Orlando, FL 3/22/12 (StreetBeat) – TearLab Corporation (Nasdaq:TEAR) today reported its consolidated financial results for the quarter and the year ended December 31, 2011. 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 December 31, 2011, TearLab's net revenues were $499,000 as compared to $798,000 for the same period in 2010. The Company's net loss for the three months ended December 31, 2011 was approximately $3.5 million, or $0.17. This included approximately $0.7 million in non-cash expense related to the revaluation of warrants arising from the June 2011 private placement financing. The loss for the three months ended December 31, 2010 was $0.9 million, or $0.06 per share.
For the year ended December 31, 2011, TearLab's net revenues were $2,124,000 as compared to $1,701,000 for the same period in 2010. The Company's net loss for the year ended December 31, 2011 was approximately $8.8 million, or $0.50 per share. For the year ended December 31, 2010, the loss was $6.7 million, or $0.47 per share. 2011 cash used in operating activities was approximately $6 million.
As of December 31, 2011, TearLab had $2.8 million in cash and cash equivalents.
"In many respects, we just crossed the starting line with the FDA's issuance of CLIA waiver at the end of January 2012. CLIA waiver was the final approval needed for our full commercialization of the TearLab(R) Osmolarity System in the U.S., and it came together with Medicare reimbursement of $46.80 per patient across all U.S. states. The fact that fourth quarter 2011 revenues grew sequentially by 50% over the previous quarter, despite the fact that we could only sell our device to labs and lab directors throughout the year, serves as an early indication that our new "3/15" and "3/24" marketing programs represent a great value proposition for our customers. Indeed, based on early sales activity in the few weeks since CLIA waiver was received, we remain confident that the adoption curve of this groundbreaking test will steepen significantly in 2012," commented Elias Vamvakas, TearLab's Chief Executive Officer.
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