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TearLab Corporation Reports Third Quarter 2019 Financial Results

ESCONDIDO, Calif., Nov. 07, 2019 (GLOBE NEWSWIRE) -- TearLab Corporation (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

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

September 30,

2019

2018

Revenue

Product sales

$

4,939

$

5,424

Reader equipment rentals

689

728

Total revenue

5,628

6,152

Cost of goods sold

Cost of goods sold (excluding amortization of intangible assets)

1,994

2,161

Cost of goods sold - reader equipment depreciation

95

222

Gross profit

3,539

3,769

Operating expenses

Sales and marketing

894

759

Clinical, regulatory and research & development

1,042

728

General and administrative

1,905

1,284

Total operating expenses

3,841

2,771

(Loss) income from operations

(302

)

998

Other income (expense)

(1,448

)

(1,193

)

Net loss and comprehensive loss

$

(1,750

)

$

(195

)

Weighted average shares outstanding - basic and dilutive

12,544,651

11,005,789

Net loss per share – basic and dilutive

$

(0.14

)

$

(0.02

)


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)

Nine months

September 30,

2019

2018

Revenue

Product sales

$

15,093

$

16,878

Reader equipment rentals

2,069

2,133

Total revenue

17,162

19,011

Cost of goods sold

Cost of goods sold (excluding amortization of intangible assets)

5,964

6,351

Cost of goods sold - reader equipment depreciation

369

775

Gross profit

10,829

11,885

Operating expenses

Sales and marketing

2,763

2,738

Clinical, regulatory and research & development

2,923

2,766

General and administrative

5,206

4,668

Total operating expenses

10,892

10,172

(Loss) income from operations

(63

)

1,713

Other income (expense)

(4,201

)

(3,452

)

Net loss and comprehensive loss

$

(4,264

)

$

(1,739

)

Weighted average shares outstanding - basic and dilutive

12,050,269

10,385,828

Net loss per share – basic and dilutive

$

(0.35

)

$

(0.17

)


TearLab Corp.
Condensed Consolidated Balance Sheet
(Expressed in U.S. Dollars (000's) except for number of shares and net loss per share)
(Unaudited)

September 30,

December 31,

2019

2018

ASSETS

Current assets

Cash

$

9,354

$

8,473

Accounts receivable, net

978

1,186

Inventory

2,902

1,987

Prepaid expenses and other current assets

351

690

Total current assets

13,585

12,336

Fixed assets, net

1,534

2,024

Intangible assets, net

2

2

Right of Use assets

678

-

Other non-current assets

120

151

Total assets

$

15,919

$

14,513

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable

$

1,423

$

681

Accrued liabilities

2,336

2,363

Deferred Rent

3

13

Current portion of long-term debt

25,550

-

Current portion of lease liability

221

-

Total current liabilities

29,533

3,057

Long-term debt, net of current portion

10,668

32,014

Long-term lease liability, net of current portion

468

-

Long-term third party payable

124

111

Total liabilities

40,793

35,182

Stockholders’ equity (deficit)

Capital stock

Preferred Stock, $0.001 par value, 10,000,000 authorized, 0 and 556 and issued and outstanding at September 30, 2019 and
December 31, 2018, respectively

-

-

Common stock, $0.001 par value, 40,000,000 authorized, 12,560,635 and 11,296,998 issued and outstanding at September 30, 2019 and
December 31, 2018, respectively

13

11

Additional paid-in capital

510,436

510,380

Accumulated deficit

(535,323

)

(531,060

)

Total stockholders’ equity (deficit)

(24,874

)

(20,669

)

Total liabilities and stockholders’ equity

$

15,919

$

14,513