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      Cano Health Inc (CANO) stock is soaring in the after-market. Here’s why - Stocks Telegraph

      By Mustafa Bin Tariq

      Published on

      March 15, 2022

      6:38 AM UTC

      Last Updated on

      March 15, 2022

      6:42 AM UTC

      Cano Health Inc (CANO) stock is soaring in the after-market. Here’s why - Stocks Telegraph

      The stock of Cano Health Inc (CANO) closed the regular trading session at $5.31, losing 10.3% from the previous day’s trading session. On the last check, CANO stock soared in the after-market, gaining 7.34% to $5.7. CANO released the fiscal performance for Q4 and FY21. The company also filed forms 10-K and 8-K with the SEC. Also, the firm is under inquiry regarding the violation of federal securities law.

      Cano Health Inc is an organization that works in the medical care suppliers and administrations industry. The firm gives well-being programs, including telehealth, prescription home conveyance, health programs, change of care, and high-chance and complex care regulations. CANO has a market capitalization of $2.55 billion. The company has its base in Miami, Florida, United States of America (USA).

      Table of Contents

      CANO News

      Cano Health Inc is currently under an inquiry by Bragar Eagel & Squire, Frank R. Cruz, and Block & Leviton. The ongoing inquiry is regarding the violation of federal securities law. The inquiry is on behalf of the firm’s shareholders. On 2 February 2022, CANO declared the delay in the fiscal performance of Q4 and FY22. The delay in performance came due to an inside investigation. The internal investigation observed certain non-cash changes connected with the acknowledgment of the sale that might affect when and how the organization accumulates the sales.

      Also, earlier in January 2022, the company declared the finished repricing of its $644.4 million senior term loan. The general pricing of the term credit was diminished by 0.75%. Beforehand, the term credit was valued at 4.50% with a LIBOR floor of 0.75%.

      CANO Financials

      Moreover, CANO published the fiscal performance for Q4 and FY21, which concluded on 31 December 2021. The highlights of the performance are

      • The total sales for the company expanded by 90.4% in Q4 of FY21 to $492.2 million versus $258.4 in Q4 of FY20. Further, total sales in FY2021 increased by 93.5% to $1.6 billion compared to $831.5 million in FY2020.
      • Also, the total income for CANO in Q4 for FY21 was $0.5 million compared to the total loss of $49.3 million in the same year-ago quarter. Moreover, the total loss in FY21 grew by 64.2% to $116.7 million against $70.4 million in FY2020.
      • Besides, the firm had a loss of $0.12 and $0.28 per stock in Q4 and FY2021, respectively.

      CEO Remarks

      The CEO of CANO commented that the final quarter results mirror the proceeded positive force in the development of their tasks. He added that they surpassed their direction and extended their clinical limit in eight states permitting them to speed up development in 2022.

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