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CST: 18/08/2019 19:03:19   

TearLab Corporation Reports Second Quarter and First Half 2019 Financial Results

10 Days ago

ESCONDIDO, Calif., Aug. 08, 2019 (GLOBE NEWSWIRE) -- TearLab Corporation (OTCQB: TEAR) (“TearLab” or the “Company”) today reported its consolidated financial results for the second quarter ended June 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

  • Grew quarterly revenue sequentially to $5.9 million, a $0.2 million increase compared to the first quarter of 2019
  • Expanded the U.S. active device base to 4,811 TearLab Osmolarity Systems
  • Cash position of $9.2 million as of June 30, 2019, an increase from $8.9 million as of March 31, 2019 and $8.5 million as of December 31, 2018

For the three months ended June 30, 2019, TearLab’s net revenues were $5.9 million, down 8.8% from $6.4 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 second quarter ended June 30, 2019.

            Annualized   Annualized
    Active   Active   Revenue   Revenue
Program   Devices   Accounts   Per Device   Per Account
Purchased   1,216   1022   $ 2,469   $ 2,938
Masters   1,762   209   $ 2,974   $ 25,069
Flex   1,833   600   $ 6,744   $ 20,602
Total     4,811     1,831        
                 

The Company’s reported net loss for the 2019 second quarter was approximately $1.2 million, or ($0.10) basic loss per share, compared to a reported net loss of approximately $0.7 million, or ($0.06) basic loss per share in the second quarter of 2018. 

Seph Jensen, TearLab’s Chief Executive Officer, commented, “We were pleased to deliver revenue growth over prior quarter, capitalizing on the current market momentum for osmolarity and growing our customer base.  In the second quarter of 2019, we continued to strengthen our cash position and work diligently on the resubmission of our 510(k) application to secure 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 
Janhavi Mohite 
Tel: 646-536-7026 
jmohite@theruthgroup.com


TearLab Corp.
Condensed Consolidated Statements of Operations
(Expressed in U.S. Dollars (000's) except for number of shares and net loss per share)
(Unaudited)
 
    Three months
    June 30,
      2019       2018  
Revenue        
Product sales   $ 5,157     $ 5,679  
Reader equipment rentals     694       734  
Total revenue     5,851       6,413  
Cost of goods sold        
Cost of goods sold  (excluding amortization of intangible assets)     2,041       2,355  
Cost of goods sold - reader equipment depreciation     121       265  
Gross profit     3,689       3,793  
Operating expenses        
Sales and marketing     995       959  
Clinical, regulatory and research & development     1,007       996  
General and administrative     1,455       1,340  
Total operating expenses     3,457       3,295  
Gain from operations     232       498  
Other income (expense)     (1,406 )     (1,159 )
Net loss and comprehensive loss   $ (1,174 )   $ (661 )
Weighted average shares outstanding  - basic and dilutive     12,041,442       10,609,131  
Net loss per share  – basic and dilutive   $ (0.10 )   $ (0.06 )
                 



TearLab Corp. 
Condensed Consolidated Statements of Operations
(Expressed in U.S. Dollars (000's) except for number of shares and net loss per share)
(Unaudited)
    Six months
    June 30,
      2019       2018  
Revenue        
Product sales   $ 10,153     $ 11,454  
Reader equipment rentals     1,381       1,405  
Total revenue     11,534       12,859  
Cost of goods sold        
Cost of goods sold  (excluding amortization of intangible assets)     3,971       4,190  
Cost of goods sold - reader equipment depreciation     274       553  
Gross profit     7,289       8,116  
Operating expenses        
Sales and marketing     1,870       1,978  
Clinical, regulatory and research & development     1,881       2,038  
General and administrative     3,299       3,385  
Total operating expenses     7,050       7,401  
Gain from operations     239       715  
Other income (expense)     (2,752 )     (2,259 )
Net loss and comprehensive loss   $ (2,513 )   $ (1,544 )
Weighted average shares outstanding  - basic and dilutive     11,800,331       10,070,652  
Net loss per share  – basic and dilutive   $ (0.21 )   $ (0.15 )
                 

TearLab Corp.
Consolidated Balance Sheets
(Expressed in U.S. Dollars (000's)

    June 30,   December 31,
    2019     2018  
ASSETS        
Current assets        
Cash   $ 9,173     $ 8,473  
Accounts receivable, net     1,123       1,186  
Inventory     2,832       1,987  
Prepaid expenses and other current assets     356       690  
Total current assets     13,484       12,336  
         
Fixed assets, net     1,626       2,024  
Intangible assets, net     2       2  
Right of Use assets     677       -  
Other non-current assets     150       151  
Total assets   $ 15,939     $ 14,513  
         
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities        
Accounts payable   $ 1,425     $ 681  
Accrued liabilities     2,084       2,363  
Deferred Rent     4       13  
Current portion of long-term debt     16,486       -  
Current portion of lease liability     182       -  
Total current liabilities     20,181       3,057  
         
Long-term debt, net of current portion     18,278       32,014  
Long-term lease liability, net of current portion     493       -  
Long-term third party payable     119       111  
         
Total liabilities     39,071       35,182  
         
         
Stockholders’ equity (deficit)        
Capital stock        
Preferred Stock, $0.001 par value, 10,000,000 authorized, 160 and 556 and issued and outstanding at June 30, 2019 and December 31, 2018, respectively     -       -  
Common stock, $0.001 par value, 40,000,000 authorized, 12,196,998 and 11,296,998 issued and outstanding at June 30, 2019 and December 31, 2018, respectively     12       11  
Additional paid-in capital     510,429       510,380  
Accumulated deficit     (533,573 )     (531,060 )
Total stockholders’ equity (deficit)     (23,132 )     (20,669 )
Total liabilities and stockholders’ equity   $ 15,939     $ 14,513  
                 

 

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