MIAMI, June 7, 2022
/PRNewswire/ -- Cano Health, Inc. ("Cano Health" or the "Company")
(NYSE: CANO), a leading value-based primary care provider and
population health company, is hosting its 2022 Investor Day today.
Members of the management team will provide updates on the
business, including greater visibility into its strategy, medical
center and affiliate operations, and expectations for short- and
long-term financial performance.
"Fueled by our national expansion and membership growth, Cano
Health has established itself as one of the nation's largest
value-based primary care providers," said Dr. Marlow Hernandez, Chairman and Chief Executive
Officer of Cano Health. "Our mission is to provide access, quality
and wellness to our growing membership, and to grow through our
three-pronged strategy of build, buy and manage. By providing
coordinated care utilizing our CanoPanorama platform, we aim to
provide better health outcomes for our members at lower cost.
Demand for our services is strong, and we expect our differentiated
growth strategy to drive sustainable and profitable growth as we
redefine primary care to transform America's healthcare
system."
2022 Outlook
The Company is maintaining its 2022
guidance:
- Total membership in the range of 290,000 to 295,000
- Total revenue in the range of $2.8
billion to $2.9 billion
- Total medical cost ratio (MCR) in the range of 76.0% to
76.5%
- Adjusted EBITDA in the range of $230
million to $240 million
- Total medical centers by the end of 2022 of 184-189
The Company continues to expect positive cash from operating
activities in 2022. In addition, the Company expects to have
positive free cash flow (defined as cash from operations less
capital expenditures) in 2023, and expects to add 25 medical
centers in 2023.
Investor Day webcast
The event will begin at
9:30 AM ET today. An audio and
video webcast will be broadcast simultaneously on the Investor
Relations portion of the Cano Health website at
investors.canohealth.com. Presentations and other accompanying
material will be available on the website shortly before the event
begins and archived for one year along with a replay of the
event.
Forward Looking Statements
This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Forward-looking
statements relate to future events and involve known and unknown
risks, uncertainties and other factors which are, in some cases,
beyond our control and could materially affect actual results,
performance or achievements. Such forward-looking statement
include, without limitation, our anticipated results of operations,
including our financial outlook for the 2022 fiscal year, including
our expectations regarding cash from operating activities in 2022,
and our longer-term financial outlook, including our expectations
regarding organic revenue growth in 2023 – 2025, free cash flow in
2023, de novo builds in 2023 and long-term Adjusted EBITDA. These
forward-looking statements generally can be identified by phrases
such as "will," "expects," "targets," "anticipates," "foresees,"
"forecasts," "estimates" or other words or phrases of similar
import. It is uncertain whether any of the events anticipated by
the forward-looking statements will transpire or occur, or if any
of them do, what impact they will have on our results of operations
and financial condition. Important risks and uncertainties that
could cause our actual results and financial condition to differ
materially from those indicated in forward-looking statements
include, among others, changes in market or industry conditions,
regulatory environment, competitive conditions, and receptivity to
our services; adverse effects on the Company's business as a result
of the restatement of our previously issued financial statements;
our ability to realize expected results with respect to patient
membership, total revenue and earnings; our ability to realize
expected financial and other results; our ability to enter into new
markets and continue our growth; our ability to raise capital; our
ability to continue to execute on our acquisition strategy and
integrate our acquisitions and achieve desired synergies; our
ability to maintain our relationships with health plans and other
key payors; the impact of COVID-19 on our business and results of
operations; our future capital requirements and sources and uses of
cash, including funds to satisfy our liquidity needs; and our
ability to recruit and retain qualified team members and
independent physicians. For a detailed discussion of the risks and
uncertainties that could cause our actual results to differ
materially from those expressed or implied by the forward-looking
statements, please refer to our filings with the Securities and
Exchange Commission (the "SEC"), including the risk factors
identified in the Annual Report on Form 10-K for the fiscal year
ended December 31, 2021. All
information provided in this press release is as of the date
hereof, and we undertake no duty to update or revise this
information unless required by law.
Non-GAAP Financial Measures
This press release
contains certain non-GAAP financial measures as defined by the SEC
rules. EBITDA and Adjusted EBITDA have not been prepared in
accordance with United States
generally accepted accounting principles ("GAAP"). EBITDA is
defined as net income (loss) before interest, income taxes,
depreciation and amortization. Adjusted EBITDA is defined as
EBITDA, adjusted to add back the effect of certain expenses, such
as stock-based compensation expense, de novo losses (consisting of
costs associated with the ramp up of new medical centers and losses
incurred for the twelve months after the opening of a new
facility), acquisition transaction costs (consisting of transaction
costs and corporate development payroll costs), fair value
adjustments in contingent consideration, restructuring and other
charges, loss on extinguishment of debt, and changes in fair value
of warrant liabilities. We believe these non-GAAP financial
measures provide an additional tool for investors to use in
evaluating ongoing operating results and trends and in comparing
our financial measures with other similar companies. We do not
consider these non-GAAP measures in isolation or as an alternative
to financial measures determined in accordance with GAAP. These
non-GAAP financial measures are subject to inherent limitations as
they reflect the exercise of judgments by management about which
expense, income and other items are excluded or included in
determining these non-GAAP financial measures. In addition, other
companies may calculate non-GAAP financial measures differently or
may use other measures to evaluate their performance, all of which
could reduce the usefulness of our non-GAAP financial measures as
tools for comparison. We have not reconciled our expectations as to
non-GAAP measures in future periods to their most directly
comparable GAAP measure because certain costs and expenses are
outside of our control or cannot be reasonably predicted.
Accordingly, reconciliation is not available without unreasonable
effort, although it is important to note that these factors could
be material to our results computed in accordance with GAAP. You
should review our financial statements filed with the SEC, and not
rely on any single financial measure to evaluate our business.
About Cano Health
Cano Health (NYSE: CANO) is a
high-touch, technology-powered healthcare company delivering
personalized, value-based primary care to nearly 270,000
members. With its headquarters in Miami,
Florida, Cano Health is transforming healthcare
by delivering primary care that measurably improves the
health, wellness, and quality of life of its patients and the
communities it serves. Founded in 2009, Cano Health has more than
4,000 employees, and operates primary care medical centers and
supports affiliated providers in nine states and Puerto Rico. For more information, visit
canohealth.com or investors.canohealth.com.
Investor Relations Contact:
Derek Fiebig
Cano Health, Inc.
(786) 206-1930
derek.fiebig@canohealth.com
Media Relations Contact:
Georgi Morales Pipkin
Cano Health, Inc.
(786) 206-3322
georgi.pipkin@canohealth.com
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SOURCE Cano Health, Inc.