CareView Communications, Inc. reported a challenging financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for the third quarter decreased to $1.93 million from $2.43 million, while revenues for the nine-month period fell to $6.11 million from $7.92 million. The decline in revenue was primarily attributed to a lack of new customer equipment sales during the third quarter.

The company's subscription-based lease revenue also saw a slight decrease, totaling $997,771 for the third quarter of 2024, down from $1.03 million in 2023. However, sales-based software bundle revenue increased significantly to $934,491 from $517,436 in the prior year, indicating some growth in this product line.

Operating expenses for the third quarter rose to $2.62 million, compared to $2.47 million in 2023, leading to an operating loss of $684,476, a substantial increase from a loss of $43,535 in the same quarter of the previous year. The net loss for the third quarter was $1.47 million, up from $869,901 in 2023, marking a 69% increase. For the nine-month period, the net loss was $3.60 million, compared to $2.26 million in 2023.

As of September 30, 2024, CareView's total assets were reported at $4.15 million, a decrease from $4.26 million at the end of 2023. The company’s total liabilities increased to $43.64 million from $40.52 million, contributing to a working capital deficit of $40.27 million. The accumulated deficit reached $211.49 million, raising substantial doubt about the company's ability to continue as a going concern without additional funding.

Management is actively exploring options to fund operations, including increasing sales volumes and raising capital through debt or equity securities. The company has also implemented cost control measures and is monitoring cash flow needs closely.

In terms of strategic developments, CareView has continued to expand its partnerships and product offerings, including a recent agreement with Panda Health and a GSA contract allowing sales to numerous VA and DOD facilities. The company has also faced challenges with its internal controls, identifying a material weakness in financial reporting, which it is addressing through a remediation plan.

Overall, CareView Communications, Inc. is navigating a difficult financial landscape, with significant losses and operational challenges, while attempting to leverage its market position and partnerships for future growth.