ESCONDIDO, Calif., May 09, 2019 (GLOBE NEWSWIRE) -- TearLab Corporation (OTCQB: TEAR) (“TearLab” or the “Company”) today reported its consolidated financial results for the first quarter ended March 31, 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

  • First quarter revenue of $5.7 million
  • Cash position of $8.9 million as of March 31, 2019, an increase from $8.5 million as of December 31, 2018
  • May, 2019 annual meeting of American Society of Cataract and Refractive Surgery (ASCRS) introduced the ASCRS ‘Algorithm for Preoperative Diagnosis and Treatment of Ocular Surface Disease’ – which includes osmolarity testing as part of the ‘essential screening battery’ of pre-operative diagnostic tests

For the three months ended March 31, 2019, TearLab’s net revenues were $5.7 million, down 10.9% from $6.4 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 first quarter ended March 31, 2019

      Annualized Annualized
  Active Active Revenue Revenue
Program Devices Accounts Per Device Per Account
Purchased 1,169 981 $  2,162 $  2,576
Masters 1,740 210 $  2,758 $  22,849
Flex 1,888 634 $  6,881 $  20,492
Total 4,797 1,825    

The Company’s reported net loss for the 2019 first quarter was approximately $1.3 million, or ($0.12) basic loss per share, compared to a reported net loss of approximately $0.9 million, or ($0.09) basic loss per share in the first quarter of 2018. 

“We were pleased to report another quarter of positive cash flows and operating income, which demonstrates the stability of our current business. We are also excited about the impact of this week’s release by ASCRS for their Algorithm for Preoperative Diagnosis and Treatment Ocular Surface Disease.  We believe the increased interest and activity in the dry eye space creates continued growth opportunities for our current generation TearLab Osmolarity System.  In addition, we continue to work diligently to complete the resubmission of our 510(k) application for FDA clearance of the next generation Discovery™ platform” 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. We do not undertake to update any forward-looking statements except as required by law.

CONTACT: Investor Contact: 
The Ruth Group 
Janhavi Mohite 
Tel: 646-536-7026 
jmohite@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,
   2019   2018 
Revenue    
  Product sales $  4,996  $  5,775 
  Reader equipment rentals  687     671 
Total revenue  5,683   6,446 
Cost of goods sold    
Cost of goods sold  (excluding amortization of intangible assets)  1,930   1,836 
Cost of goods sold - reader equipment depreciation  153   288 
Gross profit  3,600   4,322 
Operating expenses    
Sales and marketing  875   1,020 
Clinical, regulatory and research & development   874     1,041 
General and administrative  1,844     2,044 
Total operating expenses  3,593     4,105 
Income from operations   7     217 
Other income (expense)  (1,346)     (1,100)
Net loss and comprehensive loss $  (1,339) $  (883)
Weighted average shares outstanding   11,559,220      9,526,122 
Net loss per share $  (0.12) $  (0.09)
     


TearLab Corp.
Condensed Consolidated Balance Sheets
(Expressed in U.S. Dollars (000's)


 March 31, December 31,
 2019  2018 
      
ASSETS     
Current assets     
Cash $  8,860    $  8,473 
Accounts receivable, net    1,098       1,186 
Inventory    2,207       1,987 
Prepaid expenses and other current assets    632       690 
Total current assets  12,797    12,336 
      
Fixed assets, net  1,797    2,024 
Right of Use assets  738    
Intangible assets, net  2    2 
Other non-current assets  150    151 
Total assets $  15,484    $  14,513 
      
LIABILITIES AND STOCKHOLDERS’ DEFICIT     
Current liabilities     
Accounts payable $  1,319    $  681 
Accrued liabilities  1,920    2,363 
Deferred revenue/rent  7    13 
Current portion of lease liability  221    - 
Current portion of long-term debt  7,981    - 
Total current liabilities  11,448    3,057 
      
Long-term debt, net of current portion    25,381       32,014 
Long-term 3rd party payable    113       111 
Long-term lease liability, net of current portion    518      
      
Total liabilities  37,460    35,182 
Commitments and contingencies (Note8)     
      
Stockholders’ deficit     
Capital stock     
Preferred Stock, $0.001 par value, 10,000,000 authorized, 380 and 556 and  issued and
outstanding at March 31, 2019 and December 31, 2018, respectively
    -        -  
Common stock, $0.001 par value, 40,000,000 authorized, 11,696,998 and 11,296,998 issued and
outstanding at March 31, 2019 and December 31, 2018, respectively
  12    11 
Additional paid-in capital  510,411    510,380 
Accumulated deficit    (532,399)     (531,060)
Total stockholders’ deficit    (21,976)     (20,669)
Total liabilities and stockholders’ deficit $  15,484    $  14,513