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TearLab Corporation Reports Q3-13 Financial Results

SAN DIEGO, Nov. 12, 2013 (GLOBE NEWSWIRE) -- TearLab Corporation (Nasdaq:TEAR) (TSX:TLB) ("TearLab" or the "Company") today reported its consolidated financial results for the third quarter ended September 30, 2013. 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 September 30, 2013, TearLab's net revenues were $4.2 million, up 247% from $1.2 million for the same period in 2012 and an increase of 19% sequentially from $3.5 million in the previous quarter. A total of 467 orders for TearLab® Osmolarity systems were booked in Q3-2013. Of those, 385 systems were under the Company's Masters Multi Unit Program, 78 were through its minimum use access programs, direct purchases decreased by a net of 2 due to conversions to the other programs and 6 were purchased outside of the U.S.

The Company's net loss for the three months ended September 30, 2013 was approximately $4.2 million, or $0.13 per share. This included approximately $0.4 million, or $0.01 per share, in non-cash expense related to the revaluation of warrants issued in June 2011. In last year's third quarter, the net loss was $4.6 million, or $0.17 per share. This included approximately $2.0 million or $0.07 per share, in non-cash expense related to the revaluation of warrants issued in June 2011 and the issuance of shares for management bonuses.

Cash used for operating activities in Q3-13 was approximately $1.7 million. As of September 30, 2013, TearLab had $42.0 million in cash and cash equivalents.

"Awareness and use of the TearLab Osmolarity test continued to build in the third quarter, as demonstrated by our strong system order volumes and revenue growth in what is historically a seasonally weaker period in the eye care industry," commented Elias Vamvakas, TearLab's Chief Executive Officer. "Over the next few days, we expect a strong showing at the American Academy of Ophthalmology ("AAO") annual meeting in New Orleans, driven by a variety of posters, presentations and instructional courses highlighting the significant role that tear osmolarity testing can play in the objective diagnoses and management of Dry Eye Disease."

Conference Call and Webcast Information

TearLab will hold a conference call to discuss these results today, November 12, at 4:30pm Eastern 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 those 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 remain 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 #90315243 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 our future recurring revenue expectations, the future potential of the TearLab® 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.
CONDENSED 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
September 30,
2013 2012
Revenue $4,207 $1,211
Cost of goods sold 2,277 692
Gross profit 1,930 519
Operating expenses
General and administrative 1,859 1,404
Clinical, regulatory and research & development 255 728
Sales and marketing 3,341 1,756
Amortization of intangible assets 304 304
Total operating expenses 5,759 4,192
Loss from operations (3,829) (3,673)
Other income (expense) (411) (914)
Net loss and comprehensive loss $(4,240) $(4,587)
Weighted average shares outstanding - basic and diluted 31,913,521 27,703,310
Loss per share – basic and diluted $(0.13) $(0.17)
TearLab Corp.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(expressed in U.S. dollars except number of shares)
(Unaudited)
($ 000's except number of shares and loss per share)
Nine months ended
September 30,
2013 2012
Revenue $10,207 $2,349
Cost of goods sold 5,822 1,364
Gross profit 4,385 985
Operating expenses
General and administrative 5,922 3,629
Clinical, regulatory and research & development 685 1,624
Sales and marketing 9,136 3,529
Amortization of intangible assets 911 911
Total operating expenses 16,654 9,693
Loss from operations (12,269) (8,708)
Other income (expense) (12,568) (6,952)
Net loss and comprehensive loss $(24,837) $(15,660)
Weighted average shares outstanding - basic and diluted 29,960,835 24,443,595
Loss per share – basic and diluted $(0.83) $(0.64)
TearLab Corp.
CONDENSED CONSOLIDATED BALANCE SHEETS
(expressed in U.S. dollars)
(Unaudited)
( $ 000's)
September 30, December 31,
2013 2012
ASSETS
Current assets
Cash and cash equivalents $41,974 $15,437
Accounts receivable, net 3,401 889
Inventory, net 959 1,863
Prepaid expenses and other current assets 446 447
Total current assets 46,780 18,636
Fixed assets, net 2,747 630
Patents and trademarks, net 115 136
Intangible assets, net 3,799 4,709
Other non-current assets 40 28
Total assets $53,481 $24,139
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $905 $1,067
Accrued liabilities 3,313 1,989
Obligations under warrants 8,355 6,239
Total current liabilities 12,573 9,295
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, 32,912,949 and 28,741,653 issued and outstanding at September 30, 2013 and December 31, 2012 respectively 33 29
Additional paid-in capital 472,559 421,662
Accumulated deficit (431,684) (406,847)
Total stockholders' equity 40,908 14,844
Total liabilities and stockholders' equity $53,481 $24,139

CONTACT: Stephen Kilmer (647) 872-4849 skilmer@tearlab.comSource:TearLab Corporation