CareView Communications Announces First Quarter 2021 Financial Results

Rhea-AI Summary

CareView Communications, Inc. (OTCQB: CRVW) reported robust financial results for Q1 2021, with combined revenue reaching approximately $2.3 million, up from $1.7 million in Q1 2020. This 36% growth was mainly attributed to increased sales of the new Gen5 equipment and new sales-based contracts totaling $940,000. The company reported a net loss of $2.5 million, a 15.5% decrease from the previous year. Management anticipates further growth in telemedicine and monitoring services, aiming for increased operating income and EBITDA.

Positive

• Q1 2021 revenue increased by 36% year-over-year to $2.3 million.
• Total net product revenue up 54% compared to Q4 2020.
• Executed new contracts worth approximately $940,000.

Negative

• Net loss of $2.5 million, despite a decrease from the previous year.

CareView Communications, Inc. ("CareView" or the "Company") (OTCQB: CRVW), an information technology provider to the healthcare industry, today reported financial results for the first quarter ended March 31, 2021.

“I am pleased to announce that our combined revenue for the first quarter 2021 under our sales-based and subscription-based revenue models totaled approximately $2.3 million as compared to $1.7 million for the first quarter of 2020. We find that we are implementing more sales-based contracts and believe this trend will likely continue throughout 2021,” said Steve Johnson, CareView’s President and Chief Executive Officer.

“We have seen a sharp increase in the use of telemedicine over the past year. I believe CareView will continue to find success with all types of hospitals, including VA hospitals and CLCs, as the need for our patient monitoring products used in telemedicine increase over time,” said Sandra McRee, CareView’s Chief Operating Officer.

First Quarter Review

Total net product revenue for the first quarter of 2021 increased $608,000, or 36%, compared to the first quarter of 2020, primarily due to an increase in sales of CareView’s new Gen5 equipment. When compared to the fourth quarter of 2020, total net product revenue increased by 54% for the first quarter of 2021. During the quarter ended March 31, 2021, the Company executed several new sales-based contracts with an aggregated contract sales price of approximately $940,000, in addition to the $1,800,000 contract executed in late 2020.

CareView’s net loss for the first quarter 2021 of approximately $2.5 million decreased approximately $457,000, or 15.5%, compared to the net loss for the first quarter of 2020.

The Company’s management continues to see an increase in the number of hospitals implementing telemedicine and monitoring services. It is management’s belief that CareView will continue to see increases in their pipeline of business and anticipates further increases in operating income and EBITDA.

About CareView Communications, Inc.

As a leader in turnkey patient video monitoring solutions, CareView is redefining the standard of patient safety in hospitals and healthcare facilities across the country. For over a decade, CareView has relentlessly pursued innovative ways to increase patient protection, providing next generation solutions that lower operational costs and foster a culture of safety among patient, staff and hospital leadership. With installations in more than 150 hospitals, CareView has proven that its innovative technology is creating a culture of patient safety where patient falls have decreased by 80% with sitter costs reduced by more than 65%. Anchored by the CareView Patient Safety System, this modular, scalable solution delivers flexible configurations to fit any facility while significantly increasing patient safety and operational savings. All configurations feature HD cameras, high-fidelity 2-way audio/video, LCD displays for the ultimate in capability, flexibility, and affordability. Corporate offices are located at 405 State Highway 121 Bypass, Suite B-240, Lewisville, TX 75067. More information about the Company and its products and services is available on the Company’s website at www.care-view.com.

Forward-Looking Statements

Statements made in this release that are not statements of historical or current facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210601005054/en/

FAQ

What were CareView's Q1 2021 financial results?

CareView reported Q1 2021 revenue of approximately $2.3 million, a 36% increase compared to $1.7 million in Q1 2020.

What caused the increase in CareView's revenue?

The increase was primarily driven by higher sales of new Gen5 equipment and the execution of multiple new sales-based contracts.

How did CareView's net loss change from last year?

CareView reported a net loss of approximately $2.5 million in Q1 2021, a 15.5% decrease compared to the same period in 2020.

What is CareView's outlook for 2021?

Management expects continued growth in telemedicine and monitoring services, anticipating further increases in operating income and EBITDA.