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Canaccord ups TearLab price target to $8
January 14, 2013 by Jennifer Poland · Leave a Comment

Canaccord Genuity has raised its price target on “buy-rated” TearLab (NASDAQ:TEAR; TSX:TLB) to $8 from $6, saying the growth profile of the stock justifies a higher multiple than its peer group. The stock closed at $5.31 on Friday.
“In our opinion, TearLab should start benefitting from physician referrals (>500 IB), expanding sales force (12 reps and four managers), and robust lead activity” from the American Academy of Ophthalmology conference in November,” writes analyst Jeffrey Frelick.

Citing rising awareness among doctors, Mr. Frelick estimates TearLab collected orders on 80-90 units during the one-week conference, compared with 134 placements in the third quarter.
He is maintaining his fourth quarter revenue estimate of $1.6-million, a 223% year-over-year increase, and 115 instrument placements, which compares to only 28 in the same period last year. “As awareness grows, we expect placements to range from 130 to 160 per quarter in 2013,” he added.
TearLab has first-mover advantage with its point-of-care diagnostic platform for the diagnosis of dry eye disease using tear film Osmolarity.
“Greater awareness of TearLab’s Osmolarity test should lead to additional referrals among the U.S. ophthalmologist community,” Mr. Frelick said. “We believe improved patient workflow and high mix of dry eye patients will support adoption of the TearLab Osmolarity System.”

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