Cano Health, Inc. (CANO), a company involved in the provision of medical services, has surged 7.34% in the premarket trading session. Consequently, the stock was trading at $5.70 when last checked. During Monday’s regular trading session, the stock plummeted by 10.30% to close the day at $5.31. The stock is on the rise in premarket after the company released financial results.
Q4 & FY 2021 Results
On Monday, after the closure of the market, CANO announced the results for Q4 and FY 2021. The said period came to an end on 31st December 2021. The total revenue during the quarter was $492.3 million, depicting an increase of 90% on a year-over-year basis. The net income during the quarter was $0.5 million, while the adjusted EBITDA was calculated to be $11.1 million. During the full year 2021, $1.6 billion was generated in terms of revenue, a growth of 94% on a year-over-year basis. The net loss suffered during the year was $116.7 million, while the adjusted EBITDA was $27.3 million.
FY 2022 Guidance
CANO also provided an update regarding the guidance for the full year 2022. The company expected the total revenue to lie between $2.8 billion and $2.9 billion during fiscal 2022. The adjusted EBITDA is expected to remain in the range of $230 million to $240 million during the year, while the Medical claims expense ratio is expected to remain between 76% and 76.5% during the fiscal year 2021.
Comments from CEO of CANO
Dr. Marlow Hernandez, Chairman, and CEO of CANO commented that the results of the fourth quarter and fiscal year 2021 are an embodiment of positive momentum in the growth of the company’s operational portfolio. The company is highly excited about the prospects of success in the fiscal year 2022.
What’s Ahead for CANO?
Looking ahead, analysts think that CANO stock is in a very wide falling range. Alongside, the stock is also showing several negative technical signals. Hence, CANO is expected to face a decline in the next couple of weeks.