Primary care company Cano Health is exploring a sale as its cash dwindles and is laying off 700 employees, or 17% of its workforce, the company announced.
“We have already been working with advisors and are encouraged with the progress made so far,” Mark Kent, Cano Health’s interim chief executive officer, told investors during Cano Health’s second-quarter earnings call Thursday.
Management said that the company has not set a timetable for the conclusion of a sale of some or all of its operations. It marks the second time that the value-based primary care company has reportedly pursued a sale, reports Fierce Healthcare. Bloomberg reported in September that CVS Health was reportedly among several potential buyers weighing bids for the Miami-based company. Read more.
