SAN DIEGO, March 20, 2013 (GLOBE NEWSWIRE) -- TearLab Corporation (Nasdaq:TEAR) (TSX:TLB) ("TearLab" or the "Company") today reported its consolidated financial results for the quarter and the year ended December 31, 2012. 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 December 31, 2012, TearLab's net revenues were $1.6 million, up more than three-fold from $499,000 for the same period in 2011 and an increase of 33% sequentially from $1.2 million in the previous quarter. A total of 232 orders for TearLab systems were booked in the fourth quarter. Of those, 201 were through the Company's access programs, 12 were direct purchases and 19 were purchased outside of the U.S. The Company's net loss for the three months ended December 31, 2012 was approximately $3.7 million, or $0.13 per share. This included approximately $0.3 million in non-cash expense related to the revaluation of warrants issued in June 2011. In last year's fourth quarter, the net loss was $3.5 million, or $0.17 per share. This included approximately $0.7 million in non-cash expense related to the revaluation of warrants issued in June 2011.
For the year ended December 31, 2012, TearLab's net revenues were approximately $4.0 million as compared to $2.1 million in 2011. The Company's net loss for the year ended December 31, 2012 was approximately $19.3 million, or $0.76 per share. This included approximately $7.3 million in non-cash expense related to the revaluation of warrants issued in June 2011. For the year ended December 31, 2011, the loss was $8.8 million, or $0.50 per share. This included approximately $0.7 million in non-cash expense related to the revaluation of warrants issued in June 2011. 2012 cash used in operating activities was approximately $8.8 million.
As of December 31, 2012, TearLab had $15.4 million in cash and cash equivalents.
"As demonstrated by our system order volumes for the fourth quarter, we had a very strong showing at the American Academy of Ophthalmology ("AAO") annual meeting in November," commented Elias Vamvakas, TearLab's Chief Executive Officer. "To help put that in perspective, 45% of total 2012 system orders came in the fourth quarter alone. While that sales performance was not fully reflected in our Q4-2012 financial results due to the lag between contract signing and product shipment, it is clear that we are starting to build a substantial recurring revenue base for the future."
Mr. Vamvakas continued, "Now, despite the absence of large events like AAO, growing doctor interest in our technology and the significant role that it can play in the objective diagnoses and management of Dry Eye Disease has continued to drive positive momentum in the first quarter of 2013. Moving forward, we plan on continuing to execute our marketing strategy and to build our sales organization in order to help the groundbreaking TearLab® Osmolarity test grow to its full potential."
Conference Call and Webcast Information
TearLab will hold a conference call to discuss these results today, March 20, at 8:30am 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 #14510627 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 and quarterly reports on Forms 10-K and 10-Q. We do not undertake to update any forward-looking statements.
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CONSOLIDATED STATEMENTS OF OPERATIONS (expressed in U.S. dollars except number of shares) ($ 000's) |
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| Three months ended December 31 | Year ended December 31 | |||
| 2012 | 2011 | 2012 | 2011 | |
| Revenue | $ 1,610 | $ 499 | $ 3,960 | $ 2,124 |
| Cost of goods sold | 930 | 409 | 2,295 | 1,626 |
| Gross profit | 680 | 90 | 1,665 | 498 |
| Operating expenses | ||||
| Amortization of intangible assets | 304 | 304 | 1,215 | 1,215 |
| General and administrative | 1,140 | 1,100 | 4,770 | 3,842 |
| Clinical, regulatory and research & development | 618 | 542 | 2,241 | 1,304 |
| Sales and marketing | 1,942 | 865 | 5,471 | 2,195 |
| Total operating expenses | 4,004 | 2,811 | 13,697 | 8,556 |
| Loss from operations | (3,324) | (2,721) | (12,032) | (8,058) |
| Other income (expenses) | (328) | (751) | (7,280) | (751) |
| Net loss | (3,652) | (3,472) | (19,312) | (8,809) |
| Weighted average number of shares outstanding – basic and diluted | 28,607,209 | 20,414,993 | 25,490,186 | 17,744,736 |
| Net loss per common share – basic and diluted | $ (0.13) | $ (0.17) | $ (0.76) | $ (0.50) |
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CONSOLIDATED BALANCE SHEETS (expressed in U.S. dollars) ( $ 000's) |
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| December 31, 2012 | December 31, 2011 | |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $ 15,437 | $ 2,807 |
| Accounts receivable, net | 889 | 321 |
| Inventory, net | 1,863 | 898 |
| Prepaid expenses | 387 | 190 |
| Other current assets | 60 | 35 |
| Total current assets | 18,636 | 4,251 |
| Fixed assets, net | 630 | 199 |
| Patents and trademarks, net | 136 | 164 |
| Intangible assets, net | 4,709 | 5,924 |
| Other non-current assets | 28 | — |
| Total assets | $ 24,139 | $ 10,538 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities | ||
| Accounts payable | $ 1,067 | $ 218 |
| Accrued liabilities | 1,989 | 1,843 |
| Obligations under warrants | 6,239 | 2,957 |
| Total current liabilities | 9,295 | 5,018 |
| 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, 28,741,653 issued and outstanding at December 31, 2012 and 40,000,000 authorized, 20,414,993 issued and outstanding at December 31, 2011 | 29 | 20 |
| Additional paid-in capital | 421,662 | 393,035 |
| Accumulated deficit | (406,847) | (387,535) |
| Total stockholders' equity | 14,844 | 5,520 |
| Total liabilities and stockholders' equity | $ 24,139 | $ 10,538 |