Cano Health (CANO) Reports Q4 Loss of $0.12/sh

Cano Health (NYSE: CANO) reported Q4 EPS of ($0.12). Revenue for the quarter came in at $492.3 million, versus $258.4 million reported last year.

Restatement of the Company's 2021 Quarterly PeriodsAs disclosed in the Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on March 14, 2022, the Company concluded that the previously issued financial results for the quarterly periods for March 31, 2021, June 30, 2021 and September 30, 2021 require restatement. The restatement results from the Company's correction of its accounting for Medicare Risk Adjustment (MRA) revenue within Medicare Advantage contracts. The correction changes the timing of the revenue recognition associated with MRA, which resulted in adjustments to capitated revenue, direct patient expense, accounts receivable, net of unpaid service provider costs, and accounts payable and accrued expenses. The restatement did not impact the Company's cash from operations, its cash position, or estimated collectability of receivables. The Company's restated quarterly financial results for 2021 will be included in the Annual Report on Form 10-K for the year ended December 31, 2021 to be filed today. The Company, in consultation with its independent auditors, concluded that the effect of the adjustments was not material as of and for the fiscal years ended December 31, 2019 and 2020.

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

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