LEWISVILLE, Texas--(BUSINESS WIRE)--CareView Communications, Inc. ("CareView" or the "Company") (OTCQB: CRVW), an information technology provider to the healthcare industry, announced today its financial results for the fourth quarter and year ended December 31, 2014.
CareView ended 2014 on a positive note showing significant improvements in net revenue growth and reduction of EBITDA losses. CareView increased its net revenue over 2013 by a margin of over 48% and decreased EBITDA losses by a margin of over 3%. While the overall yearly improvement shows positive acceptance by the market and continued efforts by the Company to reach profitability, the fourth quarter trends have a much higher sign of positive impact.
CareView's fourth quarter 2014 versus fourth quarter of 2013, shows a dramatic improvement. Net revenues from the fourth quarter 2013 compared to fourth quarter 2014 show an increase of over 52% and negative EBITDA numbers from the fourth quarter 2013 were reduced in fourth quarter 2014 from an EBITDA loss of $4,131,000 to an EBITDA loss of $3,634,000.
These improvements in the financial condition of CareView are directly attributable to an increase in additional hospital contracts resulting in increased billable RCPs and Nurse Stations. Management is pleased that the Company has either installed or is installing its equipment in 8 of the top 10 largest for-profit hospital companies in the U.S. Additionally, the Company has begun a more aggressive push to contract with hospitals in the non-profit arena and has either installed or is installing its equipment in 4 of the top 10 largest non-profit hospital companies in the U.S.
Steve Johnson, the Company's Chief Executive Officer, commented on the Company's results for the year ended December 31, 2014, and stated, "We are pleased to see such a strong fourth quarter of 2014 and expect that our continued progress in hospital sales will be even more evident in 2015. Our management believes that CareView is at a turning point where the market is responding positively to the cost savings and increased quality in patient care that we offer to hospitals. If present indicators and signed contracts continue at their current level, we believe that 2015 will be a tremendous year for CareView."
About CareView Communications, Inc.
CareView's mission is to be the leading provider of products and on-demand application services for the healthcare industry by specializing in bedside video monitoring, archiving and patient care documentation systems and patient entertainment services. Through the use of telecommunications technology and the Internet, our products and on-demand services will greatly increase the access to quality medical care and education for both consumers and healthcare professionals. We offer the next generation of patient care through our unique data and patient monitoring system that connects patients, families and healthcare professionals (the "CareView System®"). Our proprietary, high-speed data network system may be deployed throughout a healthcare facility to provide the facility with recurring revenue and infrastructure for future applications. Real-time bedside and point-of-care video monitoring and recording improve efficiency while limiting liability, and entertainment packages and patient education enhance the patient's quality of stay. Through continued investment in patient care technology, we are helping hospitals and assisted living facilities build a safe, high quality healthcare delivery system that best serves the patient, while striving for the highest level of patient satisfaction and comfort. CareView is dedicated to working with all types of hospitals, nursing homes, adult living centers and selected outpatient care facilities domestically and internationally.
Corporate offices are located at 405 State Highway 121 Bypass, Suite B-240, Lewisville, TX 75067. More information about the Company is available on the Company’s website at www.care-view.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities of CareView Communications, Inc. Certain statements in this release are “forward looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward-looking statements are subject to a number of risks and uncertainties including market acceptance of the Company’s services and projects and the Company’s continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.