TearLab Corporation reported its consolidated financial results for the third quarter ended September 30, 2019.
ESCONDIDO, Calif., Nov. 07, 2019 (GLOBE NEWSWIRE) -- TearLab Corporation (OTCQB: TEAR) (“TearLab” or the “Company”) today reported its consolidated financial results for the third quarter ended September 30, 2019. 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.
Recent Highlights
- Third quarter revenue of $5.6 million
- Cash position of $9.4 million as of September 30, 2019, an increase from $9.2 million as of June 30, 2019 and $8.5 million as of December 31, 2018
- Expanded the U.S. active device base to 4,831 and active accounts to 1,837 TearLab Osmolarity Systems
For the three months ended September 30, 2019, TearLab’s net revenues were $5.6 million, down 8.5% from $6.2 million for the same period in 2018.
The following table sets out the estimated annualized revenue per U.S. device and account analysis for the third quarter ended September 30, 2019:
| Annualized | Annualized | |||||||||
| Active | Active | Revenue | Revenue | |||||||
| Program | Devices | Accounts | Per Device | Per Account | ||||||
| Purchased | 1,261 | 1,053 | $ | 2,472 | $ | 2,960 | ||||
| Masters | 1,768 | 209 | $ | 2,895 | $ | 24,486 | ||||
| Flex | 1,802 | 575 | $ | 6,675 | $ | 20,919 | ||||
| Total | 4,831 | 1,837 | ||||||||
The Company’s reported net loss for the 2019 third quarter was approximately $1.8 million, or ($0.14) basic loss per share, compared to a reported net loss of approximately $0.2 million, or ($0.02) basic loss per share in the third quarter of 2018.
Seph Jensen, TearLab’s Chief Executive Officer, commented, “We remain committed to growing osmolarity through the continued expansion of our customer base and are focused on securing FDA clearance of our next-generation TearLab Discovery™ System.”
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. TearLab Corporation's common shares trade on the OTCQB Market under the symbol 'TEAR'.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, the ability to capitalize on the current market momentum for osmolarity and to bring the Tearlab Discovery™ system to the U.S. market. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. Many factors, risks and uncertainties may cause our actual results to differ materially from forward-looking statements, including the factors, risks, and uncertainties detailed in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2018. We do not undertake to update any forward-looking statements except as required by law.
CONTACT: Investor Contact:
The Ruth Group
James Salierno / Cameron Willis
Tel: 646-536-7028 / 7038
jsalierno@theruthgroup.com / cwillis@theruthgroup.com
