Cano Health Inc Down 27.86% To $5.93 After Earnings Miss

Cano Health Inc (CANO) reported less than expected earnings this afternoon for Q3 2023.

The consensus among analysts for Cano Health Inc was for an earnings per share (EPS) loss of $18.50 per share. The firm failed to meet those projections, reporting an EPS loss of $91.87 per share, a negative surprise of $73.37 (-397%). Profits fell 39843% year-over-year after reporting an EPS loss of $0.23 per share in its year-ago quarter. The negative growth rate signals that the Healthcare company isn't performing well amid current economic conditions.

Revenues were upbeat at $788.1 million. That is an increase of 18.51% in revenues from the year-ago report and is 4.08% higher than consensus estimates set at $757.2 million.

The stock is down 27.86% to $5.93 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

Trading in the five days leading up to the report earned Cano Health Inc a Bearish Sentiment Rank from InvestorsObserver.

Cano Health Inc has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 23, putting Cano Health Inc in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $8.2 on November 9, 2023 and set a 52-week high on November 10, 2022 at $253.

Cano Health Inc operates value-based primary care centers and supports affiliated medical practices that specialize in primary care for seniors in Florida, Texas, Nevada, and Puerto Rico.