TearLab Corp fka TEAR

[Theo]

TEAR

For the three months ended September 30, 2012, TearLab's net revenues were $1.2 million, an increase of 264% from $333,000 for the same period in 2011 and up 69% sequentially from $716,000 in the previous quarter. A total of 92 orders for TearLab systems were booked in the period. Of those, 77 were through the Company's access programs, six were direct purchases and nine were purchased outside of the U.S.

The Company's net loss for the three months ended September 30, 2012 was approximately $4.6 million, or $0.17 per share. This included approximately $2.0 million, or $0.07 per share, in non-cash expenses related to the revaluation of warrants issued in June 2011 and the issuance of shares for management bonuses. In last year's third quarter, there was an approximate $3.3 million, or $0.16 per share, non-cash gain related to the revaluation of the same warrants and debt conversion that resulted in the Company reporting a profit of $1.1 million, or $0.06 per share ($0.05 on a fully diluted basis).

As of September 30, 2012, the Company had $18.4 million in cash.