Cano Health plummets to all-time low after flagging going concern doubts

Cano Health

11/08/2023 15:02

(Updates)
    ** Shares of primary care provider Cano Health  CANO.N  drop
59.2% to all-time low of 62 cents 
    ** Co's shares see biggest one-day pct loss
    ** CANO says current liquidity is not sufficient to cover
operating, investing and financing uses for the next 12 months
and may impede its ability to function as a going concern
    ** The primary care provider's Q2 net loss widens to $270.75
mln from $14.6 mln a year earlier due to increased medical costs
    ** Co's medical cost ratio — or spending on claims as a
percentage of premiums — rises to 103.5% in the quarter,
compared with 82.6% a year earlier.
    ** Including session's losses, stock up ~11% YTD

 (Reporting by Christy Santhosh and Khushi Mandowara in
Bengaluru)
 ((Christy.santhosh@thomsonreuters.com))