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:"
Q1-2014 | ||||
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. | ||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||
(expressed in U.S. dollars except number of shares) | ||
(Unaudited) | ||
($ 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. | ||
CONSOLIDATED BALANCE SHEETS | ||
(expressed in U.S. dollars) | ||
($ 000's) | ||
March 31, | December 31, | |
2014 | 2013 | |
ASSETS | ||
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 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
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 |