Market Overview

TearLab Corporation Reports Third Quarter 2019 Financial Results

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ESCONDIDO, Calif., Nov. 07, 2019 (GLOBE NEWSWIRE) -- TearLab Corporation (OTCQB:TEAR) ("TearLab" or the "Company") today reported its consolidated financial results for the third quarter ended September 30, 2019. 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

  • Third quarter revenue of $5.6 million
  • Cash position of $9.4 million as of September 30, 2019, an increase from $9.2 million as of June 30, 2019 and $8.5 million as of December 31, 2018
  • Expanded the U.S. active device base to 4,831 and active accounts to 1,837 TearLab Osmolarity Systems

For the three months ended September 30, 2019, TearLab's net revenues were $5.6 million, down 8.5% from $6.2 million for the same period in 2018.

The following table sets out the estimated annualized revenue per U.S. device and account analysis for the third quarter ended September 30, 2019:

                 
            Annualized   Annualized
    Active   Active   Revenue   Revenue
Program   Devices   Accounts   Per Device   Per Account
Purchased   1,261   1,053   $ 2,472   $ 2,960
Masters   1,768   209   $ 2,895   $ 24,486
Flex   1,802   575   $ 6,675   $ 20,919
Total   4,831   1,837        
                 

The Company's reported net loss for the 2019 third quarter was approximately $1.8 million, or ($0.14) basic loss per share, compared to a reported net loss of approximately $0.2 million, or ($0.02) basic loss per share in the third quarter of 2018. 

Seph Jensen, TearLab's Chief Executive Officer, commented, "We remain committed to growing osmolarity through the continued expansion of our customer base and are focused on securing FDA clearance of our next-generation TearLab Discovery™ System."

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. We do not undertake to update any forward-looking statements except as required by law.

CONTACT: Investor Contact: 
The Ruth Group 
James Salierno / Cameron Willis
Tel: 646-536-7028 / 7038 
jsalierno@theruthgroup.com / cwillis@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
    September 30,
      2019       2018  
Revenue        
Product sales   $   4,939     $ 5,424  
Reader equipment rentals     689       728  
Total revenue     5,628       6,152  
Cost of goods sold        
Cost of goods sold (excluding amortization of intangible assets)     1,994       2,161  
Cost of goods sold - reader equipment depreciation     95       222  
Gross profit     3,539       3,769  
Operating expenses        
Sales and marketing     894       759  
Clinical, regulatory and research & development     1,042       728  
General and administrative     1,905       1,284  
Total operating expenses     3,841       2,771  
(Loss) income from operations     (302 )     998  
Other income (expense)     (1,448 )     (1,193 )
Net loss and comprehensive loss   $   (1,750 )   $ (195 )
Weighted average shares outstanding  - basic and dilutive     12,544,651       11,005,789  
Net loss per share  – basic and dilutive   $   (0.14 )   $ (0.02 )


 
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)
    Nine months
    September 30,
      2019       2018  
Revenue        
Product sales   $    15,093     $ 16,878  
Reader equipment rentals     2,069       2,133  
Total revenue     17,162       19,011  
Cost of goods sold        
Cost of goods sold (excluding amortization of intangible assets)     5,964       6,351  
Cost of goods sold - reader equipment depreciation     369       775  
Gross profit     10,829       11,885  
Operating expenses        
Sales and marketing     2,763       2,738  
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