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TearLab Corporation, Reports Q3-10 Financial Results

SAN DIEGO, Nov. 11, 2010 (GLOBE NEWSWIRE) -- TearLab Corporation (Nasdaq:TEAR) (TSX:TLB) today reported its consolidated financial results for the quarter ended September 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 September 30, 2010, TearLab's net revenues were $210,000 as compared to $263,000 for the same period in 2009. The Company's loss for the third quarter of 2010 was approximately $2.2 million, or $0.15 per share. This compares to a loss of $0.7 million, or $0.07 per share, for the third quarter of 2009, which was positively impacted by a $0.6 million, or $0.06 per share, income tax recovery.

For the nine months ended September 30, 2010, TearLab's net revenues were $903,000 as compared to $603,000 for the same period in 2009. The Company's loss for the first three quarters of 2010 was approximately $5.8 million, or $0.42 per share. This compared to a loss of $2.7 million, or $0.27 per share, for the first three quarters of 2009, which was positively impacted by a $2 million, or $0.20 per share, income tax recovery. 

"We achieved the second of our three major milestones in the third quarter – reimbursement for our TearLab® Osmolarity Test in the U.S. at a rate of $24.01 per eye," commented Elias Vamvakas, TearLab's Chief Executive Officer.

Mr. Vamvakas continued, "We are very excited about this important accomplishment and continue to wait for the realization of our third and final major milestone – receipt of CLIA waiver certificate. We believe the combination of reimbursement and CLIA waiver is key to both driving the widespread use and commercial success of the TearLab® Osmolarity System in the U.S. and to maximizing penetration of the European and Canadian markets." 

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