|By Business Wire||
|April 2, 2014 08:05 AM EDT|
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, 2013.
CareView ended 2013 on a positive note showing significant improvements in net revenue growth and reduction of EBITDA losses. CareView increased its net revenue over 2012 by a margin of over 26% and decreased EBITDA losses by a margin of over 44%. 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 2013 versus fourth quarter of 2012, shows a dramatic improvement. Net revenues from the fourth quarter 2012 compared to fourth quarter 2013 show an increase of over 130% and negative EBITDA numbers from the fourth quarter 2012 were reduced in fourth quarter 2013 from an EBITDA loss of $2,768,000 to an EBITDA loss of $960,000.
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.
Steve Johnson, the Company's Chief Executive Officer, commented on the Company's results for the year ended December 31, 2013, and stated, "We are pleased to see such a strong fourth quarter of 2013 and expect that the continued progress in hospital sales will be even more evident in 2014. Management believes that we are at an inflection point with CareView, where the market is now responding to the quality improvement and cost savings that CareView offers to hospitals. If present indicators and signed contracts continue as management anticipates, 2014 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.