CareView Communications, Inc. reported a decline in revenue for the fiscal year ending December 31, 2024, with total revenues of $8.25 million, down from $9.68 million in 2023. The decrease of approximately $1.43 million was attributed to a significant drop in sales-based contracts for equipment, which fell by $2.48 million, while subscription-based revenues also saw a decline of $265,091. However, revenue from software bundles increased by $1.31 million, indicating a shift in product demand. The company recorded a net loss of $4.70 million for 2024, compared to a loss of $3.95 million in the previous year, reflecting ongoing challenges in achieving profitability.
In terms of operational changes, CareView has transitioned to a sales-based contracting model, which has improved cash flow by allowing the company to bill for hardware upon contract acceptance. This model has been implemented since the third quarter of 2020 and is expected to enhance financial stability. The company has also expanded its product offerings, including the CareView Patient Safety System, which has been installed in over 150 hospitals, contributing to a reported 80% reduction in patient falls and a 65% decrease in sitter costs. The company’s workforce has remained stable, with 62 employees as of March 31, 2025.
CareView's customer base remains concentrated, with one customer accounting for 19% of total revenue in 2024, compared to two customers contributing 17% and 13% in 2023. The company reported a backlog of approximately $5.93 million as of December 31, 2024, with $3.31 million expected to be billed in 2024. This backlog is driven by signed Master and Product & Service Agreements, indicating a potential for future revenue growth.
Despite these developments, CareView faces significant financial challenges, including a working capital deficit of $41.14 million and an accumulated deficit of $212.59 million. Management has expressed substantial doubt about the company's ability to continue as a going concern without additional funding. The company is exploring various strategies to improve cash flow, including increasing sales volumes and seeking additional capital through debt or equity financing. The outlook remains cautious as the company navigates these financial hurdles while attempting to stabilize and grow its operations.
About CareView Communications Inc
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