Shares of Cano Health (NYSE: CANO) were crashing 31.6% lower as of 11:25 a.m. ET on Thursday. The steep decline came after the primary care provider announced its third-quarter results following the market close on Wednesday.

Cano reported Q3 revenue of $665 million, up 33% year over year. The company posted a net loss of $112 million, or $0.23 per share. The consensus among analysts surveyed by Refinitiv was for Cano to record a net loss of $0.05 per share.

The company also provided updated full-year 2022 guidance. Cano now expects revenue will be between $2.7 billion and $2.75 billion, down from its previous outlook of $2.85 billion to $2.9 billion. It projects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of between $150 million and $160 million. This range is well below the previous forecast of adjusted EBITDA of around $200 million.

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Source Fool.com