Miami-based Cano Health, a value-based care provider, reported a $60.6 million net loss for the first quarter 2023 on increased revenue of $866.9 million.
The loss, which compared with an under $1 million loss in the same period last year, was mainly down to higher operating losses and higher interest expenses. Cano Health's operating loss for the first quarter totaled $39.5 million compared with an $11.5 million loss in the same period in 2022.
Cano Health, which has been the subject of recent controversy after three former directors resigned from the board and urged the removal of CEO Marlow Hernandez, DO, is pursuing the sale of certain non-core assets and has retained Oppenheimer & Co. as a financial adviser.