Why Cano Health Jumped More Than 11% Today
Shares of healthcare-clinic chain Cano Health (NYSE: CANO) closed 11.3% higher on Tuesday following the release of third-quarter numbers that exceeded analysts' expectations.
For the three-month span ending in September, Cano Health turned $526.8 million worth of revenue into a net loss of $40.9 million. On an adjusted basis, however, the company reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $35.2 million.
Last quarter's EBITDA improved on a COVID-crimped figure of only $23 million from the same quarter a year earlier. Perhaps more important, reported revenue easily topped expectations of $447.6 million and doubled the year-earlier comparison of $263.1 million.
Source Fool.com
