Cano health announces financial results for the second quarter 2022

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 ebitda 1  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%.
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