'TEAR' - (TearLab Corporation Reports Q2-12 Financial Results)
SAN DIEGO, Aug 8, 2012 (GlobeNewswire via COMTEX) -- TearLab Corporation
(Nasdaq:TEAR) (TSX:TLB) ("TearLab" or the "Company") today reported its
consolidated financial results for the second quarter ended June 30, 2012. All
dollar amounts are expressed in U.S. currency and results are reported in
accordance with United States generally accepted accounting principles.
For the three months ended June 30, 2012, TearLab's net revenues were $716,000,
an increase of 53% from $468,000 for the same period in 2011 and up 70%
sequentially from $422,000 in the previous quarter. The post-CLIA Waiver roll
out of the Company's "3/15" and "3/24" marketing programs continued to gain
momentum in the second quarter. A total of 128 orders for TearLab systems were
booked in the period, up from 62 in the previous quarter. Of those 128 readers
for the second quarter, 110 were sold through the 3/15-3/24 programs, seven were
direct purchases and 11 were purchased outside of the U.S.
The Company's net loss for the three months ended June 30, 2012 was
approximately $2.0 million, or $0.08 per share ($0.10 on a diluted basis). This
included approximately $0.5 million in non-cash income related to the
revaluation of warrants arising from th e June 2011 private placement financing.
The loss for the three months ended June 30, 2011 was $4.8 million, or $0.31 per
share and included approximately $3.0 million in non-cash charges related to the
June 2011 private placement financing and debt conversion.
TearLab ended the second quarter in a strong financial position. As of June 30,
2012, the Company had $13.4 million in cash, which did not include the
approximately $7.4 million net funds raised by the Company in a registered
financing in July 2012.
"Our official marketing launch for the TearLab Osmolarity System took place at
the ASCRS annual meeting in Chicago in April," said Elias Vamvakas, TearLab's
Chief Executive Officer. "We have experienced considerable interest in our
technology and, more significantly, a lot of excitement around the role that an
objective diagnostic test like ours plays in a disease that can effect such a
high percentage of the population. As we record revenues when a doctor is able
to use our device as opposed to when we sell it, our strong sales performance is
not yet reflected in our revenues as the timing of CLIA waiver certificate
issuance is creating a significant backlog of units that have been sold but not
yet activated. To help put that in perspective, of the 177 orders booked for
TearLab systems in the U.S. in the first six months of the year, 135 had not
been activated as of June 30 and, as a result, have not yet contributed to our
top line."
Conference Call and Webcast Information
TearLab will hold a conference call to discuss these results today, August 8, at
8:30am Eastern Standard Time at 877-303-1593. The call will also be broadcast
live and archived on TearLab's website at www.tearlab.com under the "webcasts"
link in the Investor Relations section. For anyone wishing to listen to a
recording of the call via telephone, a replay will be made available as soon as
possible after the conclusion of the live call and will r emain posted for a
period of seven days. To listen to the recording, simply telephone (Toll free)
855-859-2056 or (Toll) 404-537-3406 and enter reservation #14607800 when
prompted.
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.
Headquartered in San Diego, CA, TearLab Corporation's common shares trade on the
NASDAQ Capital Market under the symbol 'TEAR' and on the Toronto Stock Exchange
under the symbol 'TLB'.
Forward-Looking Statements
This press release may contain forward-looking statements. These statements
relate to future events and are subject to risks, uncertainties and assumptions
about TearLab. Examples of forward-looking statements in this press release
include statements regarding future revenues or activations, future success of
our "3/15" and "3/24" marketing programs, the future commercial adoption of the
TearLab(R) Osmolarity System and the related impact on our sales. These
statements are only predictions based on our current expectations and
projections about future events. You should not place undue reliance on these
statements. Actual events or results may differ materially. Many factors may
cause our actual results to differ materially from any forward-looking
statement, including the factors detailed in our filings with the Securities and
Exchange Commission and Canadian securities regulatory authorities, including
but not limited to our annual and quarterly reports on Forms 10-K and 10-Q. We
do not undertake to update any forward-looking statements.
TearLab Corp. &nbs p;
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(expressed in U.S. dollars except number of shares)
(Unaudited)
($ 000's except number of shares and loss per share)
Three months ended
June 30,
------------------------
&nb sp; 2012 2011
------------------------------ ------------ ----------
Revenue $ 716 $ 468
Cost of goods sold 341 276
------------------------------ ------------ ----------
Gross profit 375 192
------------------------------ ------------ ----------
Operating expenses
General and administrative 1,275 939
Clinical , regulatory and
research & developmen t 369 228
Sales and marketing 960 433
Amortization of intangible
assets 304 304
------------------------------ ------------ ----------
Total operating expenses 2,908 1,904
------------------------------ ------------ ----------
Loss from operations (2,533) (1,712)
Other income (expense) 559 (3,094)
------------------------------ ------------ ----------
Net loss and comprehensive
loss & nbsp; $ (1,974) $ (4,806)
------------------------------ ------------ ----------
Weighted average shares
outstanding - basic 24,919,152 15,282,274
------------------------------ ------------ ----------
Loss per share -- basic $ (0.08) $ (0.31)
------------------------------ ------------ ----------
Weighted average shares
outstanding - diluted 26,041,705 15,282,274
------------------------------ ------------ ----------
Loss per share -- diluted $ (0.10) $ (0.31)
------------------------------ ------------ ----------
TearLab Corp. &n bsp;
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(expressed in U.S. dollars except number of shares)
(Unaudited)
($ 000's except number of shares and loss per share)
Six months ended
June 30,
-----------------------
&nb sp; 2012 2011
------------------------------- ----------- ----------
Revenue $ 1,139 $ 1,291
Cost of goods sold 673 687
------------------------------- ----------- ----------
Gross profit 466 604
------------------------------- ----------- ----------
Operating expenses
General and administrative 2,226 1,848
Clinical , regulatory and
research & development 896 475
& nbsp; Sales and marketing 1,772 874
Amortization of intangible
assets 607 607
------------------------------- ----------- ----------
Total operating expenses 5,501 3,804
------------------------------- ----------- ----------
Loss from operations (5,035) (3,200)
Other expense (6,038) (3,273)
------------------------------- ----------- ----------
Net loss and comprehensive loss $ (11,073) $ (6,473)
------------------------------- ----------- ----------
Weighted average shares
outstanding - basic and
diluted 22,795,826 15,030,220
------------------------------- ----------- ----------
Loss per share -- basic and
diluted $ (0.49) $ (0.43)
------------------------------- ----------- ----------
TearLab Corp.
CONSOLIDATED BALANCE SHEETS
(expressed in U.S. dollars)
( $ 000's)
December
June 30, 31,
2012 2011
----------- ---------
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 13,440 &nbs p; $ 2,807
Accounts receivable, net 467 317
Due from related parties,
net 8 4
Inventory, net 1,577 898
Prepaid expenses 217 190
Other current assets 51 35
--------------------------- ----------- ---------
Total current assets 15,760 4,251
Fixed assets, net 366 199
Patents and trademarks, net 150 164
Intangible assets, net ; 5,317 5,924
--------------------------- ----------- ---------
Total assets $ 21,593 $ 10,538
=========================== =========== =========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 788 $ 218
Accrued liabilities 1,955 1,843
Obligations under warrants 4,979 2,957
--------------------------- ----------- ---------
Total current liabilities 7,722 5,018
--------------------------- ----------- ---------
Stockholders' equity
Capital stock
Preferred Stock, $0.001
par value, 10,000,000
authorized none
outstanding -- --
Common stock, $0.001 par
value, 65,000,000
authorized, 25,645,546 &nbs p;
and 20,414,993 issued
and outstanding at June
30, 2012 and December
31, 2011, respectively 26 20
Additional paid-in capital 412,453 393,035
Accumulated deficit (398,608) (387,535)
--------------------------- ----------- ---------
Total stockholders' equity 13,871 5,520
--------------------------- ----------- ---------
Total liabilities and
stockholders' equity $ 21,593 $ 10,538
=========================== =========== =========
This news release was distributed by GlobeNewswire, www.globenewswire.com
S OURCE: TearLab Corporation
By Staff
CONTACT: CONTACT: Investors:
Stephen Kilmer
(905) 906-6908
skilmer@tearlab.com
Media:
Leonard Zehr
Managing Director
Kilmer Lucas Inc.
(905) 486-1158
len@kilmerlucas.com
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
-0-
INDUSTRY KEYWORD: Healthcare & Medical Services
SUBJECT CODE: MEDICAL
EARNINGS
Earnings Releases and Operating Results
Source: Comtex Wall Street News
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