Friday, after the primary care provider said it was “disappointed” that three directors had decided to resign, that it strongly disagreed with their comments about the company and that one director, Barry Sternlicht, shared confidential board deliberations with shareholders. Late Thursday, Sternlicht issued a statement in which he criticized Chief Executive Marlow Hernandez and the board, and the mismanagement that led to the stock being “decimated” since its debut and the given the “crippling” debt burden.
CANO's 2022 growth was impressive but not impressive enough to boost the stock price. Investors' confidence has been severely dented by the company's significant Earnings shortfall, contributing to the share price slump.
Cano Health, Inc. (NYSE:CANO ) Q4 2022 Earnings Conference Call March 1, 2023 5:00 PM ET Company Participants Marlow Hernandez - Chief Executive Officer Brian Koppy - Chief Financial Officer Conference Call Participants Gary Taylor - Cowen Inc. Jailendra Singh - Truist Securities Andrew Mok - UBS Group AG Joshua Raskin - Nephron Research LLC Adam Ron - Bank of America Merrill Lynch Justin Lake - Wolfe Research, LLC A.J. Rice - Credit Suisse Operator Good afternoon, and welcome to Cano Health's Fourth Quarter 2022 Earnings Call.
Cano Health, Inc. (CANO) delivered earnings and revenue surprises of 280% and 3.83%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?
MIAMI , Feb. 21, 2023 /PRNewswire/ -- Cano Health, Inc. ("Cano Health" or the "Company") (NYSE: CANO), a leading value-based primary care provider and population health company, will release its financial results for the fourth quarter and full year 2022 after the market closes on Wednesday, March 1, 2023, and will host a conference call at 5:00 PM Eastern Time the same day to review its business and financial results. To access the live call and webcast, please dial (888) 660-6359 for U.S. participants, or (929) 203-0867 for international participants, referencing the Cano Health Fourth Quarter 2022 Earnings Conference Call and Conference ID 8371699.
The buyout of a competitor fueled a rise in the primary medical-care company's shares this week.
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The fourth quarter of 2022 was relatively better for the stock markets, with the S&P 500 up over 7% (its only positive quarterly return for the year).