TearLab Reports First Quarter 2017 Financial Results

SAN DIEGO, May 15, 2017 (GLOBE NEWSWIRE) -- TearLab Corporation (NASDAQ:TEAR) (TSX:TLB) (“TearLab” or the “Company”) today reported its consolidated financial results for the first quarter ended March 31, 2017. All dollar amounts are expressed in U.S. currency and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.

First Quarter 2017 Operational Highlights

• Expanded the U.S. active device base to approximately 4,500 TearLab Osmolarity Systems
• Staffed 97% of U.S. field sales positions
• Reduced operating expenses by 29% and operating loss by 46% compared to first quarter 2016
• Reduced cash burn to $2.4 million, from $6.6 million in first quarter 2016
• Achieved initial CE Marking for next generation platform, providing regulatory clearance in the European Union and European Free Trade Association member countries
• Received regulatory approval for the TearLab Osmolarity System in Brazil, well ahead of anticipated schedule

For the three months ended March 31, 2017, TearLab’s net revenues were $6.7 million, compared with $6.8 million for the same period in 2016. A net total of 88 TearLab Osmolarity® Systems were added in the first quarter of 2017, of which 24 were under the Company’s Flex program and 63 were purchased outside of the United States.

The following table sets out the estimated annualized revenue per U.S. device and account analysis for the first quarter ended March 31, 2017: