MIAMI, Aug. 9, 2022
/PRNewswire/ -- Cano Health, Inc. ("Cano Health" or the "Company")
(NYSE: CANO), a leading value-based primary care provider and
population health company, today announced financial results for
the second quarter ended June 30,
2022.
Second Quarter Financial Results
- Total membership of 281,525, including 163,947 Medicare
capitated members, an increase of 80% and 47%, respectively
year-over-year
- Total revenue of $689.4 million,
an increase of 101% year-over-year
- Net loss of ($14.6) million,
benefiting from a $30.2 million fair
value adjustment of warrant liabilities
- Adjusted EBITDA1 of $29.4 million, compared to ($15.2) million in the second quarter of 2021;
results in the quarter were impacted by $6
million of unfavorable prior year development (PYD) related
to Medicare Direct Contracting Entity (DCE) program described
below
Accelerated membership growth in the second quarter resulted in
a larger proportion of new, higher acuity Medicare Advantage and
Medicaid members, contributing to a medical cost ratio2,
or MCR, of 82.6%. The acuity of these new members is higher
than Cano Health's historical experience, due to more costly
hospital admissions and outpatient procedures, and higher cost
branded prescription medications. We expect the MCR of
Medicare Advantage and Medicaid members to decrease over the next
twelve months, as we diagnose and manage their chronic
conditions.
"Cano Health delivered another quarter of strong membership
growth, reaching more than 280,000 members," said Dr. Marlow Hernandez, Chairman and Chief Executive
Officer at Cano Health. "We expect new higher acuity members,
while pressuring current performance, will provide opportunities
for more profitable results going forward as we leverage our
population health platform to improve the health of these
patients. Furthermore, we will continue to capitalize on our
market leading position and the societal tailwinds that underpin
the strong demand for the Cano Health model of care."
________________________________
|
1 Adjusted
EBITDA is a non-GAAP financial measure. A reconciliation of this
non-GAAP financial measure to its most directly comparable GAAP
financial measure is provided in the Reconciliation of Non-GAAP
Adjusted EBITDA table included in this press release. An
explanation of this measure and how it is calculated is also
included under the heading "Non-GAAP Financial
Measures."
|
2 Medical
Cost Ratio (MCR) is calculated as third-party medical expense
divided by capitated revenue
|
New Organizational Leadership
On August 5th, Cano
Health announced two new senior positions on its executive
leadership team to build on the Company's success and help drive
critical opportunities to strengthen the professional
infrastructure across the organization. Bob Camerlinck has
been appointed Chief Operating Officer, overseeing the Company's
daily business operations and working closely with executive
leadership to implement Cano Health's strategy and drive sustained
performance. Amy Charley
joined the Company as Chief Administrative Officer and is
responsible for the management of administrative functions and
overseeing strategy development, organizational governance, and
change management.
Guidance
The Company is updating its guidance for full year 2022 provided
on June 7, 2022. The updated
guidance for full year 2022 is as follows:
- Membership in the range of 300,000 to 305,000, an increase from
the prior guidance range of 290,000 to 295,000
- Total revenue in the range of $2.85
billion to $2.90 billion, an
increase from the prior guidance range of $2.80 billion to $2.90
billion
- Total medical cost ratio (MCR) in the range of 78.0% to 79.0%,
up from the prior range of 76.0% to 76.5%
-
- The total MCR in the second half of 2022 is expected to be
significantly lower than total MCR in the first half of 2022,
primarily driven by normal seasonality in medical costs and cost
recoveries
- Adjusted EBITDA of approximately $200
million, a decrease from the prior range of $230 million to $240
million
-
- Revised Adjusted EBITDA guidance includes a net impact of
approximately $20 million from
higher-than-expected costs from new Medicare Advantage and Medicaid
members, $9 million from lower
projected DCE contribution, and $6
million of unfavorable PYD from Medicare DCE
- The change in guidance is reflective of 2022 calendar year
pressures from new higher acuity members and DCE uncertainty; these
factors are expected to reverse in 2023 due to higher per member
revenue correlated to higher acuity, and lower third-party medical
expenses resulting from patient management
- The Company added six medical centers in the quarter, bringing
total medical centers to 143, including 33 centers outside of
Florida; the Company expects to
operate 184 to 189 by the end of 2022, unchanged from previous
guidance
As of August 5, 2022, the Company
had approximately 232 million shares of Class A common stock and
254 million shares of Class B common stock issued and outstanding.
Total share count for the purposes of calculating market
capitalization was approximately 486 million.
Conference Call Information
Cano Health will host a conference call today at 5:00 PM ET to review the Company's business and
financial results for the second quarter ended June 30, 2022.
To access the live call and webcast, please dial (888) 660-6359
for U.S. participants, or +1 (929) 203-0867 for international
participants, and reference the Cano Health Second Quarter 2022
Earnings Conference Call and Conference ID 8371699. The conference
call will also be webcast live in the "Events & Presentations"
section of the Investor page of the Cano Health website.
A replay will be available in the "Events & Presentations"
section of the Cano Health website for on-demand listening shortly
after the completion of the call and will be available for 30
days.
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 guidance
for the 2022 fiscal year, our business strategies, our projected
costs, prospects and plans, and other aspects of our operations or
operating results. These forward-looking statements generally can
be identified by phrases such as "will," "expects," "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; developments and
uncertainties related to the DCE program; 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 enter into new markets and continue our
growth; our ability to 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"). 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), restructuring and
other charges, fair value adjustments in contingent consideration,
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. A reconciliation of those measures to their
most directly comparable GAAP measures is available under the
heading "Reconciliation of Non-GAAP Measures."
The Company has not reconciled its expectations as to non-GAAP
measures in future periods to their most directly comparable GAAP
measure because certain costs and expenses are outside of its
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 the Company's results computed in accordance with
GAAP.
About Cano Health
Cano Health (NYSE: CANO) is a high-touch, technology-powered
healthcare company delivering personalized, value-based primary
care to more than 280,000 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:
Jeffrey Geyer
Cano Health, Inc.
(786) 206-1930
investors@canohealth.com
Media Relations Contact:
Georgi Morales Pipkin
Cano Health, Inc.
(786) 206-3322
mediarelations@canohealth.com
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
UNAUDITED
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(in thousands,
except share and per share data)
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue:
|
|
|
|
|
|
|
|
Capitated
revenue
|
$
655,493
|
|
$
329,484
|
|
$ 1,329,844
|
|
$
590,841
|
Fee-for-service and
other revenue
|
33,880
|
|
14,097
|
|
63,671
|
|
27,342
|
Total
revenue
|
689,373
|
|
343,581
|
|
1,393,515
|
|
618,183
|
Operating
expenses:
|
|
|
|
|
|
|
|
Third-party medical
costs
|
541,317
|
|
291,816
|
|
1,077,097
|
|
486,862
|
Direct patient
expense
|
52,647
|
|
35,607
|
|
113,323
|
|
69,844
|
Selling, general and
administrative expenses
|
106,179
|
|
47,159
|
|
202,849
|
|
82,168
|
Depreciation and
amortization expense
|
19,836
|
|
7,945
|
|
38,872
|
|
13,791
|
Transaction costs and
other
|
6,207
|
|
16,114
|
|
14,583
|
|
25,068
|
Change in fair value
of contingent consideration
|
(5,764)
|
|
(496)
|
|
(10,425)
|
|
(211)
|
Total operating
expenses
|
720,422
|
|
398,145
|
|
1,436,299
|
|
677,522
|
Income (loss) from
operations
|
(31,049)
|
|
(54,564)
|
|
(42,784)
|
|
(59,339)
|
Other income and
expense:
|
|
|
|
|
|
|
|
Interest
expense
|
(13,134)
|
|
(9,714)
|
|
(26,418)
|
|
(20,340)
|
Interest
income
|
2
|
|
1
|
|
3
|
|
2
|
Loss on extinguishment
of debt
|
—
|
|
(13,225)
|
|
(1,428)
|
|
(13,225)
|
Change in fair value
of warrant liabilities
|
30,175
|
|
39,215
|
|
57,337
|
|
39,215
|
Other income
(expense)
|
251
|
|
(25)
|
|
530
|
|
(25)
|
Total other income
(expense)
|
17,294
|
|
16,252
|
|
30,024
|
|
5,627
|
Net income (loss)
before income tax expense
|
(13,755)
|
|
(38,312)
|
|
(12,760)
|
|
(53,712)
|
Income tax expense
(benefit)
|
809
|
|
(2,023)
|
|
1,889
|
|
(1,309)
|
Net income
(loss)
|
$
(14,564)
|
|
$
(36,289)
|
|
$
(14,649)
|
|
$
(52,403)
|
Net income (loss)
attributable to non-controlling interests
|
(9,231)
|
|
(40,844)
|
|
(9,976)
|
|
(56,958)
|
Net income (loss)
attributable to Class A common stockholders
|
$
(5,333)
|
|
$
4,555
|
|
$
(4,673)
|
|
$
4,555
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to Class A common stockholders, basic
|
$
(0.03)
|
|
$
0.03
|
|
$
(0.02)
|
|
$
0.03
|
Net income (loss) per
share attributable to Class A common stockholders,
diluted
|
$
(0.03)
|
|
$
(0.06)
|
|
$
(0.03)
|
|
$
(0.06)
|
Weighted-average shares
used in computation of earnings per share:
|
|
|
|
|
|
|
|
Basic
|
210,053,037
|
|
167,134,853
|
|
200,783,129
|
|
166,691,634
|
Diluted
|
474,580,471
|
|
168,884,315
|
|
465,310,563
|
|
167,571,198
|
CONDENSED CONSOLIDATED BALANCE
SHEETS
UNAUDITED
|
|
|
|
As
of,
|
(in
thousands)
|
|
June 30,
2022
|
|
December 31,
2021
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
$
47,847
|
|
$
163,170
|
Accounts receivable,
net of unpaid service provider costs
|
|
200,990
|
|
133,433
|
Prepaid expenses and
other current assets
|
|
38,466
|
|
20,632
|
Total current
assets
|
|
287,303
|
|
317,235
|
Property and
equipment, net
|
|
106,198
|
|
85,261
|
Operating lease right
of use assets
|
|
168,554
|
|
132,173
|
Goodwill
|
|
777,163
|
|
769,667
|
Payor relationships,
net
|
|
561,733
|
|
576,648
|
Other intangibles,
net
|
|
234,127
|
|
248,973
|
Other
assets
|
|
6,327
|
|
13,582
|
Total
assets
|
|
$
2,141,405
|
|
$
2,143,539
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
notes payable
|
|
$
6,444
|
|
$
6,493
|
Current portion of
finance lease liabilities
|
|
1,561
|
|
1,295
|
Current portion of
contingent consideration
|
|
198
|
|
3,123
|
Accounts payable and
accrued expenses
|
|
69,419
|
|
80,829
|
Current portions due
to sellers
|
|
4,317
|
|
17,357
|
Current portion
operating lease liabilities
|
|
20,726
|
|
15,275
|
Other current
liabilities
|
|
39,390
|
|
36,664
|
Total current
liabilities
|
|
142,055
|
|
161,036
|
Notes payable, net of
current portion and debt issuance costs
|
|
914,890
|
|
915,266
|
Long term portion of
operating lease liabilities
|
|
157,408
|
|
122,935
|
Warrants
liabilities
|
|
22,807
|
|
80,144
|
Long term portion of
finance lease liabilities
|
|
2,923
|
|
2,181
|
Contingent
consideration
|
|
27,800
|
|
35,300
|
Other
liabilities
|
|
32,525
|
|
28,109
|
Total
liabilities
|
|
1,300,408
|
|
1,344,971
|
Stockholders'
Equity
|
|
|
|
|
Shares of Class A
common stock
|
|
22
|
|
18
|
Shares of Class B
common stock
|
|
27
|
|
30
|
Additional paid-in
capital
|
|
495,642
|
|
397,443
|
Accumulated
deficit
|
|
(83,433)
|
|
(78,760)
|
Total Stockholders'
Equity before non-controlling interests
|
|
412,258
|
|
318,731
|
Non-controlling
interests
|
|
428,739
|
|
479,837
|
Total Stockholders'
Equity
|
|
840,997
|
|
798,568
|
Total Liabilities and
Stockholders' Equity
|
|
$
2,141,405
|
|
$
2,143,539
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
UNAUDITED
|
|
|
|
Six Months Ended
June 30,
|
(in
thousands)
|
|
2022
|
|
2021
|
Cash Flows from
Operating Activities:
|
|
|
|
|
Net loss
|
|
$
(14,649)
|
|
$
(52,403)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Depreciation and
amortization expense
|
|
38,872
|
|
13,791
|
Change in fair value
of contingent consideration
|
|
(10,425)
|
|
(211)
|
Change in fair value
of warrant liabilities
|
|
(57,337)
|
|
(39,215)
|
Loss on extinguishment
of debt
|
|
1,428
|
|
13,225
|
Amortization of debt
issuance costs
|
|
1,570
|
|
8,541
|
Non-cash lease
expense
|
|
3,642
|
|
—
|
Stock-based
compensation
|
|
31,600
|
|
3,680
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Accounts receivable,
net
|
|
(67,557)
|
|
(6,441)
|
Other
assets
|
|
7,158
|
|
(5,925)
|
Prepaid expenses and
other current assets
|
|
(17,834)
|
|
(16,341)
|
Interest accrued due
to seller
|
|
100
|
|
957
|
Accounts payable and
accrued expenses
|
|
(9,362)
|
|
14,426
|
Other
liabilities
|
|
10,621
|
|
7,816
|
Net cash provided by
(used in) operating activities
|
|
(82,173)
|
|
(58,100)
|
Cash Flows from
Investing Activities:
|
|
|
|
|
Purchase of property
and equipment
|
|
(20,431)
|
|
(7,730)
|
Acquisitions of
subsidiaries including non-compete intangibles, net of cash
acquired
|
|
(4,995)
|
|
(614,394)
|
Payments to
sellers
|
|
(3,847)
|
|
(23,963)
|
Net cash provided by
(used in) investing activities
|
|
(29,273)
|
|
(646,087)
|
Cash Flows from
Financing Activities:
|
|
|
|
|
Business Combination
and PIPE financing
|
|
—
|
|
935,362
|
Payments of long-term
debt
|
|
(3,222)
|
|
(402,572)
|
Debt issuance
costs
|
|
(88)
|
|
(11,274)
|
Proceeds from
long-term debt
|
|
—
|
|
295,000
|
Proceeds from delayed
draw term
|
|
—
|
|
175,000
|
Repayments of delayed
draw term
|
|
—
|
|
(2,350)
|
Proceeds from
insurance financing arrangements
|
|
2,529
|
|
1,702
|
Payments of principal
on insurance financing arrangements
|
|
(1,380)
|
|
(993)
|
Principal payments
under finance leases
|
|
(679)
|
|
(64)
|
Repayment of equipment
loans
|
|
(261)
|
|
(154)
|
Employee stock
purchase plan withholding tax payments
|
|
(776)
|
|
—
|
Net cash provided by
(used in) financing activities
|
|
(3,877)
|
|
989,657
|
|
|
|
|
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
|
(115,323)
|
|
285,470
|
Cash, cash equivalents
and restricted cash at beginning of year
|
|
163,170
|
|
33,807
|
Cash, cash equivalents
and restricted cash at end of period
|
|
$
47,847
|
|
$
319,277
|
Reconciliation of Non-GAAP
Adjusted EBITDA
UNAUDITED
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
(in
thousands)
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net
loss
|
$
(14,564)
|
|
$
(36,289)
|
|
$
(14,649)
|
|
$
(52,403)
|
Interest
income
|
(2)
|
|
(1)
|
|
(3)
|
|
(2)
|
Interest
expense
|
13,134
|
|
9,714
|
|
26,418
|
|
20,340
|
Income tax expense
(benefit)
|
809
|
|
(2,023)
|
|
1,889
|
|
(1,309)
|
Depreciation and
amortization expense
|
19,836
|
|
7,945
|
|
38,872
|
|
13,791
|
EBITDA
|
$ 19,213
|
|
$
(20,654)
|
|
$ 52,527
|
|
$
(19,583)
|
Stock-based
compensation
|
17,783
|
|
3,609
|
|
31,600
|
|
3,680
|
De novo (1)
|
19,469
|
|
8,543
|
|
35,285
|
|
14,383
|
Transaction costs
(2)
|
7,842
|
|
16,976
|
|
17,713
|
|
26,794
|
Restructuring and
other
|
1,016
|
|
2,811
|
|
3,602
|
|
3,222
|
Change in fair value
of contingent consideration
|
(5,764)
|
|
(496)
|
|
(10,425)
|
|
(211)
|
Loss on extinguishment
of debt
|
—
|
|
13,225
|
|
1,428
|
|
13,225
|
Change in fair value
of warrant liabilities
|
(30,175)
|
|
(39,215)
|
|
(57,337)
|
|
(39,215)
|
Adjusted
EBITDA
|
$ 29,384
|
|
$
(15,201)
|
|
$ 74,393
|
|
$
2,295
|
_________________________________
|
(1) De novo losses
include those costs associated with the ramp up of new medical
centers and losses incurred after the opening of a new facility.
These costs collectively are higher than comparable expenses
incurred once such a facility has been opened and is generating
revenue, and would not have been incurred unless a new facility was
being opened.
|
|
(2) Acquisition
transaction costs included $1.6 million and $0.9 million for
the three months ended June 30, 2022 and 2021, respectively, and
$2.6 million and $1.7 million for the six months ended
June 30, 2022 and 2021, respectively, of corporate development
payroll costs. Corporate development payroll costs include those
expenses directly related to the additional staff needed to support
our acquisition activity.
|
Key Metrics
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
|
2022
|
|
2021
|
|
%
Change
|
Members:
|
|
|
|
|
|
|
Medicare
Advantage
|
|
123,768
|
|
103,812
|
|
19.2 %
|
Medicare
DCE
|
|
40,179
|
|
8,054
|
|
398.9 %
|
Total
Medicare
|
|
163,947
|
|
111,866
|
|
46.6 %
|
Medicaid
|
|
70,254
|
|
25,178
|
|
179.0 %
|
ACA
|
|
47,324
|
|
18,994
|
|
149.2 %
|
Total
members
|
|
281,525
|
|
156,038
|
|
80.4 %
|
|
|
|
|
|
|
|
Member
months:
|
|
|
|
|
|
|
Medicare
Advantage
|
|
364,565
|
|
258,327
|
|
41.1 %
|
Medicare
DCE
|
|
122,301
|
|
23,924
|
|
411.2 %
|
Total
Medicare
|
|
486,866
|
|
282,251
|
|
72.5 %
|
Medicaid
|
|
206,630
|
|
71,461
|
|
189.2 %
|
ACA
|
|
139,355
|
|
57,816
|
|
141.0 %
|
Total member
months
|
|
832,851
|
|
411,528
|
|
102.4 %
|
|
|
|
|
|
|
|
Per Member Per Month
("PMPM"):
|
|
|
|
|
|
|
Medicare
Advantage
|
|
$
1,196
|
|
$
990
|
|
20.8 %
|
Medicare
DCE
|
|
$
1,362
|
|
$
1,221
|
|
11.5 %
|
Total
Medicare
|
|
$
1,238
|
|
$
1,010
|
|
22.6 %
|
Medicaid
|
|
$
223
|
|
$
612
|
|
(63.6) %
|
ACA
|
|
$
48
|
|
$
14
|
|
242.9 %
|
Total PMPM
|
|
$
787
|
|
$
801
|
|
(1.7) %
|
|
|
|
|
|
|
|
Medical
centers
|
|
143
|
|
90
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
2022
|
|
2021
|
|
%
Change
|
Members:
|
|
|
|
|
|
|
Medicare
Advantage
|
|
123,768
|
|
103,812
|
|
19.2 %
|
Medicare
DCE
|
|
40,179
|
|
8,054
|
|
398.9 %
|
Total
Medicare
|
|
163,947
|
|
111,866
|
|
46.6 %
|
Medicaid
|
|
70,254
|
|
25,178
|
|
179.0 %
|
ACA
|
|
47,324
|
|
18,994
|
|
149.2 %
|
Total
members
|
|
281,525
|
|
156,038
|
|
80.4 %
|
|
|
|
|
|
|
|
Member
months:
|
|
|
|
|
|
|
Medicare
Advantage
|
|
718,980
|
|
483,157
|
|
48.8 %
|
Medicare
DCE
|
|
247,390
|
|
23,924
|
|
934.1 %
|
Total
Medicare
|
|
966,370
|
|
507,081
|
|
90.6 %
|
Medicaid
|
|
408,827
|
|
134,369
|
|
204.3 %
|
ACA
|
|
261,266
|
|
113,853
|
|
129.5 %
|
Total member
months
|
|
1,636,463
|
|
755,303
|
|
116.7 %
|
|
|
|
|
|
|
|
Per Member Per Month
("PMPM"):
|
|
|
|
|
|
|
Medicare
Advantage
|
|
$
1,222
|
|
$
985
|
|
24.1 %
|
Medicare
DCE
|
|
$
1,371
|
|
$
1,221
|
|
12.3 %
|
Total
Medicare
|
|
$
1,260
|
|
$
997
|
|
26.4 %
|
Medicaid
|
|
$
240
|
|
$
613
|
|
(60.8) %
|
ACA
|
|
$
53
|
|
$
29
|
|
82.8 %
|
Total PMPM
|
|
$
813
|
|
$
782
|
|
4.0 %
|
|
|
|
|
|
|
|
Medical
centers
|
|
143
|
|
90
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cano-health-announces-financial-results-for-the-second-quarter-2022-301602942.html
SOURCE Cano Health, Inc.