Market Overview

TearLab Corporation Reports Fourth Quarter and Full Year 2018 Financial Results

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ESCONDIDO, Calif., March 21, 2019 (GLOBE NEWSWIRE) -- TearLab Corporation (OTCQB:TEAR) ("TearLab" or the "Company") today reported its consolidated financial results for the fourth quarter and twelve months ended December 31, 2018. All dollar amounts are expressed in U.S. currency and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.

Recent Highlights

  • $0.7 million operating profit for fourth quarter 2018 and $2.5 million full year 2018
  • Reduced fourth quarter net loss by 87.5% compared to 2017 from $ 4.0 million to $0.5 million; and full year 2018 net loss by 86.2% from $16.1 million to $2.2 million
  • Amended loan agreement with CRG to extend the "Interest-Only Period", pushing out the principal payments to 2020
  • Cash position of $8.5 million as of December 31, 2018, an increase from $8.2 million as of September 30, 2018 and $7.3 million as of December 31, 2017

For the three months ended December 31, 2018, TearLab's net revenues were $6.0 million, down 13% from $6.9 million for the same period in 2017.

The following table sets out the estimated annualized revenue per U.S. device and account analysis for the fourth quarter ended December 31, 2018:

            Annualized   Annualized
    Active   Active   Revenue   Revenue
Program   Devices   Accounts   Per Device   Per Account
Purchased     1,123   946   $   2,361   $   2,802
Masters     1,730   210   $   2,861   $   23,567
Flex     1,967   668   $   7,097   $   20,898
Total     4,820     1,824        

The Company's reported net loss for the 2018 fourth quarter was approximately $0.5 million, or ($0.05) basic loss per share, compared to a reported net loss of approximately $4.0 million, or ($0.63) basic loss per share in the fourth quarter of 2017. 

"In the fourth quarter and throughout 2018, we made progress in executing our new business strategy, growing our customer base and strengthening our cash position. We are committed to capitalizing on the current market momentum for osmolarity and remain committed to bringing the Tearlab Discovery™ system to the U.S. market," said Seph Jensen, TearLab's Chief Executive Officer.

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. TearLab Corporation's common shares trade on the OTCQB Market under the symbol 'TEAR'.

Forward-Looking Statements 
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, the ability to capitalize on the current market momentum for osmolarity and to bring the Tearlab Discovery™ system to the U.S. market. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements.  Forward-looking statements are based on management's current, preliminary expectations and are subject to various risks and uncertainties. Many factors, risks and uncertainties may cause our actual results to differ materially from forward-looking statements, including the factors, risks, and uncertainties detailed in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2018, to be filed with the SEC on or about March 21, 2019. We do not undertake to update any forward-looking statements except as required by law.

CONTACT:  
The Ruth Group 
Lee Roth 
Tel: 646-536-7012 
lroth@theruthgroup.com



TearLab Corp.
Condensed Consolidated Statements of Operations
(Expressed in U.S. Dollars (000's) except for number of shares and net loss per share)
(Unaudited)


    Three months
     ended December 31,
      2018       2017  
Revenue        
  Product sales   $   5,275     $   6,288  
  Reader equipment rentals        713          593  
Total revenue     5,988       6,881  
Cost of goods sold        
Cost of goods sold  (excluding amortization of intangible assets)     2,143       2,741  
Cost of goods sold - reader equipment depreciation     186       793  
Gross profit     3,659       3,347  
Operating expenses        
Sales and marketing     596       3,036  
Clinical, regulatory and research & development         822         1,119  
General and administrative        1,492          2,017  
Total operating expenses       2,910          6,172  
Income/Loss from operations        749         (2,825 )
Other income (expense)        (1,261 )       (1,141 )
Net loss and comprehensive loss   $   (512 )   $   (3,966 )
Weighted average shares outstanding        11,296,998         6,303,589  
Net loss per share   $   (0.05 )   $   (0.63 )


TearLab Corp.
Condensed Consolidated Statements of Operations
(Expressed in U.S. Dollars (000's) except for number of shares and net loss per share)

 


    Years Ended December 31,
      2018       2017  
         
Revenue        
  Product sales   $   22,153     $   24,237  
  Reader equipment rentals       2,846         2,882  
Total revenue     24,999       27,119  
Cost of goods sold        
Cost of goods sold  (excluding amortization of intangible assets)     8,495       10,993  
Cost of goods sold - reader equipment depreciation     961       2,121  
Gross profit
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