8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________

FORM 8-K

__________________________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 9, 2021

__________________________________________

Cano Health, Inc.

(Exact name of registrant as specified in its charter)

__________________________________________

Commission File Number: 001-39289

Delaware

(State or other jurisdiction of incorporation or organization)

9725 NW 117th Avenue, Suite #200, Miami, FL

(Address of principal executive offices)

98-1524224

(IRS Employer Identification No.)

33178

(Zip Code)

(855) 226-6633

(Registrant's telephone number, including area code)

________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, $0.0001 par value per share	CANO	The New York Stock Exchange
Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share	CANO/WS	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 9, 2021, Cano Health, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2021. A copy of that press release as well as the Cano Health Q3 2021 financial supplement are available on the Company’s website and are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference. This Item 2.02 and the attached Exhibits 99.1 and 99.2 are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended , or the Exchange Act.

The Company will host a conference call and audio webcast today at 8:30 a.m. Eastern Time, during which management will discuss the third quarter results and provide commentary on business performance. A question and answer session with analysts and investors will follow the prepared remarks.

The conference call can be accessed by dialing 844-684-0650 (domestic) or 343-761-2594 (international).

A live audio webcast of the conference call will be available through the “Events & Presentations” section of the Investor page of the Company’s website, www.canohealth.com. A replay of the webcast will be archived on the Company’s website for 30 days following the call.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit Number	Description
99.1	Press release dated November 9, 2021
99.2	Cano Health Q3 2021 financial supplement
104	Cover Page Interactive Data file (embedded within the Inline XBRL document)

EX-99.1

Exhibit 99.1

Cano Health Announces Financial Results for the Third Quarter 2021

Increases Full Year 2021 and 2022 Guidance

MIAMI, November 9, 2021 /PRNewswire/– Cano Health, Inc. (“Cano Health” or the “Company”) (NYSE: CANO), a leading value-based primary care provider for seniors and underserved communities, today announced financial results for the third quarter and nine months ended September 30, 2021.

Third Quarter Highlights:

•Total membership of 210,663 including Medicare capitated members of 120,086, an increase of 105% and 65%, respectively, year-over-year

•Total revenue of $526.8 million, an increase of 100% year-over-year

•Net loss of $40.9 million

•Adjusted EBITDA(1) of $35.2 million, an increase of 53% year-over year

•Raised 2021 and 2022 guidance for total membership, total revenue, and Adjusted EBITDA

“Our third quarter results once again demonstrate the successful execution of our operating model and growth strategy. We have the privilege of serving more members than ever before, because we have continued to produce better outcomes for our patients at lower costs. Our strategy to build, buy, and manage medical centers is driving scale and density in key markets, which is fueling our profitable growth. I am pleased that we have already met our full year goal of being operational in eight states plus Puerto Rico. As a result of our continued momentum, we are raising our guidance for 2021 and 2022,” said Dr. Marlow Hernandez, Co-Founder, Chairman, and CEO of Cano Health.

Third Quarter Financial Results:

•Total revenue of $526.8 million for the third quarter of 2021, compared to $263.1 million for the third quarter of 2020

•Net loss of $40.9 million for the third quarter of 2021, compared to a net loss of $11.1 million for the third quarter of 2020

•Adjusted EBITDA(1) of $35.2 million for the third quarter of 2021, compared to $23.0 million for the third quarter of 2020

The Company had 171.6 million shares of Class A common stock and 305.7 million shares of Class B common stock outstanding at September 30, 2021. Our total share count for the purposes of calculating our market capitalization was 480.0 million as of November 5, 2021.

(1) Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure is provided in the Reconciliation of Non-GAAP Adjusted EBITDA table included in this press release. An explanation of this measure and how it is calculated is also included under the heading “Non-GAAP Financial Measures.”

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COVID-19 Update

For Cano Health members, as of October 31, we have observed a seven-day daily average of 1.4 cases compared to a seven-day daily average of 24.0 cases at Cano Health’s pandemic peak in January 2021, and 1.2 COVID-19 average monthly hospital admissions per 1,000 in October as compared to Cano Health’s pandemic peak of 21.2 in July 2020. Our COVID-19 mortality rate continues to be at least 50%

lower than the senior population in Florida. Additional detail is provided in our Third Quarter 2021 Financial Supplement found on the Investor Relations section of our website, canohealth.com/investors.

The medical claims expense ratio for the third quarter 2021 was 75.6%, compared to 77.0% in the second quarter for 2021. The sequential decline was primarily driven by the continued effectiveness of our care and utilization management programs.

For the first nine months of 2021, the medical claims expense ratio was 75.4%. For the full year of 2021, we continue to project a medical claims expense ratio of approximately 75.0%, reflecting an anticipated medical claims expense ratio of approximately 74.0% in the fourth quarter.

Acquisition and Market Update

•Completed acquisition of Doctor’s Medical Center on July 2 for $300 million, adding approximately 52,000 members and 18 medical centers in Florida

•In July 2021, acquired a behavioral health specialty group in South Florida to better serve the mental health needs of Cano Health members and others in the communities we serve

•Also, in July 2021, acquired two medical centers in Las Vegas, Nevada, adjacent to our four existing medical centers

•In August 2021, deployed approximately $170 million ($140 million in cash and $30 million in equity) to acquire medical practices and infrastructure managing affiliates in four states: Florida, New York, New Jersey, and New Mexico

•Launched Healthy Heart by Dr. Juan, a program targeting cardiovascular disease prevention, led by Dr. Juan Rivera, a nationally recognized cardiologist, and Chief Medical Correspondent for the Univision television network

•Increased density in southeast Texas by opening four de novo medical centers in the Rio Grande Valley and Corpus Christi, bringing our total medical centers in the region to ten

•Expanded into Los Angeles and Chicago, while increasing our presence in Albuquerque, through the addition of seven de novo medical centers

•Including de novo medical centers in Florida and Nevada we have thus far opened 16 de novo medical centers in 2021

•Total medical center footprint is currently 126

Balance Sheet and Cash Flow

•As of September 30, 2021, Cano Health had approximately $209 million of cash, cash equivalents and restricted cash and $952 million of debt

•On September 30, 2021, Cano Health issued senior unsecured notes in the principal amount of $300 million, proceeds of which were used to repay in full its $250 million bridge loan; the company also added an incremental $100 million to its existing term loan

•In the third quarter, the Company deployed net cash of approximately $450 million in connection with acquisitions as described above in “Acquisition and Market Update”

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•Cash used in operating activities for the nine months ended September 30, 2021 was $91 million

Guidance

The Company is updating its previous guidance from August 12, 2021. Consistent with that guidance, the guidance below does not include the impact of any additional acquisitions.

The updated outlook for 2021 is expected to be as follows:

•Membership: Approximately 218,000, an increase from the prior guidance of approximately 215,000

•Total revenue of approximately $1.7 billion, an increase from the prior guidance of $1.6 billion

•Adjusted EBITDA of approximately $118 million, reflecting an increase from the prior guidance of approximately $115 million

•The Company expects to open approximately 20 de novo medical centers and operate approximately 130 owned medical centers by the end of 2021

The updated outlook for 2022 is expected to be as follows:

•Membership in the range of 280,000 to 285,000; an increase from the prior guidance of 275,000 to 280,000

•Total revenue in the range of $2.6 billion to $2.7 billion; an increase from the prior guidance of $2.5 billion to $2.6 billion

•Adjusted EBITDA in the range of $170 million to $175 million; an increase from the prior guidance of $165 million to $170 million

•The Company continues to expect to open 54 to 59 de novo medical centers, and expects to operate 184 to 189 owned medical centers in 2022

We have not reconciled our expectations as to non-GAAP measures in future periods to their most directly comparable GAAP measure because certain costs and expenses are outside of our control or cannot be reasonably predicted. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to our results computed in accordance with GAAP.

Conference Call Information

Cano Health will host a conference call today at 8:30 AM Eastern Time to review the Company’s business and financial results for the third quarter ended September 30, 2021.

To access the live call and webcast, please dial (844) 684-0650 for U.S. participants, or +1 (343) 761-2594 for international participants, and reference the Cano Health Third Quarter 2021 Earnings Conference Call. The conference call will also be webcast live in the “Events & Presentations” section of the Investor page of the Cano Health website.

Following the conclusion of the live call, a replay will be available in the “Events & Presentations” section of the Cano Health website for on-demand listening shortly after the completion of the call and will be available for 30 days.

Forward-Looking Statements

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This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to future events and involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. Such forward-looking statement include, without limitation, our anticipated results of operations, including our financial guidance for the 2021 and 2022 fiscal years, our business strategies, the expected amount of investments and capital expenditures, the anticipated impact of the recent transactions on our business and future financial and operating results, the expected amount and timing of synergies from the recent transactions, our projected costs, prospects and plans, and other aspects of our operations or operating results. These forward-looking statements generally can be identified by phrases such as “will,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on our results of operations and financial condition. Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to our services; our ability to realize expected results with respect to patient membership, total revenue and earnings; our ability to enter into new markets and continue our growth; our ability to integrate our acquisitions and achieve desired synergies; changes in laws and regulations applicable to our business; our ability to maintain our relationships with health plans and other key payors; the impact of COVID-19 on our business and results of operation; our future capital requirements and sources and uses of cash, including funds to satisfy our liquidity needs; and our ability to recruit and retain qualified team members and independent physicians. For a detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, please refer to our filings with the Securities and Exchange Commission (the “SEC”), including the risk factors identified in the definitive Proxy Statement/Prospectus filed with the SEC on May 7, 2021 and incorporated by reference into our Super 8-K filed on June 9, 2021 and in subsequent Quarterly Reports on Form 10-Q. All information provided in this press release is as of the date hereof, and we undertake no duty to update or revise this information unless required by law.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures as defined by the SEC rules. EBITDA and Adjusted EBITDA have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). EBITDA is defined as GAAP net income (loss) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA, adjusted to add back the effect of certain expenses, such as stock-based compensation expense, de novo losses (consisting of losses incurred in the twelve months after the opening of a new facility), acquisition transaction costs (consisting of transaction costs, fair value adjustments in contingent consideration, management fees and corporate development payroll costs), restructuring and other charges, loss on extinguishment of debt, changes in fair value of an embedded derivative, and changes in fair value of warrant liabilities. We believe these non-GAAP financial measures provide an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing our financial measures with other similar companies. We do not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. These non-GAAP financial

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measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense, income and other items are excluded or included in determining these non-GAAP financial measures. In addition, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation of those measures to their most directly comparable GAAP measures is available under the heading “Reconciliation of Non-GAAP Measures.”

About Cano Health

Cano Health operates value-based primary care medical centers and supports affiliated medical practices that specialize in primary care for seniors in Florida, Texas, Nevada, New York, New Jersey, New Mexico, California, Illinois, and Puerto Rico, with additional markets in development. As part of its care coordination strategy, Cano Health provides sophisticated, high-touch population health management programs including telehealth, prescription home delivery, wellness programs, transition of care, and high-risk and complex care management.

Cano Health’s personalized patient care and proactive approach to wellness and preventive care sets it apart from competitors. Cano Health has consistently improved clinical outcomes while reducing costs, affording patients the opportunity to lead longer and healthier lives. Cano Health serves a predominantly minority population (80% of its patients are Latino or African American) and low-income population (50% of its members are dual eligible for Medicare and Medicaid). For more information visit www.canohealth.com or www.canohealth.com/investors/.

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Investor Relations Contacts:

Alan Oshiki or Sydney Isaacs

Abernathy MacGregor

(212) 371-5999 / (713) 817-9346

aho@abmac.com / sri@abmac.com

Media Relations Contact:

Patricia Graue

Brunswick Group

(212) 333-3810

canohealth@brunswickgroup.com

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(in thousands, except share and per share data)		2021		2020		2021		2020
Revenue:
Capitated revenue	$	501,780	$	252,974	$	1,148,041	$	544,617
Fee-for-service and other revenue		25,018		10,159		52,055		25,020
Total revenue		526,798		263,133		1,200,096		569,637
Operating expenses:
Third-party medical costs		379,316		184,926		866,177		382,279
Direct patient expense		57,708		31,108		135,777		71,441
Selling, general and administrative expenses		75,926		27,391		157,348		70,234
Depreciation and amortization expense		16,955		5,379		30,746		12,741
Transaction costs and other		6,528		7,716		32,140		29,854
Total operating expenses		536,433		256,520		1,222,188		566,549
Income (loss) from operations		(9,635)		6,613		(22,092)		3,088
Other income and expense:
Interest expense		(16,023)		(12,346)		(36,363)		(21,728)
Interest income		1		80		4		239
Loss on extinguishment of debt		—		—		(13,225)		—
Change in fair value of embedded derivative		—		(5,138)		—		(5,444)
Change in fair value of warrant liabilities		(14,650)		—		24,565		—
Other expenses		(29)		—		(54)		(150)
Total other expense		(30,701)		(17,404)		(25,073)		(27,083)
Net loss before income tax benefit (expense)		(40,336)		(10,791)		(47,165)		(23,995)
Income tax benefit (expense)		(547)		(326)		762		(294)
Net loss		(40,883)		(11,117)		(46,403)		(24,289)
Net loss attributable to non-controlling interests		(26,246)		—		(41,283)		—
Net loss attributable to Class A common stockholders	$	(14,637)	$	—	$	(5,120)	$	—
Net loss per share attributable to Class A common stockholders, basic	$	(0.09)		N/A	$	(0.03)		N/A
Net loss per share attributable to Class A common stockholders, diluted	$	(0.09)		N/A	$	(0.08)		N/A
Weighted-average shares used in computation of earnings per share:
Basic		170,871,429		N/A		168,100,210		N/A
Diluted		170,871,429		N/A		169,312,258		N/A

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CONDENSED CONSOLIDATED BALANCE SHEETS

UNAUDITED

		As of,
(in thousands)		September 30, 2021		December 31, 2020
Assets
Current assets:
Cash, cash equivalents and restricted cash	$	208,913	$	33,807
Accounts receivable, net of unpaid service provider costs		223,644		76,709
Inventory		1,777		922
Prepaid expenses and other current assets		30,788		8,937
Total current assets		465,122		120,375
Property and equipment, net		64,156		38,126
Goodwill		765,511		234,328
Payor relationships, net		584,265		189,570
Other intangibles, net		256,327		36,785
Other assets		4,703		4,362
Total assets		2,140,084		623,546
Liabilities and stockholders' equity / members' capital
Current liabilities:
Current portion of notes payable		6,493		4,800
Current portion of equipment loans		513		314
Current portion of capital lease obligations		1,006		876
Current portion of contingent consideration		8,406		—
Accounts payable and accrued expenses		76,654		33,180
Deferred revenue		1,815		988
Current portions due to sellers		24,687		27,129
Other current liabilities		20,000		1,333
Total current liabilities		139,574		68,620
Notes payable, net of current portion and debt issuance costs		916,111		456,745
Warrants liabilities		138,493		—
Equipment loans, net of current portion		1,454		873
Capital lease obligations, net of current portion		1,559		1,580
Deferred rent		5,387		3,111
Deferred revenue, net of current portion		4,698		4,277
Due to sellers, net of current portion		170		13,976
Contingent consideration		38,300		5,172
Other liabilities		36,325		11,648
Total liabilities		1,282,071		566,002
Stockholders’ Equity / Members' Capital
Shares of Class A common stock		17		—
Shares of Class B common stock		31		—
Members' capital		—		157,591
Additional paid-in capital		363,060		—
Accumulated deficit		(52,547)		(99,913)
Notes receivable, related parties		—		(134)
Total Stockholders' Equity / Members’ Capital attributed to Class A		310,561		57,544
Non-controlling interests		547,452		—
Total Stockholders' Equity / Members’ Capital		858,013		57,544
Total Liabilities and Stockholders' Equity / Members’ Capital	$	2,140,084	$	623,546

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED

		Nine Months Ended
		September 30,
(in thousands)		2021		2020
Cash Flows from Operating Activities:
Net loss	$	(46,403)	$	(24,289)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		30,746		12,741
Change in fair value of contingent consideration		(4,152)		—
Change in fair value of embedded derivative		—		5,444
Change in fair value of warrant liabilities		(24,565)		—
Loss on extinguishment of debt		13,225		—
Amortization of debt issuance costs		7,653		3,851
Write off of other receivables		—		531
Equity-based compensation		12,148		177
Changes in operating assets and liabilities:
Accounts receivable, net		(95,991)		(33,286)
Inventory		(856)		(484)
Other assets		(6,578)		217
Prepaid expenses and other current assets		(27,358)		163
Accounts payable and accrued expenses		56,626		10,480
Deferred rent		2,236		868
Deferred revenue		1,147		—
Other liabilities		(9,376)		2,544
Net cash used in operating activities		(91,498)		(21,043)
Cash Flows from Investing Activities:
Purchase of property and equipment		(23,221)		(9,442)
Acquisitions of subsidiaries including non-compete intangibles, net of cash acquired		(1,068,661)		(205,325)
Payments to sellers		(24,148)		(38,748)
Other		—		(39)
Net cash used in investing activities		(1,116,030)		(253,554)
Cash Flows from Financing Activities:
Contributions from member		—		95,782
Business combination and PIPE financing		935,362		—
Interest accrued due to sellers		1,208		1,082
Payments of long-term debt		(656,294)		(2,378)
Debt issuance costs		(17,689)		(5,655)
Proceeds from long-term debt		1,120,000		184,096
Proceeds from revolving credit facility		—		9,700
Repayments of revolving credit facility		—		(9,700)
Proceeds from insurance financing arrangements		4,401		2,864
Payments of principal on insurance financing arrangements		(3,939)		(2,388)
Repayments of equipment loans		(233)		(57)
Repayments of capital lease obligations		(316)		(518)
Settlement of note receivable		134		—
Net cash provided by financing activities		1,382,634		272,828
Net increase (decrease) in cash, cash equivalents and restricted cash		175,106		(1,769)
Cash, cash equivalents and restricted cash at beginning of year		33,807		29,192
Cash, cash equivalents and restricted cash at end of period	$	208,913	$	27,423

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Reconciliation of Non-GAAP

Adjusted EBITDA

		Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)		2021		2020		2021		2020
Net income (loss)	$	(40,883)	$	(11,117)	$	(46,403)	$	(24,289)
Interest income		(1)		(80)		(4)		(239)
Interest expense		16,023		12,346		36,363		21,728
Income tax expense (benefit)		547		326		(762)		294
Depreciation and amortization expense		16,955		5,379		30,746		12,741
EBITDA	$	(7,359)	$	6,854	$	19,940	$	10,235
Stock-based compensation		8,909		66		12,148		177
De novo losses (1)		9,016		2,025		21,496		4,373
Acquisition transaction costs (2)		7,825		7,827		35,163		30,121
Restructuring and other		2,123		1,113		5,513		1,829
Loss on extinguishment of debt		—		—		13,225		—
Change in fair value of embedded derivative		—		5,138		—		5,444
Change in fair value of warrant liabilities		14,650		—		(24,565)		—
Adjusted EBITDA	$	35,164	$	23,023	$	82,921	$	52,179

(1) De novo losses include those costs associated with the ramp up of new facilities and that are not expected to be incurred past the first 12 months after opening. These costs collectively are higher than comparable expenses incurred once such a facility has been open and generating revenue and would not have been incurred unless a new facility was being opened.

(2) Acquisition transaction costs included $1.3 million and $0.1 million of corporate development payroll costs for the three months ended September 30, 2021 and 2020, respectively, and $3.0 million and $0.3 million of corporate development payroll costs for the nine months ended September 30, 2021 and 2020, respectively. Corporate development payroll costs include those expenses directly related to the additional staff needed to support our increased acquisition activity.

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Key Metrics

		Three Months Ended September 30,
		2021		2020	% Change
Members:
Medicare		120,086		72,806	64.9	%
Medicaid		63,871		19,169	233.2	%
ACA		26,706		10,792	147.5	%
Total members		210,663		102,767	105.0	%
Member months:
Medicare		360,439		216,353	66.6	%
Medicaid		187,212		53,511	249.9	%
ACA		81,437		32,285	152.2	%
Total member months		629,088		302,149	108.2	%
Per Member Per Month ("PMPM"):
Medicare	$	1,241	$	1,020	21.7	%
Medicaid	$	271	$	585	(53.7)	%
ACA	$	47	$	33	42.4	%
Total PMPM	$	798	$	837	(4.7)	%
Owned medical centers		113		71
		Nine Months Ended September 30,
		2021		2020	% Change
Members:
Medicare		120,086		72,806	64.9	%
Medicaid		63,871		19,169	233.2	%
ACA		26,706		10,792	147.5	%
Total members		210,663		102,767	105.0	%
Member months:
Medicare		867,520		483,878	79.3	%
Medicaid		321,581		136,658	135.3	%
ACA		195,290		92,577	110.9	%
Total member months		1,384,391		713,113	94.1	%
Per Member Per Month ("PMPM"):
Medicare	$	1,162	$	942	23.4	%
Medicaid	$	414	$	631	(34.4)	%
ACA	$	36	$	26	38.5	%
Total PMPM	$	829	$	764	8.5	%
Owned medical centers		113		71

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EX-99.2

1 Cano Health Q3 2021 Financial Supplement November 9, 2021

2 Disclaimer This presentation (“Presentation”) is for informational purposes only to assist interested parties in making their own evaluation with respect to Cano Health, Inc. (“Cano Health” or the “Company”). The information contained herein does not purport to be all‐inclusive, and neither the Company nor any of its affiliates, control persons, officers, directors, employees, or representatives makes any representation or warranty, express or implied, as to the accuracy, completeness, or reliability of the information contained in this Presentation. Certain information contained in this Presentation relates to or is based on studies, publications, surveys, and the Company’s own internal estimates and research. In addition, certain data and other information included in this Presentation are based on a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source. This Presentation also contains certain financial forecast information. Such financial forecast information, which constitutes forward‐looking information, is for illustrative purposes only and includes certain estimates and assumptions about expected medical costs and savings and recent acquisitions and other transactions and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive, and other risks, and uncertainties. Actual results may differ materially from the results contemplated by the financial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation as to the accuracy or completeness of such information or by any person that the results reflected in such forecasts will be achieved. Forward‐Looking Statements. This Presentation contains forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward‐looking statements relate to future events and involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. Such forward‐looking statement include, without limitation, our anticipated results of operations, including our financial guidance for the 2021 and 2022 fiscal years, our business strategies, the anticipated impact of the recent transactions on our business and future financial and operating results, the expected amount and timing of synergies from the recent transactions, our projected costs, including projected costs for full‐year stock compensation and interest expense and cash to be used in operating activities and de novo and maintenance capital expenditures for 2021, prospects and plans, and other aspects of our operations or operating results. These forward‐looking statements generally can be identified by phrases such as “will,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. It is uncertain whether any of the events anticipated by the forward‐looking statements will transpire or occur, or if any of them do, what impact they will have on our results of operations and financial condition. Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in forward‐looking statements include, among others, changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to our services; our ability to realize expected results with respect to patient membership, total revenue and earnings; our ability to enter into new markets and continue our growth; our ability to integrate our acquisitions and achieve desired synergies; changes in laws and regulations applicable to our business; our ability to maintain our relationships with health plans and other key payors; the impact of COVID‐19 or another pandemic on our business and results of operation; our future capital requirements and sources and uses of cash, including funds to satisfy our liquidity needs; and our ability to recruit and retain qualified team members and independent physicians. For a detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those expressed or implied by the forward‐looking statements, please refer to our filings with the Securities and Exchange Commission (the “SEC”), including the risk factors identified in the definitive Proxy Statement/Prospectus filed with the SEC on May 7, 2021 and incorporated by reference into our Super 8‐K filed on June 9, 2021 and in subsequent Quarterly Reports on Form 10‐Q. Unless otherwise specified, all information provided in this Presentation is as of the date hereof. New risks emerge from time to time and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those expressed in any forward‐looking statements we may make. Except as required by law, we undertake no obligation to update any forward‐looking statements to reflect events or circumstances after the date of such statements. You should, therefore, not rely on these forward‐looking statements as representing our views as of any date subsequent to the date of this Presentation. This Presentation also contains certain non‐GAAP financial measures as defined by the SEC rules. These non‐GAAP financial measures, such as EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Further Adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). These non‐GAAP financial measures are in addition to, and not a substitute for, measures of financial performance prepared in accordance with GAAP. We believe these non‐GAAP measures of financial results provide useful information regarding certain financial and business trends relating to our financial condition and results of operations. Our management uses these non‐GAAP measures to compare our performance to that of prior periods for trend analyses, for purposes of determining management incentive compensation, and for budgeting and planning purposes. We believe that the use of these non‐GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing our financial measures with other similar companies, many of which present similar non‐GAAP financial measures to investors. We do not consider these non‐GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non‐GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in our financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non‐GAAP financial measures. In addition, other companies may calculate non‐GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non‐GAAP financial measures as tools for comparison. As required by Regulation G, we have provided a reconciliation of those measures to their most directly comparable GAAP measures, in this document. However, we have not reconciled our expectations as to non‐GAAP measures in future periods to their most directly comparable GAAP measure because certain costs and expenses are outside of our control or cannot be reasonably predicted. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to our results computed in accordance with GAAP. You should review our financial statements filed with the SEC, and not rely on any single financial measure to evaluate our business.

3 Transforming patient care by delivering superior primary care services through access, quality, and wellness We are a high‐touch, tech‐enabled, population health management company with a powerful combination of medical centers and services making healthcare more accessible and affordable Industry‐leading independent primary care provider company Technology‐driven population heath management Patient‐focused medical centers adapted to the local community ++

4 Adjusted EBITDA(1): $35M +53% y-y On track for 20 de novos in 2021 16 de novo centers opened to date in 2021 Q3 2021 Highlights Scale and density driving sustainable, profitable growth Medicare Capitated Membership 120K, up 65% y‐y Reflects strong membership growth and operational expansion 2021 and 2022 guidance raised Strong de novo growth and completed acquisitions support updated outlook Adjusted EBITDA margin of 6.7% Total Revenue: $527M +100% y-y Total Membership: 211K +105% y-y Delivering strong results ‐ demonstrating success in our Build, Buy, and Manage differentiated growth strategy, enabled by CanoPanorama Healthy Heart program launched Launched in six Cano Health medical centers across Florida, Texas and Nevada, with future locations expected Targets cardiovascular disease with specialized prevention and risk assessment protocols Medical Claims Expense Ratio improved 140 bps sequentially to 75.6% On track for full year MCR of ~75% CanoPanorama projections of stable hospital admissions realized through the recent COVID‐19 surge Total Revenue, Membership, and Adjusted EBITDA Medical Claims Expense Ratio (MCR) = Third‐party Medical Costs / Capitated Revenue Reaffirming guidance for 2022 of 54‐59 de novo medical centers (1) Adjusted EBITDA and Adjusted EBITDA Margin are non‐GAAP financial measures. Please refer to the reconciliation table for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure. Complete quarterly reconciliations from Q1 2019 through Q1 2021 are available in the Company’s S‐1 SEC filing on June 25, 2021, as amended.

5 Membership growth of 105% driven by acquisitions and organic growth Medical claims expense ratio for the third quarter 2021 was 75.6%, compared to 73.1% for the third quarter of 2020; increase driven primarily by the inclusion of DCE members, who we initially expect to have higher medical costs, and to a lesser extent by higher elective procedure utilization and costs related to COVID‐19 SG&A ratio increased primarily due to higher stock compensation expense and higher professional fees, primarily related to transactions Q3 2021 Q3 2020 Change Total Membership 210,663 102,767 105% Medicare 120,086 72,806 65% Medicaid 63,871 19,169 233% ACA 26,706 10,792 147% Total Revenues $527M $263M 100% Adjusted EBITDA (1) $35M $23M 53% Medical Claims Expense Ratio (2) 75.6% 73.1% 250 bps SG&A Ratio % 14.4% 10.4% 400 bps Adjusted EBITDA Margin %(1)(3) 6.7% 8.7% (200) bps Q3 2021 Results Cano Health (1) Adjusted EBITDA and Adjusted EBITDA Margin are non‐GAAP financial measures. Please refer to the reconciliation table for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure. Complete quarterly reconciliations from Q1 2019 through Q1 2021 are available in the Company’s S‐1 SEC filing on June 25, 2021, as amended. (2) Medical Claims Expense Ratio = Third‐party Medical Costs / Capitated Revenue (3) Adjusted EBITDA margin is defined as Adjusted EBITDA expressed as a percentage of total revenue

6 0 5 10 15 20 25 30 2‐Apr 1‐Jun 22‐Jul 11‐Sep 17‐Nov 5‐Jan 25‐Feb 25‐Apr 11‐Jul 4‐Sep 29‐Oct Cano Health COVID‐19 Case Incidence Se ve n‐ D ay A ve ra ge D ai ly C as es Source. Cano Health company data . Seven‐Day Average Daily Case Incidence 2020 2021 24.0 1.4 For Cano Health members, as of October 31, we have observed a 7‐day daily average of 1.4 cases compared to 24.0 cases at our pandemic peak in January 2021, and 14.3 cases at our last update on August 9 14.3 Pandemic peak Reported on August 9 Current 31

7 0 1 2 3 4 5 6 7 1‐Apr 15‐Jun 24‐Jul 1‐Sep 9‐Nov 24‐Dec 28‐Jan 30‐Mar 9‐Jul 23‐Aug 12‐Oct31 Cano Health COVID‐19 Admissions Source. Cano Health company data. Seven‐Day Average Daily Admissions Se ve n‐ D ay A ve ra ge D ai ly A dm is si on s For Cano Health members, as of October 31, we have observed a seven‐day daily average of 1.1 admissions compared to 6.6 at our pandemic peak in July 2020 and 2.0 at our last update on August 9 6.6 1.1 2020 2021 2.0 Pandemic peak Current Reported August 9

8 0 5 10 15 20 25 ‐ 50 100 150 200 250 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Total Admissions Per 1,000 COVID‐19 Admissions Per 1,000 Cano Health Total vs. COVID‐19 Hospital Admissions Source: Cano Health company data. Average Monthly Hospital Admissions Per 1,000 Average Daily CO VID ‐19 Adm issions Per 1,000Av er ag e Da ily To ta l A dm is sio ns P er 1 ,0 00 2020 2021 For the month of October, we have observed 1.2 average monthly hospital admissions per 1,000 as compared to Cano Health’s pandemic peak of 21.2 in July 2020 21.2 1.2 Pandemic peak 13.8 August Current

9 Source: Cano Health Internal Analysis with Third Party Support and Cano Health estimates (1) The members in the analysis represented 57% of Cano Health’s South Florida at Risk Medicare membership in 2019 Medicare Advantage Premiums of Cano Health Members(1) Tracked Expected Cost Increases from Age and Acuity Member Tenure Member Tenure <6 months 30‐36 months<6 months 30‐36 months 3‐Year Premium PMPM CAGR Expected 3‐Year Medical Cost CAGR 9% CAGR 6% CAGR MA Premiums increased at a ~6% CAGR as members aged and more chronic conditions were documented Medical costs (primary care, inpatient, outpatient) expected to increase at a ~9% CAGR as members age and acuity rises due to undertreatment of chronic conditions (e.g., poorly controlled hypertension, high cholesterol, COPD, etc.)

10 <6 months 30‐36 months<6 months 30‐36 months 3‐Year Premium PMPM CAGR Actual 3‐Year Medical Cost CAGR Member Tenure Member Tenure 6% CAGR (6%) CAGR Cano Health’s Medicare Advantage Value Based Care: Demonstrated Ability to Meaningfully Bend the Cost Curve Cano Health’s medical costs (primary care, inpatient, outpatient) for MA members(1) declined at a ~6% CAGR Cano Health’s intensive primary care treatment of chronic conditions create superior outcomes for patients, payors, and our financial results Source: Cano Health Internal Analysis with Third Party Support and Cano Health estimates (1) The members in the analysis represented 57% of Cano Health’s South Florida at Risk Medicare membership in 2019

11 • Chief Medical Correspondent for Univision TV network and bestselling author • Named one of 2020’s Top Health Influencers by PR Week • Regular contributor to popular TV programs, including Good Morning America and Extra TV • Creator and host of the My Abuelita Told Me WebMD series Healthy Heart by Dr. Juan Cardiovascular Disease Prevention • Risk assessment via advanced protocols and imaging technology • Monitoring of health statistics through the CanoPanorama population health platform • Lifestyle and medical interventions • Weight loss, nutrition, and exercise‐focused prevention programs About Dr. Juan Rivera I have long been impressed by Cano Health’s commitment to compassion, innovation, and community, and this program reflects our shared belief in the importance of preventative care. — Dr. Juan Rivera Introduced Across Three States Florida Nevada Texas Miami (Two Locations) Pembroke Pines Orlando Tampa Las Vegas San Antonio

12 Proven Track Record of Organic Membership Growth 28K 28K 28K 36K 38K 45K 54K 57K 87K 129K 131K 6K 6K 24K 54K 49K 49K 29K 27K 79K 28K 28K 34K 42K 61K 99K 103K 106K 117K 156K 211K Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 82% 47% 42% 43% 36% 60% 58% 37% 43% 30% 28% 82% 47% 71% 66% 122% 253% 201% 155% 91% 57% 105% Inorganic Organic Consistent organic membership growth supplemented by highly accretive acquisition strategy Membership Growth(1) Note: Organic growth represents all non‐acquired growth, as well as growth from consolidating our existing affiliates and acquiring small nearby practices whose patients and facilities are blended with our nearby owned medical centers (1) Membership as of period end; numbers may not add due to rounding Organic Growth: Total Growth:

13 Updating guidance provided on August 12; includes DCE; excludes the impact of potential acquisitions Q3 2021 medical claims expense ratio was 75.6%. For full year of 2021, we continue to expect a medical claims expense ratio of ~75% Full year stock‐based compensation projected to be approximately ~$27M Full year interest expense projected to be ~$50M Full year 2021 cash used in operating activities is projected to be ~$90M with de novo and maintenance capex of approximately $50M FY 2021 November 9, 2021 FY 2021 August 12, 2021 Total Membership ~218,000 ~215,000 Total Revenues ~$1.7B ~$1.6B Adjusted EBITDA (1) ~$118M ~$115M Medical Claims Expense Ratio ~75% ~75% Total Owned Medical Centers ~130 126 – 131 De Novo Openings ~20 15 – 20 Guidance: Full Year 2021 Cano Health (1) Adjusted EBITDA is a non‐GAAP financial measure. Please refer to the reconciliation table for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure

14 Guidance: Full Year 2022 Cano Health (1) Adjusted EBITDA is a non‐GAAP financial measure. Please refer to the reconciliation table for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure FY 2022 November 9, 2021 FY 2022 August 12, 2021 Total Membership 280,000 ‐ 285,000 275,000 ‐ 280,000 Total Revenues $2.6B to $2.7B $2.5B to $2.6B Adjusted EBITDA (1) $170M to $175M $165M to $170M Total Owned Medical Centers 184 ‐ 189 ~185 De Novo Openings 54 – 59 54 – 59 Raising prior guidance for 2022 on expected continued membership and revenue growth at existing medical centers, 2021 de novos, and enhanced revenue growth and performance of already acquired businesses As the annual 2022 open enrollment period is underway, the Company will provide updated projections early next year Excludes any impact from potential future acquisitions

15 Appendix

16 QUALITY WELLNESSACCESS Cano@Home and Telehealth 24/7 Urgency Line Transportation Cano Life Physiotherapy Classes Care Coordination Preventive Screenings Disease Management National Care Platform… …with a Flexible Growth Model Enter new markets through select acquisitions of physician practices Expand Existing Centers De Novo Centers Existing Affiliates: Pipeline for Scale National Care Platform: Access, Quality, and Wellness within a capitated payment model Operating Model: Flexible – Medical centers and affiliates with staff and services reflecting the communities we serve Growth Avenues: Maintain optionality – build, buy, manage – de novo, acquire, affiliates Strategic Objective: Obtain speed, scale, and density BUILD BUY MANAGE A Differentiated Value‐Based Primary Care Model

17 Highly Scalable Geographic Footprint Current markets Future expansion • Accelerating growth avenues (building, buying, managing) to meet embedded demand • < 1% total penetration in existing markets(1) • Rapid and concentrated expansion in FL, TX, NV, CA, NM, IL, and PR • De novo expansion supplemented by acquisition opportunities 2017 2018 2019 2020 11/9/21 Markets 2 3 7 15 40 Medical centers(2) 9 19 35 71 126 Members (in thousands) 14K 25K 42K 106K 211K(3) (1) Based on Medicare market share in Cano Health's in Florida, Texas, Nevada, and Puerto Rico (2) Refers to owned medical centers (3) Capitated members as of 9/30/21

18 Cano Health’s Growth Has Been Explosive 14K 25K 42K 106K ~218K 2017 2018 2019 2020 2021E 99% CAGR $130 $231 $364 $829 ~$1,700 2017 2018 2019 2020 2021E $12 $15 $27 $70 2017 2018 2019 2020 2021E Membership(1) Revenue Adj. EBITDA(2) 77% CAGR ($ in millions) ($ in millions) 90% CAGR (1) Membership as of period end (2) Adjusted EBITDA is a non‐GAAP financial measure. Please refer to the reconciliation table for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure ~$118

19 Lower Medical Costs with Longer Member Tenure Driven by CanoPanorama‐Enabled Value Based Care Member Tenure Member Tenure <6 months 30‐36 months<6 months 30‐36 months 3‐Year Premium PMPM CAGR Expected 3‐Year Medical Cost CAGR 9% CAGR 6% CAGR <6 months 30‐36 months Actual 3‐Year Medical Cost CAGR Member Tenure (6%) CAGR Source: Cano Health Internal Analysis with Third Party Support and Cano Health estimates (1) The members in the analysis represented 57% of Cano Health’s South Florida at Risk Medicare membership in 2019

20 ($ in millions) Q4 20 Q1 21 Q2 21 Q3 21 Net income (loss) (50.4) (10.5) 4.9 (40.9) Interest expense, net 12.2 10.6 9.7 16.0 Income tax expense (benefit) 0.4 0.7 (2.0) 0.5 Depreciation and amortization expense 5.7 5.8 7.9 17.0 EBITDA(1) (32.1) 6.6 20.6 (7.4) Stock‐based compensation 0.2 0.1 3.2 8.9 De novo losses 4.3 5.5 7.0 9.0 Acquisition transaction costs 13.9 10.1 17.2 7.8 Restructuring and other 0.6 0.5 2.8 2.1 Loss on extinguishment of debt 23.3 ‐ 13.2 ‐ Change in fair value of embedded derivative 7.3 ‐ ‐ ‐ Change in fair value of warrant liabilities ‐ ‐ (39.2) 14.7 Adjusted EBITDA(1) (2) 17.5 22.8 24.8 35.2 A B C D E F Represents non‐cash compensation charges Represents de novo losses incurred up to 12 months post‐opening Represents legal and professional fees related to historical acquisitions and debt financings Includes one‐time legal, IT, severance and various other non‐recurring items Represents costs related to previously repaid debt Consists primarily of changes to an embedded derivative in previously repaid debt agreement Represents non‐cash impact from change in warrant liabilities A B C D E F (1) EBITDA and Adjusted EBITDA are non‐GAAP financial measures. A non‐GAAP financial measure is a performance metric that departs from GAAP because it excludes earnings components that are required under GAAP. Other companies may define non‐GAAP financial measures differently and, as a result, our non‐GAAP financial measures may not be directly comparable to those of other companies (2) Adjusted EBITDA is EBITDA adjusted to add back the effect of certain expenses, such as stock‐based compensation expense, de novo losses (consisting of losses incurred in the twelve months after the opening of a new facility), acquisition transaction costs (consisting of transaction costs, fair value adjustments to contingent consideration, management fees and corporate development payroll costs), restructuring and other charges, loss on extinguishment of debt, and changes in fair value adjustments to an embedded derivative and to warrant liabilities. Adjusted EBITDA is a key measure used by our management to assess the operating and financial performance of our business in order to make decisions on allocation of resources G G Non‐GAAP Financial Measures Reconciliation

21 ($ in millions) LTM 9/30/21 Net income (loss) ($96.9) Interest expense, net 48.6 Income tax expense (benefit) (0.4) Depreciation and amortization 36.5 EBITDA(1) ($12.2) Stock‐based compensation 12.5 De novo losses 25.8 Acquisition transaction costs 49.0 Restructuring and other 6.1 Loss on extinguishment of debt 36.5 Change in fair value of embedded derivative 7.3 Change in fair value of warrant liabilities (24.6) Adjusted EBITDA(1) (2) $100.4 Acquired Adjusted EBITDA (LTM) 53.7 Further Adjusted EBITDA(1) (2) $154.1 A B C D E F Represents non‐cash compensation charges Represents de novo losses incurred up to 12 months post‐opening Represents legal and professional fees related to historical acquisitions and debt financings Includes one‐time legal, IT, severance and various other non‐recurring items Represents costs related to previously repaid debt Consists primarily of changes to an embedded derivative in previously repaid debt agreement Represents non‐cash impact from change in warrant liabilities Represents further adjustment for Adjusted EBITDA from completed acquisitions through September 30, 2021 A B C D E G (1) EBITDA, Adjusted EBITDA, and further Adjusted EBITDA are non‐GAAP financial measures. A non‐GAAP financial measure is a performance metric that departs from GAAP because it excludes earnings components that are required under GAAP. Other companies may define non‐GAAP financial measures differently and, as a result, our non‐GAAP financial measures may not be directly comparable to those of other companies (2) Adjusted EBITDA and further Adjusted EBITDA is EBITDA adjusted to add back the effect of certain expenses, such as stock‐based compensation expense, de novo losses (consisting of losses incurred in the twelve months after the opening of a new facility), acquisition transaction costs (consisting of transaction costs, fair value adjustments to contingent consideration, management fees and corporate development payroll costs), restructuring and other charges, loss on extinguishment of debt, and changes in fair value adjustments to an embedded derivative and to warrant liabilities, and further adjustments for acquired EBITDA from completed acquisitions. Adjusted EBITDA and further Adjusted EBITDA are key measures used by our management to assess the operating and financial performance of our business in order to make decisions on allocation of resources G F H H Non‐GAAP LTM Further Adjusted EBITDA Reconciliation

22 Members Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Medicare 17,526 18,252 23,833 31,302 38,674 72,576 72,806 74,644 75,488 111,866 120,086 Medicaid 10,091 9,852 10,332 10,215 12,834 16,585 19,169 19,314 21,801 25,178 63,871 ACA ‐ ‐ ‐ ‐ 9,840 10,115 10,792 11,749 19,606 18,994 26,706 Total Members 27,617 28,104 34,165 41,517 61,348 99,276 102,767 105,707 116,895 156,038 210,663 % Total Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Medicare 63% 65% 70% 75% 63% 73% 71% 71% 65% 72% 57% Medicaid 37% 35% 30% 25% 21% 17% 19% 18% 19% 16% 30% ACA ‐ ‐ ‐ ‐ 16% 10% 11% 11% 16% 12% 13% Total Members 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Revenue PMPM Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Medicare $1,107 $1,132 $1,241 $994 $924 $847 $1,020 $954 $1,005 $1,186 $1,241 Medicaid $404 $521 $618 $460 $556 $747 $585 $606 $614 $612 $271 ACA ‐ ‐ ‐ ‐ $26 $18 $33 $17 $44 $14 $47 Total $846 $912 $1,039 $853 $701 $716 $837 $793 $777 $921 $798 Membership Mix and PMPM: Q1 2019 – Q3 2021

23 Revenue Mix: Q1 2019 – Q3 2021 $ millions Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Medicare $57.4 $61.6 $77.4 $86.4 $106.0 $129.4 $220.6 $214.4 $225.9 334.7 $447.3 Medicaid 12.4 15.9 18.5 14.3 20.9 34.0 31.3 34.7 38.6 43.7 50.7 ACA 0.0 0.0 0.0 0.0 0.8 0.6 1.1 0.6 2.5 0.8 3.8 Total Capitated Revenue 69.8 77.5 95.9 100.7 127.7 163.9 253.0 249.6 267.0 379.2 501.8 Fee‐for‐Service and Other Revenue 4.4 4.1 5.4 6.6 7.6 7.3 10.2 10.1 13.1 14.0 25.0 Total Revenue $74.2 $81.6 $101.3 $107.3 $135.3 $171.2 $263.1 $259.7 $280.1 $393.2 $526.8 % Total Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Medicare 77% 75% 76% 81% 78% 76% 84% 83% 81% 85% 85% Medicaid 17% 20% 18% 13% 15% 20% 12% 13% 14% 11% 10% ACA 0% 0% 0% 0% 1% 0% 0% 0% 1% 0% 1% Total Capitated Revenue 94% 95% 95% 94% 94% 96% 96% 96% 95% 97% 95% Fee‐for‐Service and Other Revenue 6% 5% 5% 6% 6% 4% 4% 4% 5% 3% 5% Total Revenue 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

24 YoY Change Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Capitated Revenue 83% 111% 164% 148% 109% 131% 98% Fee‐for‐Service and Other Revenue 73% 78% 89% 53% 72% 92% 146% Total Revenue 82% 110% 160% 142% 107% 130% 100% Third‐Party Medical Costs 67% 101% 165% 183% 128% 160% 105% Direct Patient Expense 158% 146% 175% 97% 93% 94% 86% SG&A 65% 80% 88% 72% 66% 113% 177% Adjusted EBITDA(1) 180% 175% 216% 86% 77% 53% 53% Financial Summary: Q1 2019 – Q3 2021 $ millions Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Capitated Revenue $69.8 $77.5 $95.9 $100.7 $127.7 $163.9 $253.0 $249.6 $267.0 $379.2 $501.8 Fee‐for‐Service and Other Revenue 4.4 4.1 5.4 6.6 7.6 7.3 10.2 10.1 13.1 14.0 25.0 Total Revenue 74.2 81.6 101.3 107.3 135.3 171.2 263.1 259.7 280.1 393.2 $526.8 Third‐Party Medical Costs 51.1 55.7 69.7 64.6 85.3 112.0 184.9 182.7 195.0 291.8 379.3 Direct Patient Expense 6.9 9.2 11.3 15.6 17.8 22.6 31.1 30.8 34.3 43.8 57.7 SG&A 12.7 12.2 14.6 19.6 21.0 21.9 27.4 33.7 34.9 46.6 75.9 Adjusted EBITDA(1) $4.6 $5.9 $7.3 $9.4 $12.9 $16.2 $23.0 $17.5 $22.8 $24.8 $35.2 (1) Adjusted EBITDA and Adjusted EBITDA Margin are non‐GAAP financial measures. Please refer to the reconciliation table for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure; complete quarterly reconciliations from Q1 2019 through Q1 2021 are available in the Company’s S‐1 SEC filing on June 25, 2021

25 Margin Analysis: Q1 2019 – Q3 2021 % Total Revenue (except as noted) Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Medical Claims Expense Ratio(1) 73.2% 71.9% 72.7% 64.2% 66.8% 68.3% 73.1% 73.2% 73.0% 77.0% 75.6% Direct Patient Expense 9.3% 11.3% 11.2% 14.6% 13.2% 13.2% 11.8% 11.9% 12.2% 11.1% 11.0% SG&A 17.1% 15.0% 14.4% 18.3% 15.5% 12.8% 10.4% 13.0% 12.5% 11.8% 14.4% Adjusted EBITDA(2) 6.2% 7.2% 7.2% 8.8% 9.5% 9.5% 8.7% 6.7% 8.1% 6.3% 6.7% YoY bp change Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Medical Claims Expense Ratio(1) (630) (350) 40 900 620 860 250 Direct Patient Expense 380 190 70 (270) (90) (200) (90) SG&A (160) (230) (400) (530) (310) (90) 400 Adjusted EBITDA(2) 320 230 160 (200) (140) (320) (210) (1) Medical Claims Expense Ratio = Third‐party Medical Costs / Capitated Revenue (2) Adjusted EBITDA and Adjusted EBITDA Margin are non‐GAAP financial measures. Please refer to the reconciliation table for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure; complete quarterly reconciliations from Q1 2019 through Q1 2021 are available in the Company’s S‐1 SEC filing on June 25, 2021

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Cover	Nov. 09, 2021
Document Information [Line Items]
Entity Address, Address Line Two	Suite #200
Entity Address, State or Province	FL
Entity Address, Address Line One	9725 NW 117th Avenue
Entity Tax Identification Number	98-1524224
Entity Address, Postal Zip Code	33178
Entity Emerging Growth Company	true
City Area Code	855
Local Phone Number	226-6633
Entity Incorporation, State or Country Code	DE
Entity Registrant Name	Cano Health, Inc
Entity Address, City or Town	Miami
Entity File Number	001-39289
Document Type	8-K
Document Period End Date	Nov. 09, 2021
Written Communications	false
Soliciting Material	false
Pre-commencement Issuer Tender Offer	false
Pre-commencement Tender Offer	false
Entity Central Index Key	0001800682
Amendment Flag	false
Entity Ex Transition Period	false
Warrant
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share
Trading Symbol	CANO/WS
Security Exchange Name	NYSE
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	CANO
Security Exchange Name	NYSE