This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

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." 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs