updated 3/28/2011 7:45:33 AM ET 2011-03-28T11:45:33

SAN DIEGO, March 28, 2011 (GLOBE NEWSWIRE) -- TearLab Corporation ("TearLab") (Nasdaq:TEAR) (TSX:TLB) today reported its consolidated financial results for the quarter and the year ended December 31, 2010. 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, 2010, TearLab's net revenues were $798,000 as compared to $265,000 for the same period in 2009. TearLab's net loss from operations for the three-month period ended December 31, 2010 was approximately $0.9 million, or $0.06 per share, as compared to $1.7 million, or $0.17 per share, for the same period in 2009. Cash used in 2010 fourth quarter operating activities was approximately $1.0 million.

For the year ended December 31, 2010, TearLab's net revenues were $1.7 million as compared to $0.9 million in 2009. TearLab's net loss from operations for the year ended December 31, 2010 was $6.7 million or $0.47 per share, as compared to $4.4 million, or $0.44 per share for 2009.  Cash used in operating activities was $4.6 million in the full-year 2010.

As of December 31, 2010, TearLab had $2.7 million in cash and cash equivalents.  

"Our 2010 results were characterized by our transition from a research-focused organization to a full commercial enterprise. We exited the year with a number of TearLab® Osmolarity Systems being purchased by eye doctors in the fourth quarter in anticipation of reimbursement, which began in January 2011. Now, as we move forward into 2011, our U.S. commercialization program is in full swing with reimbursement in place and our Laboratory Director Program enjoying a strong start. We look forward to updating you on our progress throughout the year," said Elias Vamvakas, TearLab's Chief Executive Officer.

Conference Call and Webcast Information

TearLab Corporation will hold a conference call to discuss these results today, March 28, at 8:30am Eastern Time at 877-303-1593 (within the United States and Canada). 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 800-642-1687 or 706-645-9291 and enter reservation # 52311846 when prompted.

About TearLab Corporation

TearLab Corporation 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 released include predictions regarding the sufficiency of current cash and cash equivalents to fund operations for 12 months or more, intent to submit a revised CLIA waiver application, building sales in Europe and Canada, seeking CLIA waiver and Medicare reimbursement, and the future commercial adoption of the TearLab™ Osmolarity System. 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 Corporation
 
CONSOLIDATED STATEMENTS OF OPERATIONS
(expressed in U.S. dollars except number of shares)
($ 000's)
     
  Three months ended December 31 Year ended December 31
   2010  2009  2010  2009
Revenue  $ 798  $ 265 $ 1,701  $ 869
Cost of goods sold 357 179  849  568
Gross profit 441 86  852  301
Operating expenses        
Amortization of intangible assets 304 304  1,215  1,215
General and administrative 876 785  3,753  3,245
Clinical, regulatory and research & 

development
329 253  1,365  1,121
Sales and marketing 472 146  1,463  646
Total operating expenses 1,981 1,488  7,796  6,227
Loss from operations (1,540) (1,402)  (6,944)  (5,926)
Other income (expenses) 633 (241) 261 (362)
 Loss from operations before income taxes (907) (1,642)  (6,683) (6,288)
Income tax benefit (expense) (65)  — 1,903
Net loss (907) (1,707)  (6,683)  (4,385)
 Weighted average number of shares outstanding – basic and diluted 14,769,748 9,866,685  14,097,973  9,855,045
Net loss per common share – basic and diluted  $ (0.06)  $ (0.17)  $ (0.47)  $ (0.44)
Net loss available to common stockholders per common share – basic and diluted  $ (0.06)  $ (0.17)  $ (0.47) $ (0.44)
 
TearLab Corporation
 
CONSOLIDATED BALANCE SHEETS
($ 000's)
 
   As of December 31,
   2010  2009
 

ASSETS
   
Current assets    
Cash and cash equivalents  $ 2,726  $ 106
 Accounts receivable, 312 149
 Due from related parties 130
 Inventory 555 196
Prepaid expenses 322 338
Other current assets 33 55
Total current assets 4,078 844
     
Fixed assets, net 126 140
Patents and trademarks, net 192 220
Other non-current assets 176
Intangible assets, net 7,139 8,353
Total assets $ 11,535 $ 9,733
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities    
Accounts payable $ 353 $ 448
Accrued liabilities 1,441 1,093
Due to stockholders 28 38
Deferred revenue 128 151
Obligations under warrants 39 3
Notes payable and accrued interest 1,669 1,243
Total current liabilities 3,658 2,976
     
Stockholders' equity    
Preferred Stock, $0.001 par value, 10,000,000 authorized, none outstanding 
Common Stock, $0.001 par value, 40,000,000 authorized, 14,775,366 and 9,866,685 issued and outstanding at December 31, 2010 and 2009, respectively 15 10
Additional paid-in capital 386,588 378,790
Accumulated deficit (378,726)  (372,043)
Total stockholders' equity 7,877 6,757
  $ 11,535 $ 9,733
CONTACT: Investors:
         Stephen Kilmer
         President
         Kilmer Lucas Inc.
         212.618.6347
         stephen@kilmerlucas.com
         
         Media:
         Leonard Zehr
         Managing Director
         Kilmer Lucas Inc.
         (905) 690-2400 Ext. 41
         len@kilmerlucas.com

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