Cano Health (CANO) Misses Q2 EPS by 6c, Revenue Beats

Cano Health (NYSE: CANO) reported Q2 EPS of ($0.07), $0.06 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $393.2 million versus the consensus estimate of $300.09 million.

• Guidance:

The Company is updating its previous guidance from July 6, 2021. Consistent with that guidance, the guidance below does not include the impact of any additional acquisitions, which the Company expects would be accretive to total revenue and Adjusted EBITDA.

The updated outlook for 2021, which now includes DCE and the recent transactions described above under "Update on Recent Transactions", is expected to be as follows:

• Membership: Approximately 215,000, an increase from the prior range of 205,000 to 210,000
• Total revenue: Approximately $1.6 billion, an increase from the prior guidance of $1.5 billion
• Adjusted EBITDA: Approximately $115 million, reflecting an increase from the prior guidance of approximately $110 million
• The Company continues to expect to open 15 to 20 de novo medical centers in 2021
• By year-end we expect to be operational in eight states plus Puerto Rico. The states include Florida, Texas, Nevada, New York, New Jersey, New Mexico, and two additional states that will be announced by the end of the third quarter

The updated outlook for 2022 is expected to be as follows:

• Membership: In the range of 275,000 to 280,000, an increase from the prior guidance of approximately 250,000
• Total revenue: In the range of $2.5 billion to $2.6 billion, an increase from the prior guidance of approximately $2.23 billion
• Adjusted EBITDA: In the range of $165 million to $170 million, reflecting an increase from the prior guidance of approximately $150 million
• The Company continues to expect to open 54 to 59 de novo medical centers in 2022

For earnings history and earnings-related data on Cano Health (CANO) click here.

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