CANO HEALTH Reports Total Revenue of USD 766.8 Million and Net Income of USD -140.8 Million for Q2 FY2023.
August 22, 2023
🌥️Earnings Overview
For the second quarter of FY2023, ending June 30 2023, CANO HEALTH ($NYSE:CANO) reported total revenue of USD 766.8 million, an increase of 11.2% from the same period last year, and a net income of USD -140.8 million, compared to a net loss of USD 5.3 million the year prior.
Share Price
The company’s stock opened at $1.6 and closed at $1.5, down by 0.7% from the previous closing price of $1.5. This quarter, the company saw an increase in its patient visits, suggesting that patients are continuing to choose CANO HEALTH for their health care needs. Despite an increase in revenue and patient visits, CANO HEALTH’s net income dropped significantly in the second quarter of FY2023, primarily due to increased costs associated with hiring more staff and investing in technology to improve operations.
Additionally, the company’s expenses for medical supplies were also higher than expected in the second quarter. The company’s stock closed 0.7% lower at the end of the day, but overall investors remain optimistic about CANO HEALTH’s potential to continue its growth in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Cano Health. More…
| Total Revenues | Net Income | Net Margin |
| 2.98k | -371.5 | -1.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Cano Health. More…
| Operations | Investing | Financing |
| -109.12 | -52.58 | 141.58 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Cano Health. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.71k | 1.47k | 0.52 |
Key Ratios Snapshot
Some of the financial key ratios for Cano Health are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 96.4% | – | -22.2% |
| FCF Margin | ROE | ROA |
| -5.0% | -193.1% | -24.2% |
Analysis
GoodWhale’s analysis of CANO HEALTH‘s financials revealed a low health score of 2/10. Considering the cashflows and debt, the company is less likely to pay off debt and fund future operations. We placed CANO HEALTH into a classification of ‘cheetah’, which is a type of company that achieved high revenue or earnings growth but is considered less stable due to lower profitability. Given this financial state, we believe the ideal investor for CANO HEALTH would be someone looking for high growth potential. This investor should be aware that the company may face uncertainty due to lower profitability and weak asset and dividend strength. Therefore, it is important to weigh the potential reward against the risk before investing. More…
Peers
Attendo AB is a provider of healthcare services, while Universal Health Services Inc is a provider of both healthcare services and products.
– EMC Instytut Medyczny SA ($LTS:0LTC)
EMC Instytut Medyczny SA is a Polish company that provides medical diagnostic services. The company has a market capitalization of 472.49 million as of 2022 and a return on equity of 2.52%. EMC Instytut Medyczny SA provides medical diagnostic services including blood tests, X-rays, and ultrasounds. The company also offers laboratory services such as genetic testing and IVF.
– Attendo AB ($LTS:0RCY)
Attendo AB is a Swedish company that provides healthcare and social services. The company has a market cap of 4.03B as of 2022 and a Return on Equity of 8.28%. Attendo AB provides services to municipalities, county councils, and the private sector in Sweden, Finland, Norway, Denmark, Poland, and Austria. The company offers a range of services, including primary healthcare, specialist healthcare, social services, and elderly care.
– Universal Health Services Inc ($NYSE:UHS)
Universal Health Services, Inc. is one of the largest healthcare management companies in the United States. It owns and operates hospitals, outpatient facilities, and behavioral health and addiction treatment centers. As of 2022, the company’s market capitalization was 7.97 billion and its return on equity was 11.27%. Universal Health Services, Inc. is headquartered in King of Prussia, Pennsylvania.
Summary
Cano Health reported a total revenue of USD 766.8 million and a net income of USD -140.8 million for the second quarter of FY2023, ending June 30 2023. This was an increase of 11.2% from the same period last year. It also suggests that the company’s efforts to diversify its revenue streams and expand its customer base have been successful. As such, investors may find Cano Health an attractive investment option.
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