TearLab Corporation Reports Q1-14 Financial Results

By GlobeNewswire,  May 08, 2014, 04:02:00 PM EDT

SAN DIEGO, May 8, 2014 (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, 2014. 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, 2014, TearLab's net revenues were $4.2 million, up 70% from $2.5 million for the same period in 2013. A total of 254 orders for TearLab systems were booked in the first quarter. Of those, 201 systems were under the Company's Masters Multi Unit Program, 40 were through its minimum use access programs, 6 were direct purchases and 7 were purchased outside of the U.S.

The Company's net loss for the three months ended March 31, 2014 was approximately $5.6 million, or $0.17 per share on a non-diluted basis. This included approximately $0.3 million in non-cash income related to the revaluation of warrants issued in June 2011. In last year's first quarter, the net loss was $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 in operating activities for Q1-2014 was approximately $3.6 million. As of March 31, 2014, TearLab had $32.0 million in cash and cash equivalents.

"Our primary focus in 2014 continues to be on improving the integration of the TearLab Osmolarity test into the daily routines of our customers," commented Elias Vamvakas, TearLab's Chief Executive Officer. "In order to help investors track our progress in that regard, we intend to provide the following annualized revenue per U.S. device and account analyses throughout the year:"

      Annualized  Annualized 
  Active Active Revenues Revenues
Program Devices Accounts Per Device Per Account
Purchased 190 190 $3,267 $3,267
Use 802 720 $11,716 $13,050
Masters 1,462 176 $3,732 $30,997
Total: 2,454 1,086    

Mr. Vamvakas concluded, "Coming out of American Society of Cataract and Refractive Surgery 2014 Annual Meeting in Boston a few days ago, we are excited by the many presentations and publications that highlighted the significance of DED in determining surgical outcomes and patient satisfaction, and the foundational role that osmolarity and the TearLab test plays in the diagnosis and treatment of the disease."

Conference Call and Webcast Information

TearLab will hold a conference call to discuss these results today, May 8, at 4:30pm Eastern Time at 877-303-1593. The call will also be broadcast live and archived on TearLab's website at www.tearlab.com under the "webcasts" link in the Investor Relations section. For those wishing to listen to a recording of the call via telephone, a replay will be made available as soon as possible after the conclusion of the live call and will remain posted for a period of seven days. To listen to the recording, simply telephone (Toll free) 855-859-2056 or (Toll) 404-537-3406 and enter reservation #32020994 when prompted.

About TearLab Corporation

TearLab Corporation (www.tearlab.com) develops and markets lab-on-a-chip technologies that enable eye care practitioners to improve standard of care by objectively and quantitatively testing for disease markers in tears at the point-of-care. The TearLab Osmolarity Test, for diagnosing Dry Eye Disease, is the first assay developed for the award-winning TearLab Osmolarity System. Headquartered in San Diego, CA, TearLab Corporation's common shares trade on the NASDAQ Capital Market under the symbol 'TEAR' and on the Toronto Stock Exchange under the symbol 'TLB'.

Forward-Looking Statements

This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about TearLab. Examples of forward-looking statements in this press release include statements regarding our future recurring revenue expectations and our plans for executing our marketing strategy and building a salesforce, the future potential of the TearLab® Osmolarity System and the related impact on our sales. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. Many factors may cause our actual results to differ materially from any forward-looking statement, including the factors detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 17, 2014, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, expected to be filed with the SEC on or around May 9, 2014. We do not undertake to update any forward-looking statements.

TearLab Corp.
(expressed in U.S. dollars except number of shares)
($ 000's except number of shares and loss per share)
  Three months ended
  March 31,
  2014 2013
Revenue $4,211 $2,475
Cost of goods sold 2,199 1,416
Gross profit 2,012 1,059
Operating expenses    
General and administrative 3,127 1,448
Clinical, regulatory and research & development 575 208
Sales and marketing 3,928 2,262
Amortization of intangible assets 303 303
Total operating expenses 7,933 4,221
Loss from operations (5,921) (3,162)
Other income (expense) 364 (5,412)
Net loss and comprehensive loss $ (5,557) $ (8,574)
Weighted average shares outstanding - basic 33,550,404 28,756,475
Loss per share - basic $ (0.17) $ (0.30)
Weighted average shares outstanding - diluted 33,732,227 28,756,475
Loss per share - diluted $ (0.17) $ (0.30)
TearLab Corp.    
(expressed in U.S. dollars)
($ 000's)
  March 31, December 31,
  2014 2013
Current assets    
Cash and cash equivalents $32,023 $37,778
Accounts receivable, net 3,050 3,524
Inventory, net 1,177 885
Prepaid expenses 575 689
Other current assets 61 10
Total current assets 36,886 42,886
Fixed assets, net 4,043 3,429
Patents and trademarks, net 101 108
Intangible assets, net 4,755 3,494
Other non-current assets 47 40
Total assets $45,832 $49,957
Current liabilities    
Accounts payable $1,773 $631
Accrued liabilities 3,488 3,844
Deferred rent 101 67
Obligations under warrants 1,124 4,047
Total current liabilities 6,486 8,589
Stockholders' equity    
Capital stock    
Preferred Stock, $0.001 par value, 10,000,000 authorized none outstanding
Common stock, $0.001 par value, 65,000,000 authorized, 33,577,068 issued and outstanding at March 31, 2014 and 65,000,000 authorized, 33,288,701 issued and outstanding at December 31, 2013 34 33
Additional paid-in capital 480,706 477,172
Accumulated deficit (441,394) (435,837)
Total stockholders' equity 39,346 41,368
Total liabilities and stockholders' equity $45,832 $49,957
CONTACT: Investors:
         Stephen Kilmer
         (905) 906-6908
Source: TearLab Corporation

This article appears in: News Headlines

Referenced Stocks: TEAR

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