Your Board of Directors, management, and our more than 4,000 team members have a deep understanding of these
communities and we have built a healthcare delivery platform uniquely positioned to serve their needs. Today, Cano Health and its affiliates care for approximately 389,000 members from our 170 medical centers across 10 U.S. states, including Puerto
Rico.
We believe our differentiated model improves patient engagement, reduces hospital visits, and achieves a lower mortality rate, while lowering
medical costs relative to Medicare fee-for-service benchmarks. As we continue to help our target universe of patients live longer, healthier lives, we expect our
strategy will allow us to capture more share of a massive $1.7 trillion market opportunity for value-based healthcare services.
Our commitment to all
shareholders
As large shareholders ourselves, we have made a personal commitment to ensure Cano Health delivers on its enormous potential. We believe
an objective assessment of the underlying past performance of our company and our future prospects demonstrates the intrinsic value embedded in our business value we believe belongs to all our shareholders.
It takes time to scale a transformative healthcare platform and realize the strong intrinsic value already established, yet we are encouraged by early signs
that our strategy is working:
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Continued Growth: Total revenues grew 70% year-over-year in 2022 and as of the first quarter of 2023 total
membership of approximately 389,000 is 44% higher than this time last year. |
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Clear Path to Sustainable Profitability: We have delivered 5 consecutive quarters of positive Adjusted
EBITDA. Further, SG&A expense as a percentage of revenue was 260 bps lower year-over-year in the first quarter of 2023, despite serving significantly more patients. |
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Leading Clinical Outcomes: Our members are less likely to be admitted to the hospital, compared to
patients in fee-for-service models, and our admissions per thousand members were approximately 7% lower in 2022 compared to 2021. |
Unfortunately, three former directors with a stated short-term agenda have launched a highly misleading and disruptive campaign, attacking our Board and
management. They have a significantly different approach, which would have us continue down paths which were ineffective and value-destructive in the past year.
As we move forward, these efforts will not distract us from our relentless focus on bringing our powerful mission to lifetransforming healthcare
delivery with better outcomes at lower costs and creating value for our patients, partners, shareholders, and the communities we serve.
In closing, we
stand both clear and confident in our focused strategy and detailed operating plan, and are committed to intensely executing on that plan which we believe will bridge the gap between our intrinsic value and our share price, quarter by quarter.
Thank you for your attention, support, and investment.