Cano Health, Inc.
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On February 28, 2021, Cano Health disclosed that, “the Company and its independent auditor, Ernst & Young LLP, identified certain potential non-cash adjustments to account for revenue recognition under accounting standard ASC 606. The adjustments relate to how and when the Company accrues revenue related to Medicare Risk Adjustments”. The company stated that “it will delay its fourth-quarter and full-year 2021 earnings release, conference call and 2022 guidance updates, previously scheduled for Monday, February 28, 2022”.
Following this news, Cano Health’s stock fell $0.32, or 6.2%, to close at $4.87 per share on February 28, 2022.