ESCONDIDO, Calif., Aug. 08, 2019 (GLOBE NEWSWIRE) -- TearLab Corporation (OTCQB: TEAR) (“TearLab” or the “Company”) today reported its consolidated financial results for the second quarter ended June 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

  • Grew quarterly revenue sequentially to $5.9 million, a $0.2 million increase compared to the first quarter of 2019
  • Expanded the U.S. active device base to 4,811 TearLab Osmolarity Systems
  • Cash position of $9.2 million as of June 30, 2019, an increase from $8.9 million as of March 31, 2019 and $8.5 million as of December 31, 2018

For the three months ended June 30, 2019, TearLab’s net revenues were $5.9 million, down 8.8% 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 second quarter ended June 30, 2019.

      Annualized Annualized
  Active Active Revenue Revenue
Program Devices Accounts Per Device Per Account
Purchased 1,216 1022 $2,469 $2,938
Masters 1,762 209 $2,974 $25,069
Flex 1,833 600 $6,744 $20,602
Total   4,811    1,831     
         

The Company’s reported net loss for the 2019 second quarter was approximately $1.2 million, or ($0.10) basic loss per share, compared to a reported net loss of approximately $0.7 million, or ($0.06) basic loss per share in the second quarter of 2018. 

Seph Jensen, TearLab’s Chief Executive Officer, commented, “We were pleased to deliver revenue growth over prior quarter, capitalizing on the current market momentum for osmolarity and growing our customer base.  In the second quarter of 2019, we continued to strengthen our cash position and work diligently on the resubmission of our 510(k) application to secure 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 
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
  June 30,
   2019   2018 
Revenue    
Product sales $5,157  $5,679 
Reader equipment rentals  694    734 
Total revenue  5,851    6,413 
Cost of goods sold    
Cost of goods sold  (excluding amortization of intangible assets)  2,041    2,355 
Cost of goods sold - reader equipment depreciation  121    265 
Gross profit  3,689    3,793 
Operating expenses    
Sales and marketing  995    959 
Clinical, regulatory and research & development  1,007    996 
General and administrative  1,455    1,340 
Total operating expenses  3,457    3,295 
Gain from operations   232    498 
Other income (expense)  (1,406)  (1,159)
Net loss and comprehensive loss $(1,174) $(661)
Weighted average shares outstanding  - basic and dilutive  12,041,442    10,609,131 
Net loss per share  – basic and dilutive $(0.10) $(0.06)
         



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)
  Six months
  June 30,
   2019   2018 
Revenue    
Product sales $10,153  $11,454 
Reader equipment rentals  1,381   1,405 
Total revenue  11,534   12,859 
Cost of goods sold    
Cost of goods sold  (excluding amortization of intangible assets)  3,971   4,190 
Cost of goods sold - reader equipment depreciation  274   553 
Gross profit  7,289   8,116 
Operating expenses    
Sales and marketing  1,870   1,978 
Clinical, regulatory and research & development  1,881   2,038 
General and administrative  3,299   3,385 
Total operating expenses  7,050   7,401 
Gain from operations  239   715 
Other income (expense)  (2,752)  (2,259)
Net loss and comprehensive loss $(2,513) $(1,544)
Weighted average shares outstanding  - basic and dilutive  11,800,331   10,070,652 
Net loss per share  – basic and dilutive $(0.21) $(0.15)
         

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

  June 30, December 31,
  2019  2018 
ASSETS    
Current assets    
Cash $9,173  $8,473 
Accounts receivable, net  1,123   1,186 
Inventory  2,832   1,987 
Prepaid expenses and other current assets  356   690 
Total current assets  13,484   12,336 
     
Fixed assets, net  1,626   2,024 
Intangible assets, net  2   2 
Right of Use assets  677   - 
Other non-current assets  150   151 
Total assets $15,939  $14,513 
     
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current liabilities    
Accounts payable $1,425  $681 
Accrued liabilities  2,084   2,363 
Deferred Rent  4   13 
Current portion of long-term debt  16,486   - 
Current portion of lease liability  182   - 
Total current liabilities  20,181   3,057 
     
Long-term debt, net of current portion  18,278   32,014 
Long-term lease liability, net of current portion  493   - 
Long-term third party payable  119   111 
     
Total liabilities  39,071   35,182 
     
     
Stockholders’ equity (deficit)    
Capital stock    
Preferred Stock, $0.001 par value, 10,000,000 authorized, 160 and 556 and issued and outstanding at June 30, 2019 and December 31, 2018, respectively  -   - 
Common stock, $0.001 par value, 40,000,000 authorized, 12,196,998 and 11,296,998 issued and outstanding at June 30, 2019 and December 31, 2018, respectively  12   11 
Additional paid-in capital  510,429   510,380 
Accumulated deficit  (533,573)  (531,060)
Total stockholders’ equity (deficit)  (23,132)  (20,669)
Total liabilities and stockholders’ equity $15,939  $14,513