Cano Health layoffs, on the record
Every job cut, severance charge and restructuring Cano Health reported in its annual reports, 2021 to 2023, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | approximately 400 employed providers (physicians, nurse practitioners, physician assistants) and approximate ly 750 cl inical support employees | As of December 31, 2021 |
| 10-K for 2023 | approximately 2,700 | December 31, 2023 |
Job cuts, severance and restructuring
Our summaryThe company reported restructuring and other charges in its Adjusted EBITDA reconciliation for 2021, with no detail of any workforce reduction.
Word for word“Restructuring and other 7,883 2,435 299 Change in fair value of contingent consideration (11,680) 65 2,845 Loss on extinguishment of debt 13,115 23,277 — Change in fair value of embedded derivative — 12,764 — Change in fair value of warrant liabilities (82,914) — — Adjusted EBITDA $ 27,257 $ 72,832 $ 23,644 (1) De novo losses include those costs associated with the ramp up of new medical centers and that are not expected to be incurred past the first 12 months after opening.” 10-K for 2021
Our summaryThe company references a December 2022 reduction in force as an example of a restructuring program.
Word for word“We may be unable to realize our cost reduction objectives from any restructuring programs that we may pursue from time to time, such as our December 2022 reduction in force, which could affect our ability to fund other initiatives and adversely impact our profitability.” 10-K for 2022
Our summaryThe company repeats that it implemented a December 2022 reduction in force as part of its restructuring programs.
Word for word“From time to time, we implement restructuring programs, such as our December 2022 reduction in force, that are generally designed to streamline our operations, reporting structures and business processes, with the objective of maximizing productivity and improving profitability, cash flows and liquidity.” 10-K for 2022
Our summaryThe company reported restructuring and other charges in its non-GAAP reconciliation, including a one-time fee from MSP.
Word for word“Restructuring and other included a one-time fee from MSP of $5.0 million related to a professional service agreement for the year ended December 31, 2022.” 10-K for 2022
Our summaryIn the third quarter of 2023 the company cut about 21% of its workforce as part of a restructuring plan, partly from exiting markets and partly from reorganizing.
Word for word“In connection with its restructuring plan, in the third quarter of 2023, the Company reduced staffing by approximately 842 employees, or 21% of its workforce.” 10-K for 2023
Our summaryThe company recorded a restructuring charge for the third quarter 2023 workforce reductions, mostly employee-related costs such as severance, and paid most of it in 2023.
Word for word“The Company recorded a restructuring charge in the third quarter of 2023 of approximately $1.7 million, the majority of which was paid in 2023 and a lesser amount in 2024, consisting primarily of employee-related costs, such as severance, retention and other contractual termination benefits.” 10-K for 2023
Our summaryThe company expects to book about $20 million of charges in 2024 to carry out its Transformation Plan, mainly lease exit costs and employee termination benefits.
Word for word“The Company expects to recognize approximately $20 million in pre-tax charges to implement these plans during 2024, consisting principally of lease exit costs and employee termination benefits.” 10-K for 2023
Our summaryThe company announced a Transformation Plan in late December 2023 to cut costs and improve productivity.
Word for word“Following such announcement, the Company announced in late December 2023 that it was pursuing implementation of its new Transformation Plan that is designed to: (i) improve the Company’s MCR; (ii) reduce its DPE and SG&A expenses; (iii) improve the Company’s gross profit and Adjusted EBITDA; and (iv) maximize the Company’s productivity, cash flow and liquidity.” 10-K for 2023
Our summaryThe company references an earlier reduction in force in December 2022 among its restructuring programs.
Word for word“From time to time, we implement restructuring programs, such as our December 2022 reduction in force, the restructuring program that we announced in August 2023, and the Transformation Plan announced in December 2023, that are generally designed to streamline our operations, reporting structures and business processes, with the objective of maximizing productivity and improving profitability, cash flows and liquidity.” 10-K for 2023
Cano Health has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Cano Health’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-04-01. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.