Shares of Cano Health (NYSE: CANO) plunged by more than 18% in pre-market trading on Thursday after the value-based primary care provider and population health company’s FY23 guidance trailed estimates. The company expects total revenue in the range of $3.10 billion to $3.25 billion falling short of consensus estimates of $3.29 billion.
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Cano anticipates ending FY23 with memberships in the range of 375,000 to 385,000 with adjusted EBITDA expected to be between $75 million and $85 million.
The company’s losses widened in the fourth quarter to $0.61 per share versus a loss of $0.12 in the same period last year and were more than analysts’ consensus estimate of $0.12 per share.
Sales increased by 40.2% year-over-year to $680.4 million and surpassing analysts’ expectations of $654.5 million.
Overall, Wall Street analysts are sidelined about CANO stock with a Hold consensus rating based on one Buy, two Holds, and one Sell.