By Emon Reiser
Shares of Cano Health hit an all-time low Friday after the company reported a steep miss on its earnings per share and again warned investors that its cash on hand may not be enough to cover expenses over the next 12 months.
The stock plummeted 25%, to $6.11 a share, in morning trading. The stock is down 94% for the year.
The healthcare company again warned that it could seek a “going concern” regarding its potential shortfall in cash. The company says it believes that its approximately $53 million in liquidity as of Nov. 9, down from $101.5 million in liquidity on Aug. 9, “is not sufficient to cover the Company’s operating, investing and financing cash uses for the next 12 months.”
Cano on Thursday reported a third-quarter loss of $491.7 million, or $91.87 a share, compared with a loss of $112 million, or $23.34 a share, a year ago. Analysts polled by FactSet expected a loss of $17.64 a share.
Cano began trading on the New York Stock Exchange in 2021 through a deal with Barry Sternlicht’s Jaws Acquisition Corp., a special purpose acquisition company. This year, the company appointed a new CEO and laid off workers as its stock hemorrhaged and it burned through its cash reserves.
Write to Emon Reiser at [email protected]