# EDGAR Filing Document

**Accession Number:** 0001800682
**File Stem:** 0001800682-23-000003
**Filing Date:** 2023-3
**Character Count:** 80677
**Document Hash:** b9002ab83d30bb8fd5a593dda4ae533e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001800682-23-000003.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001800682-23-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20230301

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cano Health, Inc.
- **CENTRAL INDEX KEY:** 0001800682
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-OFFICES & CLINICS OF DOCTORS OF MEDICINE [8011]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39289
- **FILM NUMBER:** 23693683

**BUSINESS ADDRESS:**
- **STREET 1:** 9725 NW 117TH AVENUE, SUITE 200
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33178
- **BUSINESS PHONE:** 2034227700

**MAIL ADDRESS:**
- **STREET 1:** 9725 NW 117TH AVENUE, SUITE 200
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33178

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Jaws Acquisition Corp.
- **DATE OF NAME CHANGE:** 20200121

?xml version="1.0" ? cano-20230301

    

**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): March 1, 2023**

![cano-20230301_g1.jpg](cano-20230301_g1.jpg)

__________________________________________

**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, 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&nbsp;&nbsp;&nbsp;&nbsp; ☐

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. ☐

    

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**<u>Item 2.02 Results of Operations and Financial Condition.</u>**

On March 1, 2023, Cano Health, Inc. (the "Company") issued a press release announcing its financial results for the fiscal year and fourth quarter ended December 31, 2022. A copy of that press release, as well as the Cano Health 4Q 2022 Financial Supplement, are available on the Investors Relations section of the Company's website at www.canohealth.com and are attached hereto as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference in their entirety. 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 (the "Securities Act"), or the Exchange Act, unless the registrant specifically states that the information is to be considered "filed" under the Exchange Act or incorporates it by reference into a filing under the Exchange Act or the Securities Act.

The Company will host a conference call and audio webcast on March 1, 2023 at 5:00 p.m. Eastern Time, during which management will discuss the year-end and fourth quarter results and provide commentary on its business performance. A question and answer session with analysts and investors will follow the Company's prepared remarks.

The conference call can be accessed by dialing 888-660-6359 (domestic) or 929-203-0867 (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.

Except as expressly set forth in this Form 8-K, the information available from time-to-time on such websites referred to herein shall not be deemed incorporated by reference into this Form 8-K.

**<u>Item 9.01 Financial Statements and Exhibits.</u>**

<u>(d) Exhibits:</u>

---

| | |
|:---|:---|
| Exhibit Number | Description |
| 99.1 | <u>[Press release dated March 1, 2023](q422exhibit991.htm)</u> |
| 99.2 | <u>[Cano Health 4Q 2022 Financial Supplement](canohealth4q22financials.htm)</u> |
| 104 | Cover Page Interactive Data file (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CANO HEALTH, INC.**

---

| | | |
|:---|:---|:---|
| Date: March 1, 2023 | By: | /s/ Brian D. Koppy |
|  |  | Brian D. Koppy |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image_0a.jpg](image_0a.jpg)

**Cano Health Announces Financial Results for the Fourth Quarter and Full Year 2022**

MIAMI, March 1, 2023 /PRNewswire/– Cano Health, Inc. ("Cano Health" or the "Company") (NYSE: CANO), a leading value-based primary care provider and population health company, today announced financial results for the fourth quarter and full year ended December 31, 2022.

**Fourth Quarter 2022 Financial Results**

**•** Total membership of 309,590 including 179,536 Medicare capitated members, an increase of 36% and 42% year-over-year, respectively

• Total revenue of $680.4 million, compared to $492.3 million the prior year, an increase of 38% year-over-year

• Net loss of $(301.7) million, unfavorably impacted by a non-cash goodwill impairment of $(323.0) million, partially offset by a gain of $81.2 million due to a fair value adjustment of warrant liabilities

• Adjusted EBITDA<sup>1</sup> of $35.7 million, compared to $11.1 million in the prior year

**Full Year 2022 Financial Results**

**•** Total revenue of $2,738.9 million, compared to $1,609.4 million in the prior year, an increase of 70% year-over-year

• Net loss of $(428.4) million, inclusive of the previously mentioned non-cash goodwill impairment of $(323.0) million

• Adjusted EBITDA of $152.5 million, compared to $27.3 million in the prior year

In the fourth quarter of 2022, capitated revenue of $651.2 million increased 40% year-over-year. Capitated revenue per member per month, or PMPM, was 2% higher year-over-year. Third-party medical costs PMPM were 1% lower year-over-year. The improved medical cost ratio, or MCR<sup>2</sup>, of 76.1% was better than expected, driven by lower third-party medical costs across all service lines.

"At Cano Health, we are determined to achieve our vision by helping our patients live their best lives," said Dr. Marlow Hernandez, Chairman and Chief Executive Officer at Cano Health. "We completed 2022 with membership well above our initial expectations, and revenue and Adjusted EBITDA in line with our most recent guidance. In 2023, we will focus on optimizing our operations to unlock embedded profitability at our existing medical centers by utilizing available capacity. Moreover, we are committed to reviewing all aspects of our value-based platform to improve liquidity and cash flow, and maximize long-term shareholder value."

(1) Adjusted EBITDA is a non-GAAP financial measure defined under the heading "Non-GAAP Financial Measures". 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.

(2) Medical Cost Ratio (MCR) is calculated as third-party medical expense divided by capitated revenue.

------

**Capital Management Update**

On February 24, 2023, the Company consummated the closing of a $150 million senior secured term loan (the "2023 Term Loan"), maturing November 23, 2027. Investors in the 2023 Term Loan were Diameter Capital Partners, Rubicon Founders and their respective affiliates and managed funds. Cano Health intends to use proceeds from the transaction for general corporate purposes, including the repayment of amounts outstanding under its existing revolving credit facility, and to pay transaction fees and expenses related to the 2023 Term Loan.

The 2023 Term Loan bears interest at 14% per annum in the first two years after initial funding, payable quarterly in cash or in-kind as an addition to the principal balance of the 2023 Term Loan, at the Company's election, and, thereafter, 13% per annum, payable quarterly in cash. The 2023 Term Loan ranks *pari passu* in right of payment and lien priority with indebtedness under the Company's existing senior credit facilities.

In connection with the 2023 Term Loan, the Company issued to the investors warrants to purchase up to approximately 29.5 million shares of the Company's Class A common stock, or up to 5.5% of pro forma fully diluted shares outstanding, exercisable until February 24, 2028, at an exercise price of $0.01 per share. The Company has agreed to register the shares of Class A common stock underlying the warrants with the U.S. Securities and Exchange Commission ("SEC").

**2023 Guidance** 

**The Company provided its full year 2023 guidance, as detailed below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Membership by year-end in the range of 375,000 to 385,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue in the range of $3.10 billion to $3.25 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total medical cost ratio (MCR) in the range of 81.0% to 82.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of approximately $75 million to $85 million, excluding de novo loss add-backs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Company plans to significantly reduce de novo investments in 2023; therefore, beginning with 2023, the Company is revising its definition of Adjusted EBITDA to no longer add back de novo losses, which include those costs associated with the ramp up of new medical centers and losses incurred up to 12 months after the opening of a new facility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Under the new definition, Adjusted EBITDA would have been approximately $74 million for the full year 2022

As of February 24, 2023, the Company had approximately 239 million shares of Class A common stock and 267 million shares of Class B common stock issued and outstanding. Total share count for the purposes of calculating the Company's market capitalization was approximately 507 million.

**Conference Call Information**

Cano Health will host a conference call today at 5:00 PM ET to review the Company's business and financial results for the fourth quarter and full year ended December 31, 2022.

To access the live call and webcast, please dial (888) 660-6359 for U.S. participants, or +1 (929) 203-0867 for international participants, and reference the Cano Health Fourth Quarter 2022 Earnings Conference Call and Conference ID 8371699. The conference call will also be webcast live in the "Events & Presentations" section of the Investor page of the Cano Health website.

------

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**

This press release 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 2022 fiscal year, our business strategies, 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, including, without limitation, the Company's (i) plans to achieve our vision by helping our patients live their best lives; (ii) plans to focus in 2023 on optimizing our operations to unlock embedded profitability at our existing medical centers by utilizing available capacity; (iii) plans and expectations with respect to reviewing all aspects of our value-based platform to improve liquidity and cash flow, and maximize long-term shareholder value, including our plans to significantly reduce de novo investments in 2023; (iv) intent to use proceeds from the 2023 Term Loan transaction for general corporate purposes, including repaying amounts outstanding under our existing revolving credit facility, and to pay transaction fees and expenses related to the 2023 Term Loan; and (v) financial guidance for 2023. 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; changes in our strategy, future operations, prospects and plans; developments and uncertainties related to the Direct Contracting Entity program; our ability to realize expected financial results, including with respect to patient membership, total revenue and earnings; our ability to predict and control our medical cost ratio; our ability to grow market share in existing markets or enter into new markets and continue our growth; our ability to integrate our acquisitions and achieve desired synergies; our ability to maintain our relationships with health plans and other key payors; the impact of COVID-19 on our business and results of operations; 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. The Company may also experience delays or difficulties in, and/or unexpected or less than anticipated results from (i) its efforts to achieve its vision by helping patients live their best lives, such as due to higher than expected medical costs or the spread of other pandemics; (ii) optimizing its operations, such as less than anticipated capacity utilization at its medical centers and/or less than anticipated growth in revenues, Adjusted EBITDA margins and/or cash flows, such as due to higher interest rates and/or a higher inflationary environment; (iii) its efforts to review all aspects of its business model to improve liquidity and cash flow, and maximize long-term shareholder value, such as due to tightness in the credit or M&A markets, higher interest rates, and/or a higher inflationary environment, which could adversely affect the Company's ability to improve its liquidity, cash flow and/or long-term shareholder value; (iv) using the proceeds from the 2023 Term Loan transaction for general corporate purposes, including repaying amounts outstanding under its existing revolving credit facility, and/or to pay related transaction fees, such as due to unanticipated demands on its available sources of cash; and/or (v) its efforts to achieve its financial guidance for 2023, such as due to a broad recessionary

------

economic environment, less than anticipated utilization of its medical centers and/or access to less than anticipated sources of liquidity.

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 SEC. Factors other than those listed above could also cause the Company's results to differ materially from expected results. 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 net income (loss) before interest, 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, non-cash goodwill impairment loss, transaction costs (consisting of transaction costs and corporate development payroll costs), restructuring and other charges, fair value adjustments in contingent consideration, loss on extinguishment of debt and changes in fair value of warrant liabilities. For the periods through December 31, 2022, in calculating Adjusted EBITDA, the Company also excluded the impact of de novo losses consisting of costs associated with the ramp up of new medical centers and losses incurred for the 12 months after the opening of a new facility. The Company's management uses the non-GAAP financial measures as operating performance measures and as an integral part of its reporting and planning processes and to, among other things: (i) monitor and evaluate the performance of the Company's business operations, financial performance and overall liquidity; (ii) facilitate management's internal comparisons of the Company's historical operating performance of its business operations; (iii) facilitate management's external comparisons of the results of its overall business to the historical operating performance of other companies that may have different capital structures and debt levels; (iv) review and assess the operating performance of the Company's management team and, together with other operational objectives, as a measure in evaluating employee compensation, including bonuses and other incentive compensation; (v) analyze and evaluate financial and strategic planning decisions regarding future operating investments; and (vi) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments. We believe these non-GAAP financial measures provide an additional tool for our management and investors to use in evaluating our financial condition, ongoing operating performance and trends and in comparing our financial measures with other similar companies. Management believes that the non-GAAP financial measures provide useful information to investors and greater transparency about the performance, from management's perspective, of the Company's overall business because such measures eliminate the effects of certain charges that are not directly attributable to the Company's underlying operating performance. Additionally, management believes that providing the non-GAAP financial measures enhances the comparability for investors in assessing the Company's financial reporting.

The non-GAAP financial measures should not be considered in isolation or as a substitute for their respective most directly comparable financial measures prepared in accordance with GAAP, such as net income/loss, operating income/loss, diluted earnings/loss per share or net cash provided by (used in) operating activities. The non-GAAP financial 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 define such non-GAAP 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. The non-GAAP financial measures should be read in conjunction with the Company's financial statements and related footnotes filed with the SEC.

A reconciliation of those measures to their most directly comparable GAAP measures is available under the heading "Reconciliation of Non-GAAP Measures."

The Company has not provided a quantitative reconciliation of its forward-looking Adjusted EBITDA to GAAP net loss, its most directly comparable GAAP measure, because the Company cannot predict with a reasonable degree of certainty and without unreasonable efforts certain reconciling items, such as certain costs and expenses that are inherently uncertain and depend on various factors, some of which are outside of the Company's control. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the computation of forward-looking GAAP net loss.

**About Cano Health** 

Cano Health (NYSE: CANO) is a high-touch, technology-powered healthcare company delivering personalized, value-based primary care to approximately 310,000 members. With its headquarters in Miami, Florida, Cano Health is transforming healthcare by delivering primary care that measurably improves the health, wellness, and quality of life of its patients and the communities it serves. Founded in 2009, Cano Health has more than 4,000 employees, and operates primary care medical centers and supports affiliated providers in nine states and Puerto Rico. For more information, visit <u>canohealth.com</u> or <u>investors.canohealth.com</u>.

###

**Investor Relations Contact:**

Jeffrey Geyer

Cano Health, Inc.

(786) 206-1930

investors@canohealth.com

**Media Relations Contact:**

Georgi Morales Pipkin

Cano Health, Inc.

(786) 206-3322

mediarelations@canohealth.com

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**CONSOLIDATED STATEMENTS OF OPERATIONS**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| ***(in thousands, except share and per share data)*** | **2022** | **2021** | **2022** | **2021** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitated revenue | $651177 | $464516 | $2606916 | $1529120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee-for-service and other revenue | 29196 | 27739 | 132000 | 80249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 680373 | 492255 | 2738916 | 1609369 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party medical costs | 495695 | 362870 | 2062356 | 1231047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct patient expense | 77677 | 59141 | 254867 | 179353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 107827 | 93347 | 422443 | 252133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 26421 | 18695 | 90640 | 49441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs and other | 7819 | 7988 | 27435 | 44262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 4500 | (7528) | (5025) | (11680) |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment loss | 323000 |  | 323000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1042939 | 534513 | 3175716 | 1744556 |
| Income (loss) from operations | (362566) | (42258) | (436800) | (135187) |
| Other income and expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (19627) | (14928) | (62495) | (51291) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 7 |  | 14 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 110 | (1428) | (13115) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | 81155 | 58349 | 72771 | 82914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 822 | 6 | 1706 | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | 62357 | 43537 | 10568 | 18464 |
| Net income (loss) before income tax expense | (300209) | 1279 | (426232) | (116723) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 1516 | 776 | 2157 | 14 |
| Net income (loss) | $(301725) | $503 | $(428389) | $(116737) |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to non-controlling interests | (153356) | (158) | (221117) | (98717) |
| Net income (loss) attributable to Class A common stockholders | $(148369) | $661 | $(207272) | $(18020) |
| Net income (loss) per share attributable to Class A common stockholders, basic | $(0.61) | $(0.12) | $(0.95) | $(0.11) |
| Net income (loss) per share attributable to Class A common stockholders, diluted | $(0.61) | $(0.12) | $(0.95) | $(0.28) |
| Weighted-average shares used in computation of earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 242187512 | 177649657 | 219166852 | 170507194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 242187512 | 177649657 | 219166852 | 475697225 |

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**CONSOLIDATED BALANCE SHEETS**

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| | | |
|:---|:---|:---|
| | **As of,** | **As of,** |
| ***(in thousands)*** | **December 31, 2022** | **December 31, 2021** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash | $27329 | $163170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of unpaid service provider costs | 233816 | 133433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 79603 | 20632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 340748 | 317235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 131325 | 85261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right of use assets | 177892 | 132173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 480375 | 769667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payor relationships, net | 567704 | 576648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangibles, net | 226059 | 248973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 4824 | 13582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1928927 | $2143539 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $105733 | $80829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of notes payable | 6444 | 6493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of finance lease liabilities | 1686 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of contingent consideration |  | 3123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portions due to sellers | 46016 | 17357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion operating lease liabilities | 24068 | 15275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 24491 | 36664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 208438 | 161036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable, net of current portion and debt issuance costs | 997806 | 915266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long term portion of operating lease liabilities | 166347 | 122935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants liabilities | 7373 | 80144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long term portion of finance lease liabilities | 3364 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to sellers, net of current portion | 15714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration | 2800 | 35300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 32810 | 28109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1434652 | 1344971 |
| Stockholders' Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of Class A common stock | 22 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of Class B common stock | 27 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 540989 | 397443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (286032) | (78760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity before non-controlling interests | 255006 | 318731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 239269 | 479837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity | 494275 | 798568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity | $1928927 | $2143539 |

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**CONSOLIDATED STATEMENTS OF CASH FLOWS**

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| | | |
|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** |
| ***(in thousands)*** | **2022** | **2021** |
| **Cash Flows from Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(428389) | $(116737) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 90640 | 49441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (5025) | (11680) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | (72771) | (82914) |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment loss | 323000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 1428 | 13115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 3826 | 4887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 6528 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A shares issued for bonus award | 2879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 54778 | 27983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (106743) | (15135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 10053 | (16594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (51662) | (11779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued due to seller | 100 | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 32612 | 33723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (7591) | 5529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by operating activities | (146337) | (118033) |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (49529) | (34354) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of subsidiaries including non-compete intangibles, net of cash acquired | (5796) | (1070307) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments to sellers | (8830) | (26587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | (64155) | (1131248) |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Combination and PIPE financing |  | 935362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of long-term debt | (6444) | (657917) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (88) | (17394) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt |  | 1120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from revolving line of credit | 109000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of revolving line of credit | (25000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from insurance financing arrangements | 2529 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of principal on insurance financing arrangements | (2529) | (1701) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments under finance leases | (1429) | (1227) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of equipment loans | (510) | (314) |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee stock purchase plan withholding tax payments | (878) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | 74651 | 1378644 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (135841) | 129363 |
| Cash, cash equivalents and restricted cash at beginning of year | 163170 | 33807 |
| Cash, cash equivalents and restricted cash at end of period | $27329 | $163170 |

---

------

**Reconciliation of Non-GAAP**

**Adjusted EBITDA** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| ***(in thousands)*** | **2022** | **2021** | **2022** | **2021** |
| **Net income (loss)** | $**(301725)** | $**503** | $**(428389)** | $**(116737)** |
| Interest income | (7) |  | (14) | (4) |
| Interest expense | 19627 | 14928 | 62495 | 51291 |
| Income tax expense (benefit) | 1516 | 776 | 2157 | 14 |
| Depreciation and amortization expense | 26421 | 18695 | 90640 | 49441 |
| **EBITDA** | $**(254168)** | $**34902** | $**(273111)** | $**(15995)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 12137 | 14853 | 54778 | 27983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment loss | 323000 |  | 323000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;De novo (1) | 19421 | 16001 | 78989 | 40562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs (2) | 10500 | 9006 | 34449 | 48303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other (3) | 1426 | 2370 | 10769 | 7883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 4500 | (7528) | (5025) | (11680) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | (110) | 1428 | 13115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | (81155) | (58349) | (72771) | (82914) |
| **Adjusted EBITDA** | $**35661** | $**11145** | $**152506** | $**27257** |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

(1) De novo losses include those costs associated with the ramp up of new medical centers and losses incurred for the 12 months after the opening of a new facility. These costs collectively are higher than comparable expenses incurred once such a facility has been opened and is generating revenue, and would not have been incurred unless a new facility was being opened. The Company plans to reduce de novo investments in 2023 and accordingly, for future periods is modifying its definition of Adjusted EBITDA beginning January 1, 2023, to no longer exclude de novo losses in calculating Adjusted EBITDA. Using the newly-modified definition, Adjusted EBITDA would have been $73.5 million, ($13.3) million and $64.2 million for the years ended December 31, 2022, 2021 and 2020, respectively, compared to reported Adjusted EBITDA of $152.3 million, $27.3 million and $72.8 million for the years ended December 31, 2022, 2021 and 2020, respectively, by including the impact of de novo losses under the definition used prior to January 1, 2023.

(2) Transaction costs included $2.7 million and $1.0 million for the three months ended December 31, 2022 and 2021, respectively, and $7.0 million and $4.0 million for the years ended December 31, 2022 and 2021, respectively, of corporate development payroll costs. Corporate development payroll costs include those expenses directly related to the additional staff needed to support our acquisition activity.

(3) Restructuring and other included $5.0 million for the 12 months ended December 31, 2022 related to a one-time professional services fee.

------

**Reconciliation of Full Year Non-GAAP**

**Adjusted EBITDA Using Newly-Modified Definition**

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| ***(in thousands)*** | **2022** | **2021** | **2020** |
| **Net loss** | $**(428389)** | $**(116737)** | $**(71064)** |
| Interest income | (14) | (4) | (320) |
| Interest expense | 62495 | 51291 | 34002 |
| Income tax expense (benefit) | 2157 | 14 | 651 |
| Depreciation and amortization expense | 90640 | 49441 | 18499 |
| **EBITDA** | $**(273111)** | $**(15995)** | $**(18232)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 54778 | 27983 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment loss | 323000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 34449 | 48303 | 43333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other | 10769 | 7883 | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (5025) | (11680) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 1428 | 13115 | 23277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of embedded derivatives |  |  | 12764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | (72771) | (82914) |  |
| **Adjusted EBITDA (1)** | $**73517** | $**(13305)** | $**64170** |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

(1) The Company plans to reduce de novo investments in 2023 and accordingly, is modifying its definition of Adjusted EBITDA beginning January 1, 2023. The Company presents Adjusted EBITDA to adjust EBITDA to exclude the effect of certain gains/losses, such as non-cash stock-based compensation expense, non-cash goodwill impairment loss, and certain other non-operating items that are not directly attributable to the Company's underlying operating performance (the "Non-Operating Items"), such as acquisition, integration and divestiture transaction costs (including corporate development payroll costs), restructuring and other charges, fair value adjustments in contingent consideration, loss on the early extinguishment of debt, changes in fair value of warrant liabilities, results and gains/losses on discontinued operations and other miscellaneous expenses. The Company presents Adjusted EBITDA because the Company's management believes that some of these items may not occur in certain periods, the amounts recognized can vary significantly from period to period and these items do not facilitate an understanding of the Company's operating performance.

------

**Key Metrics**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | |
| | **2022** | **2021** |<br>**% Change** |
| Members: |  |  |  |
| &nbsp;&nbsp;&nbsp; Medicare Advantage | 140353 | 118348 | 18.6% |
| &nbsp;&nbsp;&nbsp; Medicare DCE | 39183 | 7651 | 412.1% |
| &nbsp;&nbsp;&nbsp;Total Medicare | 179536 | 125999 | 42.5% |
| &nbsp;&nbsp;&nbsp;Medicaid | 76717 | 66500 | 15.4% |
| &nbsp;&nbsp;&nbsp;ACA | 53337 | 34506 | 54.6% |
| Total members | 309590 | 227005 | 36.4% |
| Member months: |  |  |  |
| &nbsp;&nbsp;&nbsp; Medicare Advantage | 400661 | 346967 | 15.5% |
| &nbsp;&nbsp;&nbsp; Medicare DCE | 118236 | 23068 | 412.6% |
| &nbsp;&nbsp;&nbsp;Total Medicare | 518897 | 370035 | 40.2% |
| &nbsp;&nbsp;&nbsp;Medicaid | 229104 | 196754 | 16.4% |
| &nbsp;&nbsp;&nbsp;ACA | 159178 | 90715 | 75.5% |
| Total member months | 907179 | 657504 | 38.0% |
| Per Member Per Month ("PMPM"): |  |  |  |
| &nbsp;&nbsp;&nbsp; Medicare Advantage | $1084 | $1098 | (1.3)% |
| &nbsp;&nbsp;&nbsp; Medicare DCE | $1374 | $1261 | 9.0% |
| &nbsp;&nbsp;&nbsp;Total Medicare | $1150 | $1108 | 3.8% |
| &nbsp;&nbsp;&nbsp;Medicaid | $213 | $258 | (17.4)% |
| &nbsp;&nbsp;&nbsp;ACA | $36 | $43 | (16.3)% |
| Total PMPM | $718 | $706 | 1.7% |
| Medical centers | 172 | 130 |  |

---

------

**Key Metrics**

---

| | | | |
|:---|:---|:---|:---|
| | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | |
| | **2022** | **2021** |<br>**% Change** |
| Members: |  |  |  |
| &nbsp;&nbsp;&nbsp; Medicare Advantage | 140353 | 118348 | 18.6% |
| &nbsp;&nbsp;&nbsp; Medicare DCE | 39183 | 7651 | 412.1% |
| &nbsp;&nbsp;&nbsp;Total Medicare | 179536 | 125999 | 42.5% |
| &nbsp;&nbsp;&nbsp;Medicaid | 76717 | 66500 | 15.4% |
| &nbsp;&nbsp;&nbsp;ACA | 53337 | 34506 | 54.6% |
| Total members | 309590 | 227005 | 36.4% |
| Member months: |  |  |  |
| &nbsp;&nbsp;&nbsp; Medicare Advantage | 1503286 | 1167848 | 28.7% |
| &nbsp;&nbsp;&nbsp; Medicare DCE | 485562 | 69707 | 596.6% |
| &nbsp;&nbsp;&nbsp;Total Medicare | 1988848 | 1237555 | 60.7% |
| &nbsp;&nbsp;&nbsp;Medicaid | 856738 | 518335 | 65.3% |
| &nbsp;&nbsp;&nbsp;ACA | 570316 | 286005 | 99.4% |
| Total member months | 3415902 | 2041895 | 67.3% |
| Per Member Per Month ("PMPM"): |  |  |  |
| &nbsp;&nbsp;&nbsp; Medicare Advantage | $1161 | $1066 | 8.9% |
| &nbsp;&nbsp;&nbsp; Medicare DCE | $1333 | $1276 | 4.5% |
| &nbsp;&nbsp;&nbsp;Total Medicare | $1203 | $1078 | 11.6% |
| &nbsp;&nbsp;&nbsp;Medicaid | $221 | $355 | (37.7)% |
| &nbsp;&nbsp;&nbsp;ACA | $45 | $39 | 15.4% |
| Total PMPM | $763 | $749 | 1.9% |
| Medical centers | 172 | 130 |  |

---

## Exhibit 99.2

![](canohealth4q22financials001.jpg)

1 Cano Health 4Q22 Financial Supplement March 1, 2023

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![](canohealth4q22financials002.jpg)

2 Disclaimer GENERAL: This presentation ("Presentation") is for informational purposes only to assist investors, prospective investors and other parties ("Recipients") in making their own evaluation with respect to Cano Health, Inc. ("Cano Health" or the "Company", "our" or words of similar import). The information contained herein does not purport to be all-inclusive, and neither the Company nor any of its nor any of its respective affiliates, directors, officers, employees, agents, shareholders or advisors (collectively, "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. To the extent available, the industry, market and competitive position data contained in this Presentation are sourced from official or third-party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. The Company has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this Presentation may be sourced from the Company's own internal estimates based on the knowledge and experience of the Company's management in the markets in which the Company operates. This data and its underlying methodology and assumptions have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this Presentation. 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. The Company has not yet completed its quarter and year-end financial close processes for the quarter and year ended December 31, 2022. The preliminary, estimated financial results presented herein have not been audited and are based on information currently available to the Company. Accordingly, such results are subject to revision as a result of the Company's completion of its normal quarter and year-end accounting closing procedures, including customary reviews and approvals, completion by the Company's independent registered public accounting firm of its audit of such financial statements, asset recoverability accounting analysis, the execution of its internal controls over financial reporting, final adjustments and other developments arising between now and the time that our financial results for the three months and year ended December 31, 2022 are finalized. As such, the Company's actual results may materially vary from the preliminary results presented in this Presentation. FORWARD-LOOKING STATEMENTS: Statements made in this Presentation that reflect our current view about future events and financial performance are hereby identified as "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. Some of these statements can be identified by terms and phrases such as "guidance," "anticipate," "believe," "intend," "estimate," "expect," "continue," "could," "should," "may," "plan," "project," "predict" and similar expressions, and include, without limitation, our anticipated results of operations, including our financial guidance for the 2023 fiscal year, including total membership, total revenue, medical cost ratio, Adjusted EBITDA, total medical centers, interest expense, stock-based compensation expense, de novo losses and capital expenditures, our business strategies, our projections with respect to third-party medical costs and capitated revenue, and our expectations regarding membership growth; our prospects and plans, and other aspects of our operations or operating results. We caution readers of this Presentation that such "forward-looking statements," including without limitation, those relating to our future business prospects, revenue, working capital, liquidity, capital needs, interest costs and income, wherever they occur in this Presentation or in other statements attributable to us, are necessarily estimates reflecting our judgment, assumptions and estimates which are inherently uncertain and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the "forward-looking statements." Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future and there can be no assurance that the information or data contained in this Presentation is reflective of the Company's actual future performance to any degree. 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 other, a wide variety of significant business, economic, competitive, and other risks, and uncertainties, including, but not limited to, various factors beyond management's control including general economic, market and industry conditions and other risks, as well as factors associated with companies, such as the Company, that are engaged in the healthcare industry; competition in the Company's industry; changes to federal and state laws and regulations; failure to develop new technology and products; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to our services; changes in our strategy, future operations, prospects and plans; our ability to realize expected results with respect to patient membership, total revenue and earnings; our ability to grow market share in existing markets or enter into new markets and continue our growth; our ability to predict and control our medical cost ratio; 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; developments and uncertainties related to the DCE program; our future capital requirements and sources and uses of cash, including funds to satisfy our liquidity needs; our ability to access new capital through sales of shares of our Class A common stock or issuance of indebtedness, which may harm our liquidity and/or our ability to grow our business; and our ability to recruit and retain qualified team members and independent physicians. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties This Presentation also contains certain financial "guidance" information, which constitutes forward-looking information, 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. Actual results may differ materially from the results contemplated by the financial "guidance" 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 guidance will be achieved. This Presentation speaks as of the date hereof or as of any such other date as expressly identified in this presentation and shall not be deemed to be an indication of the state of affairs of, or the absence of any change or development in, the Company at any other point in time.

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![](canohealth4q22financials003.jpg)

3 Disclaimer (cont.) NON-GAAP FINANCIAL MEASURES: This Presentation uses certain non-GAAP measures such as Adjusted EBITDA, whose most directly comparable GAAP measure is net loss. These non-GAAP measures are not substitutes for their most directly comparable GAAP measures. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this Presentation or any related discussion should not be regarded as a representation or warranty by the Company or any of its Representatives as to the accuracy or completeness of such information's portrayal of the Company's financial condition or results of operations and should not be relied upon in the absence of reviewing the Company's GAAP results, such as those presented in its Form 10-Ks and Form 10-Qs. The principal limitation of these non-GAAP financial measures is that they exclude certain expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expense and income are excluded or included in determining these non-GAAP financial measures. We believe that Adjusted EBITDA provides useful supplemental information in evaluating the performance of our business and provide greater understanding with respect to the results of our operations. We also believe Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out interest expense, taxes, amortization, depreciation, certain non-recurring charges unrelated to operating performance and certain other adjustments. The Company's management uses the non-GAAP financial measures as operating performance measures and as an integral part of its reporting and planning processes and to, among other things: (i) monitor and evaluate the performance of the Company's business operations, financial performance and overall liquidity; (ii) facilitate management's internal comparisons of the Company's historical operating performance of its business operations; (iii) facilitate management's external comparisons of the results of its overall business to the historical operating performance of other companies that may have different capital structures and debt levels; (iv) review and assess the operating performance of the Company's management team and, together with other operational objectives, as a measure in evaluating employee compensation, including bonuses and other incentive compensation; (v) analyze and evaluate financial and strategic planning decisions regarding future operating investments; and (vi) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments. We believe these non-GAAP financial measures provide an additional tool, when used in combination with GAAP measures, for our management and investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other similar companies. Management believes that the non-GAAP financial measures provide useful information to investors about the performance of the Company's overall business because such measures eliminate the effects of certain charges that are not directly attributable to the Company's underlying operating performance. Additionally, management believes that providing the non- GAAP financial measures enhances the comparability for investors in assessing the Company's financial reporting. We do not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. Accordingly, the Company believes that the presentation of the non-GAAP measures, when used in conjunction with GAAP financial measures, are useful financial analytical measures that are used by management, as described above, and therefore can assist investors in assessing the Company's financial condition, operating performance and underlying strength. The non-GAAP financial measures should not be considered in isolation or as a substitute for their respective most directly comparable As Reported financial measures prepared in accordance with GAAP, such as net income/loss, operating income/loss, diluted earnings/loss per share or net cash provided by (used in) operating activities. Other companies may define such non-GAAP measures differently. These non-GAAP financial measures should be read in conjunction with the Company's financial statements and related footnotes filed with the SEC. A reconciliation of the Company's non-GAAP measures to their most directly comparable GAAP measures is available under the heading "Reconciliation of Non-GAAP Measures." However, pursuant to the applicable exemption under Regulation G and Item 10(e)(1)(i)(B) of the SEC's Regulation S-K, we have not reconciled our expectations as to Adjusted EBITDA for future periods to net loss, its most directly comparable GAAP measure because the Company cannot predict with a reasonable degree of certainty and without unreasonable efforts certain reconciling items, such as certain costs and expenses that are inherently uncertain and depend on various factors, some of which are outside of the Company's control. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the computation of forward-looking GAAP net loss. You should review our financial statements filed with the SEC, and not rely on any single financial measure to evaluate our business. See the Appendix for further information on the definition of Adjusted EBITA and reconciliations to its most directly comparable GAAP measures.

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![](canohealth4q22financials004.jpg)

4 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 ++

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![](canohealth4q22financials005.jpg)

5 Cano Health's Long-term Investment Thesis We serve our nation's rapidly growing senior population so they can live longer, healthier lives Primary care is a critical service and a necessary part of our nation's healthcare system Over 95% of our revenue is recurring as monthly payments from payors to provide for the healthcare needs of our members Nearly all our revenue comes from federal and state governments, either directly or through health plans Our value-based primary care model is increasingly recognized as a potential solution to our nation's ever-rising healthcare expenditures Future of Healthcare Delivery is Value Based Strong Government Funding Support Recurring Revenue Critical Service Large & Growing Market

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![](canohealth4q22financials006.jpg)

6 4Q 2022 Highlights and Full Year 2023 Guidance 4Q22 Adjusted EBITDA(1) $35.7M vs. $11.1M prior year Medicare capitated membership 180K, +42% y-y Reflects continued membership growth and operational expansion 2023 guidance reflects focus on optimizing existing operations • Total membership 375K to 385K, up 21% to 24% y-y • Total revenue $3.10B to $3.25B, up 13% to 19% y-y • Medical cost ratio 81.0% to 82.0%, up 190 bps to 290 bps y-y 4Q22 Total Revenue $680M +38% y-y Year-End 2022 Total Membership 310K, +36% y-y Seek to maximize long-term shareholder value 4Q22 and FY 2022 Total MCR(2) of 76.1% and 79.1%, respectively Excluding Medicare DCE(3), 4Q22 and FY 2022 MCR of 71.7% and 75.1%, respectively, down ~600 bps and ~460 bps year-over-year (1) Adjusted EBITDA is a non-GAAP financial measure. Please refer to the "Disclaimer – Non-GAAP Financial Measures" and the reconciliation table in the appendix for definitions and a reconciliation of Adjusted EBITDA to net loss, its most directly comparable GAAP measure. (2) Medical Cost Ratio (MCR) = Third-party Medical Costs / Capitated Revenue (3) Medicare Direct Contracting Entity program (4) The Company plans to significantly reduce de novo investments in 2023. Therefore, the Company is revising its definition of Adjusted EBITDA beginning January 1, 2023, to no longer add back de novo losses. Admissions per Thousand (APTs) were ~7% lower in 2022, compared to 2021 Adjusted EBITDA(1) of $75M to $85M, excluding de novo losses(4) Operating strategy expected to unlock embedded profitability in our medical centers Net loss of ($301.7M) in 4Q22 unfavorably impacted by a non-cash goodwill impairment of ($323.0M) • Adequately capitalize the business • Increase capacity utilization at existing medical centers • Optimize our value-based platform to improve the balance sheet and cash from operations

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![](canohealth4q22financials007.jpg)

7 Secured $150 Million Term Loan Facility to Improve Liquidity Investors in the 2023 Term Loan include Diameter Capital Partners and Rubicon Founders Highlights of the Transaction(1) Liquidity and Leverage(2) • $150 million senior secured term loan, maturing November 23, 2027 • Ranks pari passu in right of payment and lien priority with indebtedness under the existing senior credit facilities • Interest Rate: o Years 1 and 2: 14% per annum, payable quarterly in cash or in-kind, at the Company's election, as an addition to the principal balance o Thereafter: 13% per annum, payable quarterly in cash • Warrants: o The Company issued warrants to the investors to purchase up to approximately 29.5 million shares of Class A common stock o Exercisable at a price of $0.01 until February 24, 2028 • Liquidity at 2/28/2023 of ~$179 million, comprised of: o Unrestricted cash of ~$18 million o 2023 Term Loan net proceeds of ~$140 million o Available revolver balance of ~$21 million • In 2023, the First Lien Net Leverage ratio is expected to remain below the limit set by the Company's credit agreements • Long-term capital management strategy is focused on reducing long-term debt and leverage ratios over time through improved Adjusted EBITDA and cash flow (1) See Current report on Form 8-K filed with the SEC on February 27, 2023 for more information regarding the 2023 Term Loan (2) Based on management's current expectations. There is no assurance that management will be able to reduce long-term debt and leverage ratios.

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![](canohealth4q22financials008.jpg)

8 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, existing centers and affiliates Strategic Objective : Obtain speed, scale, and density QUALITY WELLNESSACCESS Transportation Cano@Home/Telehealth 24/7 Urgency Line Classes Cano Life Physiotherapy Disease Management Care Coordination Preventive Screenings BUILD MANAGEBUY Physician Practice Acquisitions Affiliated Practices De Novo Centers Expand Existing Centers National Care Platform… …with a Flexible Growth Model A Differentiated Value-Based Primary Care Model Existing Centers

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9 Geographic Footprint (1) Includes Puerto Rico from 2019 onward Note: Number of expected medical centers in 2023 is an estimate based on management's internal projections, and is subject to change Affiliates onlyMedical Centers & Affiliates Opened 42 medical centers in FY 2022 Expect to increase total medical centers by 5 in FY 2023 Strategically focused on Florida and optimizing existing center capacity 2018 2019 2020 2021 2022 2023E States (1) 1 2 4 9 10 10 Medical Centers 19 35 71 130 172 177 Members 25K 42K 106K 227K 310K 375K-385K ~1,900 employed & affiliate providers in 9 states + Puerto Rico Cano Health Medical Centers State 2020 2021 1Q22 2Q22 3Q22 4Q22 Florida 64 101 106 110 110 123 Texas 4 11 11 13 15 16 Nevada 3 8 9 9 9 14 California -- 4 4 4 6 7 Illinois -- 4 4 4 7 8 New Mexico -- 2 3 3 3 3 Puerto Rico -- -- -- -- 1 1 Total 71 130 137 143 151 172

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10 Guidance for Full Year 2023 (1) Medical Cost Ratio = Third Party Medical Costs / Capitated Revenue (2) Adjusted EBITDA is a non-GAAP financial measure. For periods beginning January 1, 2023, the Company has modified its definition of Adjusted EBITDA. Please refer to the "Disclaimer – Non-GAAP Financial Measures" and the reconciliation tables in the appendix for definitions and a reconciliation of Adjusted EBITDA to net loss, its most directly comparable GAAP measure. (3) The Company has not reconciled its expectations as to non-GAAP measures in future periods to their most directly comparable GAAP measure because the Company cannot predict with a reasonable degree of certainty and without unreasonable efforts certain reconciling items, such as certain costs and expenses that are inherently uncertain and depend on various factors, some of which are outside of the Company's control. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the computation of the most comparable GAAP measure. FY 2023 March 1, 2023 FY 2022 Actual Total Membership 375,000 - 385,000 309,590 Total Revenues $3.10B - $3.25B $2.74B Medical Cost Ratio (MCR) (1) 81% - 82% 79.1% Adjusted EBITDA(2)(3) – new definition $75M - $85M $74M Total Medical Centers 177 172 Cano Health plans to reduce de novo investments in 2023. As of January 1, 2023, de novo losses will no longer be included as an adjustment in calculating Adjusted EBITDA(2) in future periods Raising 2022 total MCR range to 81.0% to 82.0%, primarily driven by a higher proportion of ACO REACH members, which typically have a higher MCR than other service lines Additional guidance for full year 2023: • Interest expense: ~$100 million o ~$90 million cash interest o ~$10 million non-cash interest (2023 Term Loan PIK) • Stock-based compensation expense: ~$50 million • Capital expenditures: ~$15 million

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11 Appendix

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12 Members 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Medicare Advantage 75,488 103,812 112,309 118,348 119,105 123,768 128,731 140,353 Medicare DCE - 8,054 7,777 7,651 41,201 40,179 39,615 39,183 Total Medicare 75,488 111,866 120,086 125,999 160,306 163,947 168,346 179,536 Medicaid 21,801 25,178 63,871 66,500 67,982 70,254 73,865 76,717 ACA 19,606 18,994 26,706 34,506 41,045 47,324 52,385 53,337 Total Members 116,895 156,038 210,663 227,005 269,333 281,525 294,596 309,590 % Total 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Medicare Advantage 65% 67% 53% 53% 45% 44% 44% 45% Medicare DCE - 5% 4% 3% 15% 14% 13% 13% Total Medicare 65% 72% 57% 56% 60% 58% 57% 58% Medicaid 19% 16% 30% 29% 25% 25% 25% 25% ACA 16% 12% 13% 15% 15% 17% 18% 17% Total Members 100% 100% 100% 100% 100% 100% 100% 100% Revenue PMPM 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Medicare Advantage $979 $990 $1,151 $1,098 $1,249 $1,196 $1,127 $1,084 Medicare DCE - 1,221 1,349 1,261 1,379 1,362 1,215 1,374 Total Medicare 979 1,010 1,163 1,108 1,283 1,238 1,148 1,150 Medicaid 615 612 271 258 257 223 191 213 ACA 44 14 47 43 58 48 40 36 Total $760 $801 $753 $706 $839 $787 $718 $718 Membership Mix and PMPM: 1Q21 – 4Q22 Note: Differences in the included tables are due to rounding and are not significant.

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13 Membership Medical Centers and Affiliates: 1Q22 – 4Q22 (1) Medicare DCE members within our medical centers and affiliates are approximate. Note: Differences in the included tables are due to rounding and are not significant. Members 1Q22 2Q22 3Q22 4Q22 Medicare Advantage 65,579 68,760 70,744 76,717 Medicare DCE(1) 5,133 4,981 4,833 4,689 Medicaid 65,769 67,887 71,505 74,272 ACA 40,921 47,324 52,385 53,337 Total Medical Center 177,402 188,952 199,467 209,015 Medicare Advantage 53,526 55,008 57,987 63,636 Medicare DCE(1) 36,068 35,198 34,782 34,494 Medicaid 2,337 2,367 2,360 2,445 Total Affiliate 91,931 92,573 95,129 100,575 Total Members 269,333 281,525 294,596 309,590 % of Total Members 1Q22 2Q22 3Q22 4Q22 Medicare Advantage 24% 24% 24% 25% Medicare DCE 2% 2% 2% 2% Medicaid 24% 24% 24% 24% ACA 15% 17% 18% 17% Total Medical Center 66% 67% 68% 68% Medicare Advantage 20% 20% 20% 21% Medicare DCE 13% 13% 12% 11% Medicaid 1% 1% 1% 1% Total Affiliate 34% 33% 32% 32% Total Members 100% 100% 100% 100%

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14 Revenue Mix: 1Q21 – 4Q22 $ Millions 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Medicare Advantage 220.2 255.8 388.6 380.8 442.7 436.0 432.2 434.2 Medicare DCE - 29.2 30.6 29.1 172.5 166.6 145.7 162.5 Total Medicare 220.2 285.0 419.2 409.9 615.2 602.6 578.0 596.6 Medicaid 38.6 43.7 50.7 50.7 52.0 46.2 41.9 48.8 ACA 2.5 0.8 3.8 3.9 7.1 6.7 6.0 5.7 Total Capitated Revenue 261.3 329.5 473.7 464.6 674.4 655.5 625.9 651.2 Fee-for-Service and Other Revenue 13.2 14.1 25.2 27.7 30.0 33.9 39.1 29.2 Total Revenue 274.6 343.6 498.9 492.2 704.3 689.4 665.0 680.4 % Total 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Medicare Advantage 80% 74% 78% 77% 63% 63% 65% 64% Medicare DCE 0% 9% 6% 6% 25% 24% 22% 24% Total Medicare 80% 83% 84% 83% 87% 87% 87% 88% Medicaid 14% 13% 10% 10% 7% 7% 6% 7% ACA 1% 0% 1% 1% 1% 1% 1% 1% Total Capitated Revenue 95% 96% 95% 94% 96% 95% 94% 96% Fee-for-Service and Other Revenue 5% 4% 5% 6% 4% 5% 6% 4% Total Revenue 100% 100% 100% 100% 100% 100% 100% 100% Note: Differences in the included tables are due to rounding and are not significant.

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15 YoY Change 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Capitated Revenue 101% 98% 88% 87% 158% 99% 32% 40% Fee-for-Service and Other Revenue 74% 93% 147% 172% 127% 140% 56% 5% Total Revenue 99% 98% 91% 91% 156% 101% 33% 38% Third-Party Medical Costs 129% 161% 106% 99% 175% 86% 28% 37% Direct Patient Expense 84% 57% 62% 104% 77% 48% 27% 31% SG&A 67% 116% 180% 177% 175% 125% 46% 16% Adjusted EBITDA – prior definition(1) 20% (181%) (36%) (38%) 160% 293% 208% 221% Adjusted EBITDA – new definition(1) (12%) (233%) (82%) (135%) 150% 142% 435% 433% Financial Summary: 1Q21 – 4Q22 $ Millions 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Capitated Revenue 261.4 329.5 473.8 464.6 674.4 655.5 625.9 651.2 Fee-for-Service and Other Revenue 13.2 14.1 25.2 27.7 30.0 33.9 39.1 29.2 Total Revenue 274.6 343.6 498.9 492.2 704.4 689.4 665.0 680.4 Third-Party Medical Costs 195.0 291.8 381.3 362.9 535.8 541.3 489.6 495.7 Direct Patient Expense 34.2 35.6 50.4 59.2 60.7 52.6 63.9 77.7 SG&A 35.0 47.2 76.6 93.3 96.6 106.2 111.8 107.8 Adjusted EBITDA – prior definition(1) 17.5 (15.2) 13.6 11.1 45.0 29.4 42.5 35.7 Adjusted EBITDA – new definition(1) 11.7 (23.7) 3.4 (4.9) 29.2 9.9 18.2 16.3 (1) Adjusted EBITDA is a non-GAAP financial measure. For 2023, the Company has modified its definition of Adjusted EBITDA. Please refer to the "Disclaimer – Non-GAAP Financial Measures" and slides 17 to 19 for definitions and reconciliation tables of Adjusted EBITDA to net loss, its most directly comparable GAAP measure. Note: Differences in the included tables are due to rounding and are not significant.

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16 Margin Analysis: 1Q21 – 4Q22 % Total Revenue (except as noted) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Medical Cost Ratio(1) 74.6% 88.6% 80.5% 78.1% 79.5% 82.6% 78.2% 76.1% Direct Patient Expense Ratio 12.5% 10.4% 10.1% 12.0% 8.6% 7.6% 9.6% 11.4% SG&A Ratio (excl. Stock Comp) 12.7% 12.7% 13.5% 15.9% 11.8% 12.8% 15.1% 14.1% Adjusted EBITDA Margin – prior definition(2) 6.4% (4.4%) 2.7% 2.3% 6.4% 4.3% 6.4% 5.2% Adjusted EBITDA Margin – new definition(2) 4.2% (6.9%) 0.7% (1.0%) 4.1% 1.4% 2.7% 2.4% YoY bp change 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Medical Cost Ratio(1) 910 2,130 692 452 482 (602) (228) (198) Direct Patient Expense Ratio (102) (268) (181) 81 (385) (276) (50) (58) SG&A Ratio (excl. Stock Comp) (247) 13 301 303 (97) 12 164 (184) Adjusted EBITDA Margin – prior definition(2) (421) (1,521) (544) (475) 2 869 362 299 Adjusted EBITDA Margin – new definition(2) (533) (1,715) (668) (635) (10) 835 205 340 (1) Medical Cost Ratio = Third-party Medical Costs / Capitated Revenue (2) Adjusted EBITDA is a non-GAAP financial measure. For 2023, the Company has modified its definition of Adjusted EBITDA. Please refer to the "Disclaimer – Non-GAAP Financial Measures" and slides 17 to 19 for definitions and reconciliation tables of Adjusted EBITDA to net loss, its most directly comparable GAAP measure. (3) Note: Differences in the included tables are due to rounding and are not significant.

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17 Non-GAAP Financial Measures Reconciliation ($ in millions) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Net income (loss) (16.1) (36.3) (64.8) 0.5 (0.1) (14.6) (112.0) (301.7) Interest expense, net 10.6 9.7 16.0 14.9 13.3 13.1 16.4 19.6 Income tax expense (benefit) 0.7 (2.0) 0.5 0.8 1.0 0.8 (1.2) 1.5 Depreciation and amortization expense 5.8 7.9 17.0 18.7 19.0 19.8 25.3 26.4 EBITDA(1) 1.1 (20.7) (31.3) 34.9 33.3 19.2 (71.5) (254.2) Stock-based compensation 0.1 3.6 9.5 14.8 13.8 17.8 11.0 12.1 Goodwill impairment loss 0.0 0.0 0.0 0.0 0.0 0.0 0.0 323.0 De novo losses 5.8 8.5 10.2 16.0 15.8 19.5 24.3 19.4 Transaction costs 9.8 17.0 12.4 8.9 9.9 7.8 6.7 10.5 Restructuring and other 0.4 2.8 2.3 2.4 2.6 1.0 5.2 1.4 Change in fair value of contingent consideration 0.3 (0.5) (3.9) (7.5) (4.7) (5.8) 0.9 4.5 Loss on extinguishment of debt 0.0 13.2 0.0 (0.1) 1.4 0.0 0.0 0.0 Change in fair value of warrant liabilities 0.0 (39.2) 14.6 (58.3) (27.2) (30.2) 65.7 (81.2) Adjusted EBITDA-prior definition(1) 17.5 (15.2) 13.6 11.1 45.0 29.4 42.5 35.7 Reconciliation of the prior definition of Adjusted EBITDA to new definition of Adjusted EBITDA: Less: De novo losses (5.8) (8.5) (10.2) (16.0) (15.8) (19.5) (24.3) (19.4) Adjusted EBITDA-new definition (1) 11.7 (23.7) 3.4 (4.9) 29.2 9.9 18.2 16.3 A B C D E F G Represents non-cash compensation charges Represents costs associated with the ramp up of new medical centers and losses incurred for the 12 months after the opening of a new facility Represents legal expenses, professional fees, and expenses directly related to staff needed to support acquisition activity Includes one-time legal, IT, severance and various other non-recurring items Represents the non-cash change in the value of contingent considerations related to acquired practices Represents costs related to amended or previously repaid debt Represents non-cash impact from change in warrant liabilities A B C D E F G (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 a non-GAAP financial measure. For 2023, the Company has modified its definition of Adjusted EBITDA. Please refer to the "Disclaimer – Non-GAAP Financial Measures" and slides 17 to 19 for definitions and reconciliation tables of Adjusted EBITDA to net loss, its most directly comparable GAAP measure. Note: Differences in the included tables are due to rounding and are not significant. B

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18 (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 a non-GAAP financial measure. For 2023, the Company has modified its definition of Adjusted EBITDA. Please refer to the "Disclaimer – Non-GAAP Financial Measures" and slides 17 to 19 for definitions and reconciliation tables of Adjusted EBITDA to net loss, its most directly comparable GAAP measure. Note: Differences in the included tables are due to rounding and are not significant. Represents non-cash compensation charges Represents costs associated with the ramp up of new medical centers and losses incurred for the 12 months after the opening of a new facility Represents legal expenses, professional fees, and expenses directly related to staff needed to support acquisition activity Includes one-time legal, IT, severance and various other non-recurring items Represents the non-cash change in the value of contingent considerations related to acquired practices Represents costs related to amended or previously repaid debt Represents non-cash impact from change in warrant liabilities A B C D E F Non-GAAP Financial Measures Reconciliation G ($ in millions) FY2020 FY2021 FY2022 Net income (loss) (71.1) (116.7) (428.4) Interest expense, net 33.7 51.3 62.5 Income tax expense (benefit) 0.7 0.0 2.2 Depreciation and amortization expense 18.5 49.4 90.6 EBITDA(1) (18.2) (16.0) (273.1) Stock-based compensation 0.5 28.0 54.8 Goodwill impairment loss 0.0 0.0 323.0 De novo losses 8.7 40.6 79.0 Transaction costs 43.3 48.3 34.4 Restructuring and other 2.4 7.9 10.8 Change in fair value of contingent consideration 0.1 (11.7) (5.0) Loss on extinguishment of debt 23.3 13.1 1.4 Change in fair value of embedded derivatives 12.8 0.0 0.0 Change in fair value of warrant liabilities 0.0 (82.9) (72.8) Adjusted EBITDA(1) (2) prior definition 72.8 27.3 152.5 Reconciliation of the prior definition of Adjusted EBITDA to new definition of Adjusted EBITDA: Less: De novo losses (8.7) (40.6) (79.0) Adjusted EBITDA(1) (2) modified definition 64.2 (13.3) 73.5 A B C D E F G B

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19 Newly-modified Adjusted EBITDA definition • See "Disclaimers – Non-GAAP Financial Measures" presented earlier. • The Company presents Adjusted EBITDA to exclude the impact on EBITDA from certain gains/losses, such as non-cash stock-based compensation expense, non-cash goodwill impairment loss, and certain other non-operating items that are not directly attributable to the Company's underlying operating performance, such as acquisition, integration and divestiture transaction costs (including corporate development payroll costs), restructuring and other charges, fair value adjustments in contingent consideration, loss on the early extinguishment of debt, changes in fair value of warrant liabilities, results and gains/losses on discontinued operations and other miscellaneous expenses. • The Company presents Adjusted EBITDA because the Company's management believes that some of these items may not occur in certain periods, the amounts recognized can vary significantly from period to period and the elimination of the effects of certain charges that are not directly attributable to the Company's underlying performance can facilitate an understanding of the Company's business and results of operations. Previously included De Novo losses: • For periods through December 31, 2022, in calculating Adjusted EBITDA, the Company had excluded the impact of "de novo losses," which consist of those costs associated with the ramp up of new medical centers and losses incurred for the 12 months after the opening of a new facility. These costs collectively are higher than comparable expenses incurred once such a facility has been opened and is generating revenue, and would not have been incurred unless a new facility was being opened. • The Company plans to reduce its de novo investments in 2023 and will streamline the definition of Adjusted EBITDA beginning January 1, 2023. Therefore, de novo losses will no longer be included as an adjustment in calculating Adjusted EBITDA in future periods. Under the new definition, Adjusted EBITDA would have been $73.5 million, ($13.3) million and $64.2 million for the years ended December 31, 2022, 2021 and 2020, respectively, compared to reported Adjusted EBITDA of $152.5 million, $27.3 million and $72.8 million with de novo losses included for the years ended December 31, 2022, 2021 and 2020, respectively.

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20 0 5 10 15 20 25 0 50 100 150 200 250 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Admissions Per 1,000 COVID-19 Admissions Per 1,000 0.3 21.1 Cano Health Total vs. COVID-19 Hospital Admissions Average Monthly Hospital Admissions Per 1,000 A verage D aily C O V ID -1 9 A d m issio n s Per 1 ,0 0 0A ve ra ge D ai ly T o ta l A d m is si o n s Pe r 1 ,0 0 0 Source: Cano Health company data, as of February 13, 2023. Includes acquired members, as of November 2022 Note: Prior period data adjusted for claims lag 2021 2022

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