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TearLab Corporation Reports Q2-13 Financial Results

Stocks in this article: TEAR TLB

SAN DIEGO, Aug. 13, 2013 (GLOBE NEWSWIRE) -- TearLab Corporation (Nasdaq:TEAR) (TSX:TLB) ("TearLab" or the "Company") today reported its consolidated financial results for the second quarter ended June 30, 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 June 30, 2013, TearLab's net revenues were $3.5 million, up 392% from $716,000 for the same period in 2012 and an increase of 42% sequentially from $2.5 million in the previous quarter. As previously disclosed, a total of 569 orders for TearLab® Osmolarity systems were booked in Q2-2013. Of those, 327 systems were under the Company's new "Masters Multi Unit Program", 221 were through its minimum use access programs, 6 were direct purchases and 15 were purchased outside of the U.S.

The Company's net loss for the three months ended June 30, 2013 was approximately $12.0 million, or $0.41 per share. This included approximately $7.6 million, or $0.26 per share, in non-cash expense related to the revaluation of warrants issued in June 2011 and annual options that were granted and fully vested in the second quarter. In last year's second quarter, the net loss was $2.0 million, or $0.08 per share ($0.10 per share on a diluted basis). This included approximately $0.5 million or $0.02 per share, in non-cash income related to the revaluation of warrants issued in June 2011, partially offset by $0.3 million, or $0.01 per share, in non-cash expenses related to annual options that were granted and fully vested in the period.

As of June 30, 2013, TearLab had $7.2 million in cash and cash equivalents, which did not include approximately $37.5 million in net funds raised by the Company in a July 2013 underwritten public offering of common stock.

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