TearLab Corporation Reports Q1-14 Financial Results
09 5월 2014 - 5:02AM
TearLab Corporation (Nasdaq:TEAR) (TSX:TLB) ("TearLab" or the
"Company") today reported its consolidated financial results for
the first quarter ended March 31, 2014. 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 March 31, 2014, TearLab's net
revenues were $4.2 million, up 70% from $2.5 million for the same
period in 2013. A total of 254 orders for TearLab systems were
booked in the first quarter. Of those, 201 systems were under the
Company's Masters Multi Unit Program, 40 were through its minimum
use access programs, 6 were direct purchases and 7 were purchased
outside of the U.S.
The Company's net loss for the three months ended March 31, 2014
was approximately $5.6 million, or $0.17 per share on a non-diluted
basis. This included approximately $0.3 million in non-cash income
related to the revaluation of warrants issued in June 2011. In last
year's first quarter, the net loss was $8.6 million, or $0.30 per
share. This included approximately $5.4 million in non-cash expense
related to the revaluation of warrants issued in June 2011.
Cash used in operating activities for Q1-2014 was approximately
$3.6 million. As of March 31, 2014, TearLab had $32.0 million in
cash and cash equivalents.
"Our primary focus in 2014 continues to be on improving the
integration of the TearLab Osmolarity test into the daily routines
of our customers," commented Elias Vamvakas, TearLab's Chief
Executive Officer. "In order to help investors track our progress
in that regard, we intend to provide the following annualized
revenue per U.S. device and account analyses throughout the
year:"
Q1-2014 |
|
|
|
|
|
|
|
Annualized |
Annualized |
|
Active |
Active |
Revenues |
Revenues |
Program |
Devices |
Accounts |
Per Device |
Per Account |
Purchased |
190 |
190 |
$3,267 |
$3,267 |
Use |
802 |
720 |
$11,716 |
$13,050 |
Masters |
1,462 |
176 |
$3,732 |
$30,997 |
Total: |
2,454 |
1,086 |
|
|
Mr. Vamvakas concluded, "Coming out of American Society of
Cataract and Refractive Surgery 2014 Annual Meeting in Boston a few
days ago, we are excited by the many presentations and publications
that highlighted the significance of DED in determining surgical
outcomes and patient satisfaction, and the foundational role that
osmolarity and the TearLab test plays in the diagnosis and
treatment of the disease."
Conference Call and Webcast Information
TearLab will hold a conference call to discuss these results
today, May 8, 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 #32020994 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 and our plans for executing our marketing strategy and
building a salesforce, 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 Report on Form 10-K for the
year ended December 31, 2013, filed with the SEC on March 17, 2014,
and our Quarterly Report on Form 10-Q for the quarter ended March
31, 2014, expected to be filed with the SEC on or around May 9,
2014. 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 |
|
March
31, |
|
2014 |
2013 |
|
|
|
Revenue |
$4,211 |
$2,475 |
Cost of goods
sold |
2,199 |
1,416 |
Gross profit |
2,012 |
1,059 |
Operating expenses |
|
|
General and administrative |
3,127 |
1,448 |
Clinical, regulatory and research &
development |
575 |
208 |
Sales and marketing |
3,928 |
2,262 |
Amortization of
intangible assets |
303 |
303 |
Total operating
expenses |
7,933 |
4,221 |
Loss from operations |
(5,921) |
(3,162) |
Other income
(expense) |
364 |
(5,412) |
Net loss and comprehensive
loss |
$ (5,557) |
$ (8,574) |
Weighted average shares
outstanding - basic |
33,550,404 |
28,756,475 |
Loss per share –
basic |
$ (0.17) |
$ (0.30) |
Weighted average shares
outstanding - diluted |
33,732,227 |
28,756,475 |
Loss per share –
diluted |
$ (0.17) |
$ (0.30) |
|
|
|
TearLab Corp. |
|
|
|
|
|
CONSOLIDATED BALANCE
SHEETS |
(expressed in U.S.
dollars) |
($ 000's) |
|
March 31, |
December 31, |
|
2014 |
2013 |
|
|
|
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
$32,023 |
$37,778 |
Accounts receivable, net |
3,050 |
3,524 |
Inventory, net |
1,177 |
885 |
Prepaid expenses |
575 |
689 |
Other current assets |
61 |
10 |
Total current assets |
36,886 |
42,886 |
|
|
|
Fixed assets, net |
4,043 |
3,429 |
Patents and trademarks, net |
101 |
108 |
Intangible assets, net |
4,755 |
3,494 |
Other non-current assets |
47 |
40 |
Total assets |
$45,832 |
$49,957 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities |
|
|
Accounts payable |
$1,773 |
$631 |
Accrued liabilities |
3,488 |
3,844 |
Deferred rent |
101 |
67 |
Obligations under warrants |
1,124 |
4,047 |
Total current
liabilities |
6,486 |
8,589 |
|
|
|
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, 33,577,068 issued and outstanding at March
31, 2014 and 65,000,000 authorized, 33,288,701 issued and
outstanding at December 31, 2013 |
34 |
33 |
Additional paid-in capital |
480,706 |
477,172 |
Accumulated deficit |
(441,394) |
(435,837) |
Total stockholders'
equity |
39,346 |
41,368 |
Total liabilities and
stockholders' equity |
$45,832 |
$49,957 |
CONTACT: Investors:
Stephen Kilmer
(905) 906-6908
skilmer@tearlab.com
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