Shares of Cano Health (NYSE: CANO) were crashing 67.9% lower as of 11:25 a.m. ET on Friday. The steep sell-off came after the primary care provider and population health company provided its second-quarter update following the market close on Thursday. In that update, Cano Health stated that its management team "has concluded that there is substantial doubt about the company's ability to continue as a going concern within one year."

Cano Health announced that it will try to sell the company. In the meantime, it intends to exit operations in California, Illinois, and New Mexico this fall as well as in Puerto Rico by the beginning of 2024. 

The healthcare stock was enjoying a nice run so far in 2023 before Cano Health's Q2 update. But investors were right to head for the hills after hearing the company's gloomy outlook.

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Source Fool.com