Strong revenue growth for TearLab

TearLab Corporation reported net revenues of $2.5 million for the quarter, up from $422,000 for the same period in 2012. The company highlighted a marketing campaign leading to strong sales of its Osmolarity systems.

TearLab also reported a net loss of $8.6 million for the quarter, compared to a loss of $9 million in the same period last year. This included approximately $5.4 million in non-cash expense related to the revaluation of warrants issued in June 2011.

"While our revenue growth highlights our continuing success in building a recurring revenue base, like in previous quarters, our strong sales performance was not fully reflected in our first quarter 2013 financial results due to the traditional lag between access program contract signing and product shipment, and to our current system manufacturing back-order position," said CEO Elias Vamvakas.