SAN DIEGO, Aug. 12, 2010 (GLOBE NEWSWIRE) -- TearLab Corporation (Nasdaq:TEAR) (TSX:TLB) today reported its consolidated financial results for the quarter ended June 30, 2010. All dollar amounts are expressed in U.S. currency, and results are reported in accordance with United States generally accepted accounting principles.
For the three-months ended June 30, 2010, TearLab's net revenues were $418,134 as compared to $96,849 for the same period in 2009. The Company's loss for the second quarter of 2010 was approximately $1.5 million, or $0.10 per share, as compared to $1.0 million, or $0.10 per share, for the 2009 second quarter.
For the six-months ended June 30, 2010, TearLab's net revenues were $693,129 as compared to $340,107 for the same period in 2009. The Company's loss for the first two quarters of 2010 was approximately $3.6 million, or $0.27 per share, as compared to $2.0 million, or $0.21 per share, for six months ended June 30, 2009.As of June 30, 2010, the Company had cash and cash equivalents and short-term investments of $4.8 million. Management believes that the Company has sufficient cash to cover its operating and other cash demands for at least the next 12 months. "While our financial statements continue to reflect the very early stages of commercialization of the TearLab™ Osmolarity System in Europe and Canada, as demonstrated by our revenue growth this quarter, interest by clinicians in both markets has been building as evidence has continued to point to tear film osmolarity as the preferred tool in the evaluation of patients suffering from DED," commented Elias Vamvakas, TearLab's Chief Executive Officer. Mr. Vamvakas continued, "We continue to endeavor to obtain the CLIA waiver categorization and approval for Medicare reimbursement as we believe that both of these milestones are key – not only to the widespread use and commercial success of the TearLab™ Osmolarity System in the U.S., but also to maximum penetration of the European and Canadian markets. As we wait for our full launch into the U.S., we continue to make strategic placements with key opinion leaders there."