(Tiper Stock Exchange) – Cano Healtha company active in the healthcare and management of facilities for the elderly, closed the second quarter (as of June 30, 2023) with come in of $766.7 million, up 11% year over year, and a net loss of $270.7 million, compared to a net loss of $14.6 million in the same period a year earlier.
“Cano Health stands evaluating the strategic interest for the company to ensure we continue to care for our patients while maximizing value for our stakeholders,” said the Interim CEO, Mark Kent “Our mission and vision remain the same, however, the strategy and tactics required to realize inherent profitability require an updated approach with a strong operational foundation.”
Notably, Cano Health announced it is pursuing a Comprehensive process for identifying and evaluating interest in a company saleor all or substantially all of its assets.
In addition to this process, it has made significant progress in evaluation of its non-strategic activities. So far, Cano Health expects to exit its California, New Mexico and Illinois operations by the fall of 2023 and to exit its Puerto Rico operations by January 1, 2024.
In relation to its restructuring plan, in the third quarter of 2023, it expects to reduce its workforce by approximately 700 employees, equal to 17% of its workforce. Approximately 40% of the workforce reductions will be attributable to outbound operations in some markets, with the remainder attributable to consolidation efforts and other administrative operations.
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