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 
Clinical, regulatory and research & development  2,923   2,766 
General and administrative  5,206   4,668 
Total operating expenses  10,892   10,172 
(Loss) income from operations   (63)  1,713 
Other income (expense)  (4,201)  (3,452)
Net loss and comprehensive loss $  (4,264) $(1,739)
Weighted average shares outstanding  - basic and dilutive  12,050,269   10,385,828 
Net loss per share  – basic and dilutive $  (0.35) $(0.17)


 
TearLab Corp.
Condensed Consolidated Balance Sheet
(Expressed in U.S. Dollars (000's) except for number of shares and net loss per share)
(Unaudited)
 September 30, December 31,
 2019  2018 
ASSETS    
Current assets    
Cash$   9,354   $8,473 
Accounts receivable, net 978    1,186 
Inventory 2,902    1,987 
Prepaid expenses and other current assets 351    690 
Total current assets 13,585    12,336 
     
Fixed assets, net 1,534    2,024 
Intangible assets, net 2    2 
Right of Use assets 678    - 
Other non-current assets 120    151 
Total assets$   15,919   $14,513 
     
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current liabilities    
Accounts payable$   1,423   $681 
Accrued liabilities 2,336    2,363 
Deferred Rent 3    13 
Current portion of long-term debt 25,550    - 
Current portion of lease liability 221    - 
Total current liabilities 29,533    3,057 
     
Long-term debt, net of current portion 10,668    32,014 
Long-term lease liability, net of current portion 468    - 
Long-term third party payable 124    111 
     
Total liabilities 40,793    35,182 
     
     
Stockholders’ equity (deficit)    
Capital stock    
Preferred Stock, $0.001 par value, 10,000,000 authorized, 0 and 556 and  issued and outstanding at September 30, 2019 and
December 31, 2018, respectively
 -    - 
Common stock, $0.001 par value, 40,000,000 authorized, 12,560,635 and 11,296,998 issued and outstanding at September 30, 2019 and
December 31, 2018, respectively
 13    11 
Additional paid-in capital 510,436    510,380 
Accumulated deficit (535,323)   (531,060)
Total stockholders’ equity (deficit) (24,874)   (20,669)
Total liabilities and stockholders’ equity$   15,919   $14,513