Cano Health slumps on raising going concern doubts; reports job cuts

Cano Health

10/08/2023 23:16

** Shares of primary care provider Cano Health  CANO.N  fall
50.3% to ~$0.75 after the bell
    ** Company says there is substantial doubt about its ability
to continue as a going concern within one year
    ** CANO is pursuing a process to sell itself and is
continuing efforts to divest its non-core assets and business
lines
    ** Under its restructuring plan, company expects to lower
costs by reducing 17% of its current workforce, about 700
employees, in Q3'23
    ** Company's Q2 revenue of $766.75 mln misses analysts' est.
of $828.44 mln - Refinitiv
    ** As of last close, stock up about 11% this year

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))