This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

TearLab Corporation Reports Q2-10 Financial Results

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."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
TLB $0.00 0.00%
TEAR $2.36 0.00%
AAPL $128.95 0.00%
FB $78.99 0.00%
GOOG $537.90 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs