Responding to the Wales Audit Office report, the Conservatives' Shadow Health Minister Darren Millar said:
These damning figures confirm that the Welsh NHS is on the brink of financial meltdown.
The Wales Audit Office report flies in the face of recent assurances from the NHS Chief Executive that all health boards would break even by the end of the financial year.
This situation is now completely unmanageable. The financial challenge our health boards are facing is driving unpopular and dangerous service change; making targets more difficult to achieve and putting immense pressure on hardworking frontline staff.
The Chief Executive of the NHS in Wales has admitted that the service faces a £70m overspend but insists it will break even.
The Wales Audit Office warns that a prediction from NHS bodies of an end-of-year deficit of around £70m could be even higher.