NOV 27, 2012
TearLab Corporation announced a net loss of $4.6 million for the three months ended September 30, 2012, compared to a profit of $1.1 million in the same period last year.
The company stated that the net loss included approximately $2.0 million in non-cash expenses related to the revaluation of warrants issued in June 2011 and the issuance of shares for management bonuses. Last year's profit included approximately $3.3 million in non-cash gain related to the revaluation of the same warrants and debt conversion.
Net revenues for the quarter were $1.2 million, compared to $333,000 in the same period last year. As of September 30, 2012, the company had $18.4 million in cash.
"Growing doctor interest in our technology and the significant role that it can play in the objective diagnoses and management of dry eye disease drove our strong revenue performance in what is historically a seasonally weaker third quarter in the eye care industry," said Elias Vamvakas, TearLab's CEO. "Moving forward, we plan on continuing to execute our marketing strategy focused on medical education and practice integration as we believe this is key to building widespread acceptance and clinical use of the TearLab osmolarity test."