Cano Health reports Q3 EPS (23c), consensus (5c)

Reports Q3 revenue $665.03, consensus $717.93M. "Cano Health delivered improved profitability while achieving steady organic growth," said Marlow Hernandez, Chairman and CEO. "While financial results were below our expectations due to lower revenue from new membership growth, existing membership performed in line with expectations. As these new members integrate into our care platform, we expect they will perform similarly to existing members in future periods. In response to our rapid growth and the higher cost of capital in the current economic environment, we are optimizing key areas of the business to leverage existing assets and prioritize cash flow. We are confident Cano Health’s operating model will continue to deliver better health outcomes for our patients and sustainable long-term value creation for our shareholders."