Miami-based Cano Health reported a net loss of $428.4 million in 2022 on revenue of $2.7 billion as the value-based care group expanded its membership.
Much of that net loss came in the fourth quarter and was largely related to a goodwill impairment of $323 million.
Membership totaling 309,590 was 36 percent higher than at the end of 2021, Cano said.
"We completed 2022 with membership well above our initial expectations, and revenue and adjusted EBITDA in line with our most recent guidance," Chair and CEO Marlow Hernandez, DO, said in a statement.
The focus for 2023 will be on maximizing the profit potential of Cano's existing medical centers, Dr. Hernandez said.
"Moreover, we are committed to reviewing all aspects of our value-based platform to improve liquidity and cash flow, and maximize long-term shareholder value," he said.
Cano, which took out a $150 million loan Feb. 27, is aiming for membership of between 375,000 and 385,000 in 2023 with a revenue target of up to $3.25 billion.