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SAN DIEGO, May 13, 2013 (GLOBE NEWSWIRE) -- TearLab Corporation (Nasdaq:TEAR) (TSX:TLB) ("TearLab" or the "Company") today reported its consolidated financial results for the first quarter ended March 31, 2013. 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 March 31, 2013, TearLab's net revenues were $2.5 million, up 486% from $422,000 for the same period in 2012 and an increase of 54% sequentially from $1.6 million in the previous quarter. A total of 388 orders for TearLab® Osmolarity systems were booked in Q1-2013. Of those, 162 systems were under the Company's new "Masters Multi Unit Program", 195 were through its "3/15" and "3/24" access programs, 11 were direct purchases and 20 were purchased outside of the U.S.
The Company's net loss for the three months ended March 31, 2013 was approximately $8.6 million, or $0.30 per share. This included approximately $5.4 million in non-cash expense related to the revaluation of warrants issued in June 2011. Cash used for operating activities in the three months ended March 31, 2013 was approximately $2.8 million. In last year's first quarter, the net loss was $9.1 million, or $0.44 per share. This included approximately $6.6 million in non-cash expense related to the revaluation of warrants issued in June 2011.
As of March 31, 2013, TearLab had $12.3 million in cash and cash equivalents.
"We started 2013 with strong system orders and a solid launch of our new Masters program," said Elias Vamvakas, TearLab's Chief Executive Officer. "While our revenue growth highlights our continuing success in building a recurring revenue base, like in previous quarters, our strong sales performance was not fully reflected in our Q1-2013 financial results due to the traditional lag between access program contract signing and product shipment, and to our current system manufacturing back-order position. Moving forward, driven by the success of our sales and marketing programs, and by strong showings at key events like ASCRS, we expect to see this positive momentum continue through the year."