MIAMI, Nov. 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 third quarter ended September 30,
2022.
Third Quarter Financial Results
- Total membership of 294,596, including 168,346 Medicare
capitated members, an increase of 40% year-over-year for both
- Total revenue of $665.0 million,
an increase of 33% year-over-year
- Net loss of $(112.0) million,
unfavorably impacted by a $65.7
million fair value adjustment of warrant liabilities
- Adjusted EBITDA1 of $42.5
million, compared to $13.6
million in the third quarter of 2021, an increase of 211%
year over year
The Company continues to demonstrate financial and operational
improvement year-over-year, with higher revenue, an improved
medical cost ratio2, or MCR, and a higher Adjusted
EBITDA margin. Total third-party medical costs per member per
month, or PMPM, were better than expected in the third quarter,
however, capitated revenue PMPM was approximately (5%) lower than
the prior year and approximately (9%) lower than the second quarter
of 2022, primarily due to a lower-than-expected capitated rates
from new patients. This resulted in a higher medical cost
ratio in the quarter than expected. The MCR was 78.2% in the
third quarter, compared to 80.5% in the prior year, primarily
driven by lower third-party medical costs PMPM, which more than
offset the decline in capitated revenue PMPM.
"Cano Health delivered improved profitability while achieving
steady organic growth," said Dr. Marlow
Hernandez, Chairman and Chief Executive Officer at Cano
Health. "While financial results were below our expectations
due to lower revenue from new membership growth, existing
membership performed in line with expectations. As these new
members integrate into our care platform, we expect they will
perform similarly to existing members in future periods. In
response to our rapid growth and the higher cost of capital in the
current economic environment, we are optimizing key areas of the
business to leverage existing assets and prioritize cash
flow. We are confident Cano Health's operating model will
continue to deliver better health outcomes for our patients and
sustainable long-term value creation for our shareholders."
______________________
|
(1) Adjusted EBITDA is
a non-GAAP financial measure. A reconciliation of this non-GAAP
financial measure to its most directly comparable GAAP financial
measure is provided in the Reconciliation of Non-GAAP Adjusted
EBITDA table included in this press release. An explanation of this
measure and how it is calculated is also included under the heading
"Non-GAAP Financial Measures."
|
(2) Medical Claims
Expense Ratio (MCR) is calculated as third-party medical expense
divided by capitated revenue
|
Guidance
The Company is updating its guidance for full year 2022 provided
on August 9, 2022. The updated
guidance for full year 2022 is as follows:
- Membership in the range of 300,000 to 305,000, unchanged from
the prior guidance range
- Total revenue in the range of $2.70
billion to $2.75 billion, a
decrease from the prior guidance range of $2.85 billion to $2.90
billion, primarily driven by lower-than-expected capitated
revenue PMPM from new memebers
- Total medical cost ratio (MCR) in the range of 79.5% to 80.5%,
an increase from the prior range of 78.0% to 79.0%, driven by the
aforementioned lower-than-expected capitated reven PMPM from new
memebers
-
- The second half of 2022 is still expected to be lower than
total MCR in the first half of 2022, primarily driven by normal
seasonality in medical costs and cost recoveries
- Adjusted EBITDA of approximately $150
million to $160 million, a
decrease from the prior guidance of approximately $200 million
- The Company added eight medical centers in the quarter,
bringing total medical centers to 151, as of September 30, 2022, and 162 as of November 9, 2022; the Company expects to operate
170 by the end of 2022, a decrease from the prior guidance of 184
to 189, consistent with the focus on cash flow improvement
As of November 4, 2022, the Company had approximately 245
million shares of Class A common stock and 250 million shares of
Class B common stock issued and outstanding. Total share count for
the purposes of calculating market capitalization was approximately
494 million.
Conference Call Information
Cano Health will host a conference call today at 5:00 PM ET to review the Company's business and
financial results for the third quarter ended September 30, 2022.
To access the live call and webcast, please dial (888) 660-6359
for U.S. participants, or +1 (929) 203-0867 for international
participants, and reference the Cano Health Third Quarter 2022
Earnings Conference Call and Conference ID 8371699. The conference
call will also be webcast live in the "Events & Presentations"
section of the Investor page of the Cano Health website.
A replay will be available in the "Events & Presentations"
section of the Cano Health website for on-demand listening shortly
after the completion of the call and will be available for 30
days.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements relate to future events and
involve known and unknown risks, uncertainties and other factors
which are, in some cases, beyond our control and could materially
affect actual results, performance or achievements. Such
forward-looking statement include, without limitation, our
anticipated results of operations, including our financial guidance
for the 2022 fiscal year, our business strategies, our projected
costs, prospects and plans, and other aspects of our operations or
operating results. These forward-looking statements generally can
be identified by phrases such as "will," "expects," "anticipates,"
"foresees," "forecasts," "estimates" or other words or phrases of
similar import. It is uncertain whether any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what impact they will have on our
results of operations and financial condition. Important risks and
uncertainties that could cause our actual results and financial
condition to differ materially from those indicated in
forward-looking statements include, among others, changes in market
or industry conditions, regulatory environment, competitive
conditions, and receptivity to our services; changes in our
strategy, future operations, prospects and plans; developments and
uncertainties related to the Direct Contracting Entity ("DCE") DCE
program; adverse effects on the Company's business as a result of
the restatement of our previously issued financial statements; our
ability to realize expected financial results, including with
respect to patient membership, total revenue and earnings; our
ability to predict and control our medical cost ratio; our ability
to grow market share in existing markets or enter into new markets
and continue our growth; our ability to integrate our acquisitions
and achieve desired synergies; our ability to maintain our
relationships with health plans and other key payors; the impact of
COVID-19 on our business and results of operations; our future
capital requirements and sources and uses of cash, including funds
to satisfy our liquidity needs; and our ability to recruit and
retain qualified team members and independent physicians. For a
detailed discussion of the risks and uncertainties that could cause
our actual results to differ materially from those expressed or
implied by the forward-looking statements, please refer to our
filings with the Securities and Exchange Commission (the "SEC").
All information provided in this press release is as of the date
hereof, and we undertake no duty to update or revise this
information unless required by law.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures
as defined by the SEC rules. EBITDA and Adjusted EBITDA have not
been prepared in accordance with United
States generally accepted accounting principles ("GAAP").
EBITDA is defined as net income (loss) before interest, income
taxes, depreciation and amortization. Adjusted EBITDA is defined as
EBITDA, adjusted to add back the effect of certain expenses, such
as stock-based compensation expense, de novo losses (consisting of
costs associated with the ramp up of new medical centers and losses
incurred for the twelve months after the opening of a new
facility), acquisition transaction costs (consisting of transaction
costs and corporate development payroll costs), restructuring and
other charges, fair value adjustments in contingent consideration,
loss on extinguishment of debt, and changes in fair value of
warrant liabilities. We believe these non-GAAP financial measures
provide an additional tool for investors to use in evaluating
ongoing operating results and trends and in comparing our financial
measures with other similar companies. We do not consider these
non-GAAP measures in isolation or as an alternative to financial
measures determined in accordance with GAAP.
These non-GAAP financial measures are subject to inherent
limitations as they reflect the exercise of judgments by management
about which expense, income and other items are excluded or
included in determining these non-GAAP financial measures. In
addition, other companies may calculate non-GAAP financial measures
differently or may use other measures to evaluate their
performance, all of which could reduce the usefulness of our
non-GAAP financial measures as tools for comparison. A
reconciliation of those measures to their most directly comparable
GAAP measures is available under the heading "Reconciliation of
Non-GAAP Measures."
The Company has not reconciled its expectations as to non-GAAP
measures in future periods to their most directly comparable GAAP
measure because certain costs and expenses are outside of its
control or cannot be reasonably predicted. Accordingly,
reconciliation is not available without unreasonable effort,
although it is important to note that these factors could be
material to the Company's results computed in accordance with
GAAP.
About Cano Health
Cano Health (NYSE: CANO) is a high-touch, technology-powered
healthcare company delivering personalized, value-based primary
care to more than 290,000 members. With its headquarters in
Miami, Florida, Cano Health is
transforming healthcare by delivering primary care that measurably
improves the health, wellness, and quality of life of its patients
and the communities it serves. Founded in 2009, Cano Health has
more than 4,500 employees, and operates primary care medical
centers and supports affiliated providers in nine states and
Puerto Rico. For more
information,
visit canohealth.com or investors.canohealth.com.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
UNAUDITED
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
(in thousands,
except share and per share data)
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue:
|
|
|
|
|
|
|
|
Capitated
revenue
|
$
625,895
|
|
$
473,763
|
|
$
1,955,739
|
|
$
1,064,604
|
Fee-for-service and
other revenue
|
39,133
|
|
25,168
|
|
102,804
|
|
52,510
|
Total
revenue
|
665,028
|
|
498,931
|
|
2,058,543
|
|
1,117,114
|
Operating
expenses:
|
|
|
|
|
|
|
|
Third-party medical
costs
|
489,565
|
|
381,316
|
|
1,566,661
|
|
868,177
|
Direct patient
expense
|
63,867
|
|
50,368
|
|
177,190
|
|
120,212
|
Selling, general and
administrative expenses
|
111,765
|
|
76,618
|
|
314,617
|
|
158,786
|
Depreciation and
amortization expense
|
25,343
|
|
16,955
|
|
64,215
|
|
30,746
|
Transaction costs and
other
|
5,033
|
|
11,206
|
|
19,616
|
|
36,274
|
Change in fair value
of contingent
consideration
|
900
|
|
(3,940)
|
|
(9,525)
|
|
(4,152)
|
Total operating
expenses
|
696,473
|
|
532,523
|
|
2,132,774
|
|
1,210,043
|
Income (loss) from
operations
|
(31,445)
|
|
(33,592)
|
|
(74,231)
|
|
(92,929)
|
Other income and
expense:
|
|
|
|
|
|
|
|
Interest
expense
|
(16,451)
|
|
(16,023)
|
|
(42,868)
|
|
(36,363)
|
Interest
income
|
4
|
|
1
|
|
7
|
|
4
|
Loss on extinguishment
of debt
|
—
|
|
—
|
|
(1,428)
|
|
(13,225)
|
Change in fair value
of warrant liabilities
|
(65,721)
|
|
(14,650)
|
|
(8,383)
|
|
24,565
|
Other income
(expense)
|
354
|
|
(29)
|
|
884
|
|
(54)
|
Total other income
(expense)
|
(81,814)
|
|
(30,701)
|
|
(51,788)
|
|
(25,073)
|
Net income (loss)
before income tax expense
|
(113,259)
|
|
(64,293)
|
|
(126,019)
|
|
(118,002)
|
Income tax expense
(benefit)
|
(1,248)
|
|
547
|
|
641
|
|
(762)
|
Net income
(loss)
|
$
(112,011)
|
|
$
(64,840)
|
|
$
(126,660)
|
|
$
(117,240)
|
Net income (loss)
attributable to non-
controlling interests
|
(57,783)
|
|
(41,602)
|
|
(67,759)
|
|
(98,559)
|
Net income (loss)
attributable to Class A
common stockholders
|
$
(54,228)
|
|
$
(23,238)
|
|
$
(58,901)
|
|
$
(18,681)
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to Class
A common stockholders, basic
|
$
(0.23)
|
|
$
(0.14)
|
|
$
(0.28)
|
|
$
(0.11)
|
Net income (loss) per
share attributable to Class
A common stockholders, diluted
|
$
(0.23)
|
|
$
(0.14)
|
|
$
(0.28)
|
|
$
(0.16)
|
Weighted-average shares
used in computation
of earnings per share:
|
|
|
|
|
|
|
|
Basic
|
232,314,170
|
|
170,871,429
|
|
211,408,974
|
|
168,100,210
|
Diluted
|
232,314,170
|
|
477,255,983
|
|
211,408,974
|
|
169,312,258
|
CONDENSED CONSOLIDATED BALANCE
SHEETS
UNAUDITED
|
|
|
|
As
of,
|
(in
thousands)
|
|
September 30,
2022
|
|
December 31,
2021
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
$
24,097
|
|
$
163,170
|
Accounts receivable,
net of unpaid service provider costs
|
|
202,037
|
|
133,433
|
Prepaid expenses and
other current assets
|
|
78,833
|
|
20,632
|
Total current
assets
|
|
304,967
|
|
317,235
|
Property and
equipment, net
|
|
125,513
|
|
85,261
|
Operating lease right
of use assets
|
|
171,442
|
|
132,173
|
Goodwill
|
|
787,885
|
|
769,667
|
Payor relationships,
net
|
|
565,213
|
|
576,648
|
Other intangibles,
net
|
|
231,368
|
|
248,973
|
Other
assets
|
|
9,751
|
|
13,582
|
Total
assets
|
|
$ 2,196,139
|
|
$ 2,143,539
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
notes payable
|
|
$
6,444
|
|
$
6,493
|
Current portion of
finance lease liabilities
|
|
1,595
|
|
1,295
|
Current portion of
contingent consideration
|
|
5,700
|
|
3,123
|
Accounts payable and
accrued expenses
|
|
110,301
|
|
80,829
|
Current portions due
to sellers
|
|
2,038
|
|
17,357
|
Current portion
operating lease liabilities
|
|
24,946
|
|
15,275
|
Other current
liabilities
|
|
34,537
|
|
36,664
|
Total current
liabilities
|
|
185,561
|
|
161,036
|
Notes payable, net of
current portion and debt issuance costs
|
|
914,394
|
|
915,266
|
Long term portion of
operating lease liabilities
|
|
160,479
|
|
122,935
|
Warrants
liabilities
|
|
88,528
|
|
80,144
|
Long term portion of
finance lease liabilities
|
|
3,139
|
|
2,181
|
Contingent
consideration
|
|
28,000
|
|
35,300
|
Other
liabilities
|
|
33,004
|
|
28,109
|
Total
liabilities
|
|
1,413,105
|
|
1,344,971
|
Stockholders'
Equity
|
|
|
|
|
Shares of Class A
common stock
|
|
24
|
|
18
|
Shares of Class B
common stock
|
|
25
|
|
30
|
Additional paid-in
capital
|
|
544,106
|
|
397,443
|
Accumulated
deficit
|
|
(137,661)
|
|
(78,760)
|
Total Stockholders'
Equity before non-controlling interests
|
|
406,494
|
|
318,731
|
Non-controlling
interests
|
|
376,540
|
|
479,837
|
Total Stockholders'
Equity
|
|
783,034
|
|
798,568
|
Total Liabilities and
Stockholders' Equity
|
|
$ 2,196,139
|
|
$ 2,143,539
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
UNAUDITED
|
|
|
|
Nine Months
Ended
September 30,
|
(in
thousands)
|
|
2022
|
|
2021
|
Cash Flows from
Operating Activities:
|
|
|
|
|
Net loss
|
|
$
(126,660)
|
|
$
(117,240)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Depreciation and
amortization expense
|
|
64,215
|
|
30,746
|
Change in fair value
of contingent consideration
|
|
(9,525)
|
|
(4,152)
|
Change in fair value
of warrant liabilities
|
|
8,383
|
|
(24,565)
|
Loss on extinguishment
of debt
|
|
1,428
|
|
13,225
|
Amortization of debt
issuance costs
|
|
2,743
|
|
4,162
|
Non-cash lease
expense
|
|
8,367
|
|
—
|
Class A shares issued
for bonus award
|
|
2,194
|
|
—
|
Stock-based
compensation
|
|
42,641
|
|
13,131
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Accounts receivable,
net
|
|
(75,913)
|
|
(25,494)
|
Other
assets
|
|
10,885
|
|
(9,874)
|
Prepaid expenses and
other current assets
|
|
(47,492)
|
|
(22,603)
|
Interest accrued due
to seller
|
|
100
|
|
1,208
|
Accounts payable and
accrued expenses
|
|
30,955
|
|
40,620
|
Other
liabilities
|
|
3,521
|
|
6,343
|
Net cash provided by
(used in) operating activities
|
|
(84,158)
|
|
(94,493)
|
Cash Flows from
Investing Activities:
|
|
|
|
|
Purchase of property
and equipment
|
|
(39,061)
|
|
(23,221)
|
Acquisitions of
subsidiaries including non-compete intangibles, net of cash
acquired
|
|
(4,995)
|
|
(1,065,479)
|
Payments to
sellers
|
|
(4,097)
|
|
(24,148)
|
Net cash provided by
(used in) investing activities
|
|
(48,153)
|
|
(1,112,848)
|
Cash Flows from
Financing Activities:
|
|
|
|
|
Business Combination
and PIPE financing
|
|
—
|
|
935,362
|
Payments of long-term
debt
|
|
(4,833)
|
|
(656,294)
|
Debt issuance
costs
|
|
(88)
|
|
(16,489)
|
Proceeds from
long-term debt
|
|
—
|
|
1,120,000
|
Proceeds from
revolving line of credit
|
|
25,000
|
|
—
|
Repayments of
revolving line of credit
|
|
(25,000)
|
|
—
|
Proceeds from
insurance financing arrangements
|
|
2,529
|
|
1,702
|
Payments of principal
on insurance financing arrangements
|
|
(2,070)
|
|
(1,419)
|
Principal payments
under finance leases
|
|
(1,037)
|
|
(233)
|
Repayment of equipment
loans
|
|
(385)
|
|
(316)
|
Employee stock
purchase plan withholding tax payments
|
|
(878)
|
|
—
|
Other
|
|
—
|
|
134
|
Net cash provided by
(used in) financing activities
|
|
(6,762)
|
|
1,382,447
|
|
|
|
|
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
|
(139,073)
|
|
175,106
|
Cash, cash equivalents
and restricted cash at beginning of year
|
|
163,170
|
|
33,807
|
Cash, cash equivalents
and restricted cash at end of period
|
|
$
24,097
|
|
$
208,913
|
Reconciliation of Non-GAAP
Adjusted EBITDA
UNAUDITED
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September
30,
|
(in
thousands)
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net
loss
|
$
(112,011)
|
|
$
(64,840)
|
|
$
(126,660)
|
|
$
(117,240)
|
Interest
income
|
(4)
|
|
(1)
|
|
(7)
|
|
(4)
|
Interest
expense
|
16,451
|
|
16,023
|
|
42,868
|
|
36,363
|
Income tax expense
(benefit)
|
(1,248)
|
|
547
|
|
641
|
|
(762)
|
Depreciation and
amortization expense
|
25,343
|
|
16,955
|
|
64,215
|
|
30,746
|
EBITDA
|
$
(71,469)
|
|
$
(31,316)
|
|
$
(18,943)
|
|
$
(50,897)
|
Stock-based
compensation
|
11,041
|
|
9,451
|
|
42,641
|
|
13,130
|
De novo (1)
|
24,282
|
|
10,178
|
|
59,567
|
|
24,561
|
Transaction costs
(2)
|
6,733
|
|
12,503
|
|
24,445
|
|
39,297
|
Restructuring and
other (3)
|
5,245
|
|
2,123
|
|
8,846
|
|
5,513
|
Change in fair value
of contingent consideration
|
900
|
|
(3,940)
|
|
(9,525)
|
|
(4,152)
|
Loss on extinguishment
of debt
|
—
|
|
—
|
|
1,428
|
|
13,225
|
Change in fair value
of warrant liabilities
|
65,721
|
|
14,650
|
|
8,383
|
|
(24,565)
|
Adjusted
EBITDA
|
$ 42,453
|
|
$ 13,649
|
|
$
116,842
|
|
$
16,112
|
______________________
|
(1) De novo losses
include those costs associated with the ramp up of new medical
centers and losses incurred after the opening of a new facility.
These costs collectively are higher than comparable expenses
incurred once such a facility has been opened and is generating
revenue, and would not have been incurred unless a new facility was
being opened.
|
|
(2) Acquisition
transaction costs included $1.7 million and $1.3 million for
the three months ended June 30, 2022 and 2021, respectively, and
$4.3 million and $3.0 million for the six months ended
June 30, 2022 and 2021, respectively, of corporate development
payroll costs. Corporate development payroll costs include those
expenses directly related to the additional staff needed to support
our acquisition activity.
|
|
(3) Restructuring and
other included $5.0 million for the three and nine
months ended September 30, 2022 related to a one-time
professional services fee.
|
Key Metrics
|
|
|
|
Three Months
Ended
September
30,
|
|
|
|
|
2022
|
|
2021
|
|
%
Change
|
Members:
|
|
|
|
|
|
|
Medicare
Advantage
|
|
128,731
|
|
112,309
|
|
14.6 %
|
Medicare
DCE
|
|
39,615
|
|
7,777
|
|
409.4 %
|
Total
Medicare
|
|
168,346
|
|
120,086
|
|
40.2 %
|
Medicaid
|
|
73,865
|
|
63,871
|
|
15.6 %
|
ACA
|
|
52,385
|
|
26,706
|
|
96.2 %
|
Total
members
|
|
294,596
|
|
210,663
|
|
39.8 %
|
|
|
|
|
|
|
|
Member
months:
|
|
|
|
|
|
|
Medicare
Advantage
|
|
383,645
|
|
337,724
|
|
13.6 %
|
Medicare
DCE
|
|
119,936
|
|
22,715
|
|
428.0 %
|
Total
Medicare
|
|
503,581
|
|
360,439
|
|
39.7 %
|
Medicaid
|
|
218,807
|
|
187,212
|
|
16.9 %
|
ACA
|
|
149,872
|
|
81,437
|
|
84.0 %
|
Total member
months
|
|
872,260
|
|
629,088
|
|
38.7 %
|
|
|
|
|
|
|
|
Per Member Per Month
("PMPM"):
|
|
|
|
|
|
|
Medicare
Advantage
|
|
$
1,127
|
|
$
1,151
|
|
(2.1) %
|
Medicare
DCE
|
|
$
1,215
|
|
$
1,349
|
|
(9.9) %
|
Total
Medicare
|
|
$
1,148
|
|
$
1,163
|
|
(1.3) %
|
Medicaid
|
|
$
191
|
|
$
271
|
|
(29.5) %
|
ACA
|
|
$
40
|
|
$
47
|
|
(14.9) %
|
Total PMPM
|
|
$
718
|
|
$
753
|
|
(4.6) %
|
|
|
|
|
|
|
|
Medical
centers
|
|
151
|
|
113
|
|
|
Key
Metrics
|
|
|
|
Nine Months
Ended
September
30,
|
|
|
|
|
2022
|
|
2021
|
|
%
Change
|
Members:
|
|
|
|
|
|
|
Medicare
Advantage
|
|
128,731
|
|
112,309
|
|
14.6 %
|
Medicare
DCE
|
|
39,615
|
|
7,777
|
|
409.4 %
|
Total
Medicare
|
|
168,346
|
|
120,086
|
|
40.2 %
|
Medicaid
|
|
73,865
|
|
63,871
|
|
15.6 %
|
ACA
|
|
52,385
|
|
26,706
|
|
96.2 %
|
Total
members
|
|
294,596
|
|
210,663
|
|
39.8 %
|
|
|
|
|
|
|
|
Member
months:
|
|
|
|
|
|
|
Medicare
Advantage
|
|
1,102,625
|
|
820,881
|
|
34.3 %
|
Medicare
DCE
|
|
367,326
|
|
46,639
|
|
687.6 %
|
Total
Medicare
|
|
1,469,951
|
|
867,520
|
|
69.4 %
|
Medicaid
|
|
627,634
|
|
321,581
|
|
95.2 %
|
ACA
|
|
411,138
|
|
195,290
|
|
110.5 %
|
Total member
months
|
|
2,508,723
|
|
1,384,391
|
|
81.2 %
|
|
|
|
|
|
|
|
Per Member Per Month
("PMPM"):
|
|
|
|
|
|
|
Medicare
Advantage
|
|
$
1,189
|
|
$
1,053
|
|
12.9 %
|
Medicare
DCE
|
|
$
1,320
|
|
$
1,283
|
|
2.9 %
|
Total
Medicare
|
|
$
1,222
|
|
$
1,066
|
|
14.6 %
|
Medicaid
|
|
$
223
|
|
$
414
|
|
(46.1) %
|
ACA
|
|
$
48
|
|
$
36
|
|
33.3 %
|
Total PMPM
|
|
$
780
|
|
$
769
|
|
1.4 %
|
|
|
|
|
|
|
|
Medical
centers
|
|
151
|
|
113
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cano-health-announces-financial-results-for-the-third-quarter-2022-301673586.html
SOURCE Cano Health, Inc.