MIAMI, March 31,
2023 /PRNewswire/ -- Cano Health, Inc. ("Cano Health"
or the "Company") (NYSE: CANO), a leading value-based primary care
provider and population health company, issued the following
statement:
"Our Board and management team have devoted considerable time
and resources to analyzing the Company's performance, operations,
financial strength, and potential against the backdrop of the
challenges the Company and the sector have faced. While we fully
recognize the recent disappointing share price performance, our
work has supported our strong confidence in the Company's mission
and fundamentals, our commitment to driving operational and
financial improvements, and our belief in the Company's continuing
prospects for long-term shareholder value creation.
We are disappointed that three directors chose to resign due to
what we believe is their focus solely on the short term. We
strongly disagree with their representations about the Company and
their assessment of Dr. Hernandez's performance.
It is particularly concerning that Mr. Sternlicht decided to
share his individual perspective on confidential Board
deliberations and communications, which is misleading to
shareholders and undermines the Board's ability to engage in the
vigorous exchange of diverse views that is necessary for good
governance. The Company finds Mr. Sternlicht's method of
resignation particularly reckless and obviously at cross-purposes
with shareholders' best interests. Boards must have healthy debate
about how best to drive shareholder value, including in difficult
circumstances. It is irresponsible to air those debates in ways
that are meant to undermine healthy Board debate and harm the
Company and shareholders.
Cano Health's Board and management will continue to work closely
together, with intensity, to improve operational execution, enhance
cost discipline, and achieve positive free cash flow. Cano Health
has established a strong performance track record—providing
patients improved access to care, lowering hospital admissions, and
significantly reducing medical costs. This is where our focus will
remain.
We look forward to communicating further over the coming months
as the Company takes meaningful actions to realize its potential on
behalf of all of its stakeholders and to create long-term
shareholder value."
About Cano Health
Cano Health (NYSE: CANO) is a high-touch, technology-powered
healthcare company delivering personalized, value-based primary
care to approximately 310,000 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 4,000 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.
Forward-Looking Statements: This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 19person33, 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 commitment to driving operational
and financial improvements, working to improve operational
execution, enhancing cost discipline and achieving positive cash
flow. 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 program; 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 SEC. Factors other
than those listed above could also cause the Company's results to
differ materially from expected results. 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.
Media Contact
Kekst CNC
Anntal Silver / Nick Capuano
anntal.silver@kekstcnc.com / nicholas.capuano@kekstcnc.com
Investor Contact
Cano Health IR
investors@canohealth.com
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SOURCE Cano Health, Inc.