Cano health announces financial results for the second quarter 2023
Cano health is pursuing a process to sell the company the company plans to exit operations in california, new mexico and illinois by the fall of 2023, and puerto rico by january 1, 2024 miami , aug. 10, 2023 /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, 2023. second quarter 2023 financial results total membership of 381,066 including 205,696 medicare capitated members, an increase of 35% and 25% year-over-year, respectively total revenue of $766.7 million, compared to $689.4 million in the prior year, an increase of 11% year-over-year net loss of $(270.7) million, compared to a net loss of $(14.6) million in the prior year, primarily driven by a higher operating loss, due to lower-than-expected medicare risk adjustment ("mra") revenue, higher third-party medical costs, a change in the reserve for other assets related to msp recovery class a common stock, a change in fair value of warrant liabilities, and higher interest expense adjusted ebitda1 of $(149.7) million, compared to $9.9 million in the prior year in the second quarter of 2023, capitated revenue of $743.3 million increased 13% year-over-year.
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