updated 5/11/2011 7:45:27 AM ET 2011-05-11T11:45:27

SAN DIEGO, May 11, 2011 (GLOBE NEWSWIRE) -- TearLab Corporation (Nasdaq:TEAR) (TSX:TLB) ("TearLab" or the "Company") today reported its consolidated financial results for the first quarter ended March 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 March 31, 2011, TearLab's net revenues were $824,000 as compared to $275,000 for the same period in 2010. The Company's loss for the three months ended March 31, 2011 was approximately $1.7 million, or $0.11 per share. This compares to a loss of $2.1 million, or $0.17 per share, for the three months ended March 31, 2010. Cash used in 2011 first quarter operating activities was approximately $1.0 million.

"While we are still in the very early stages of the U.S. commercial roll-out of the TearLab® Osmolarity test, we are already starting to see traction build as more and more insurers come on board and, at the same time, eye doctors report that our technology is easy to incorporate into their practices and eliminates the challenges that previously prevented them from providing point-of-care osmolarity testing. In fact, over 30% of the total revenues recorded in Q1 came from disposable chip sales – up markedly from Q4," commented Elias Vamvakas, TearLab's Chief Executive Officer.

Conference Call and Webcast Information

TearLab will hold a conference call to discuss these results today, May 11, at 8:30am Eastern Time at 877-303-1593, 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) 800-642-1687 or (Toll) 706-645-9291 and enter reservation #63848461 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 future increases in the number of insurers covering the TearLab® Osmolarity test 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 Corp.
CONSOLIDATED STATEMENTS OF OPERATIONS
(expressed in U.S. dollars except number of shares)
(Unaudited)
($ 000's)
     
   Three months ended

March 31,
  2011 2010
     
Revenue $824 $275
Cost of goods sold 412 189
Gross profit (loss) 412 86
Operating expenses    
General and administrative  908 966
Clinical , regulatory and research & development  247 468
Sales and marketing 441 274
Amortization of intangible assets 304 304
Total operating expenses 1,900 2,012
Loss from operations  (1,488) (1,926)
Other expense (179)  (154)
Net loss $ (1,667) $ (2,080)
Weighted average shares outstanding - basic and diluted 14,775,366 12,053,262
Loss per share – basic and diluted $ (0.11) $ (0.17)
 
 
TearLab Corp.
CONSOLIDATED BALANCE SHEETS
(expressed in U.S. dollars)
 ( $ 000's)
     
  March 31,

2011
December 31,

2010
   (Unaudited)  
ASSETS    
Current assets    
Cash and cash equivalents $1,642 $2,726
Accounts receivable, net 301 312
Due from related parties 71 130
Inventory, net 585 555
Prepaid expenses 271 322
Other current assets 25 33
Total current assets 2,895 4,078
     
Fixed assets, net 155 126
Patents and trademarks, net 185 192
Intangible assets, net 6,835 7,139
Total assets $10,070 $11,535
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities    
Accounts payable $420 $353
Accrued liabilities 1,369 1,441
Due to stockholders 28 28
Deferred revenue —  128
Obligations under warrants —  39
Notes payable and accrued interest 1,876 1,669
Total current liabilities 3,693 3,658
     
     
Stockholders' equity    
Capital stock    
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 issued

and outstanding at March 31, 2011 and December 31, 2010
15 15
Additional paid-in capital 386,755 386,588
Accumulated deficit (380,393) (378,726)
Total stockholders' equity 6,377 7,877
Total liabilities and stockholders' equity $10,070 $11,535
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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