TearLab Corporation Reports 2014 Financial Results
12 März 2015 - 9:03PM
TearLab Corporation (Nasdaq:TEAR) (TSX:TLB) ("TearLab" or the
"Company") today reported its consolidated financial results for
the quarter and the year ended December 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 December 31, 2014, TearLab's net
revenues were $5.3 million, up 19% from $4.4 million for the same
period in 2013. A total of 239 orders for TearLab systems were
booked in the fourth quarter. Of those, 192 were under the
Company's new Flex program, 29 were under the Company's Masters
Multi Unit Program, minimum use access programs decreased by 17 net
of returns, 5 were direct purchases and 30 were purchased outside
of the U.S. The Company's net loss for the three months ended
December 31, 2014 was approximately $6.9 million, or $0.21 per
share on a non-diluted basis. This included approximately $0.1
million in non-cash income related to the revaluation of warrants
issued in June 2011. In last year's fourth quarter, the net loss
was $4.2 million, or $0.13 per share on a non-diluted basis. This
included approximately $1.4 million in non-cash income related to
the revaluation of warrants issued in June 2011.
The following table sets out the annualized revenue per U.S.
device and account analysis for the 2014 fourth quarter:
|
|
|
Annualized |
Annualized |
|
Active |
Active |
Revenues |
Revenues |
Program |
Devices |
Accounts |
Per Device |
Per Account |
Purchased |
261 |
228 |
$1,918 |
$2,196 |
Use |
715 |
652 |
$11,790 |
$12,930 |
Masters |
1,768 |
255 |
$4,558 |
$31,600 |
Flex |
307 |
193 |
$5,720 |
$9,098 |
Total: |
3,051 |
1,328 |
|
|
For the year ended December 31, 2014, TearLab's net revenues
were approximately $19.7 million, an increase of 35% from $14.6
million in 2013. The Company's net loss for the year ended
December 31, 2014 was approximately $23.7 million, or $0.71 per
share on a non-diluted basis. This included approximately $1.2
million in non-cash income related to the revaluation of warrants
issued in June 2011. For the year ended December 31, 2013,
the loss was $29.0 million, or $0.94 per share on a non-diluted
basis. This included approximately $11.1 million in non-cash
expense related to the revaluation of warrants issued in June 2011.
2014 cash used in operating activities was approximately $18.0
million.
As of December 31, 2014, TearLab had $16.3 million in cash and
cash equivalents, which did not include approximately $15 million
in funds raised by the Company in a March 2015 debt financing.
"2014 was a building year for us, with our primary focus being
on improving the integration of the TearLab Osmolarity test into
the daily routines of our customers," commented Elias Vamvakas,
TearLab's Chief Executive Officer. "Moving into 2015, with an
effective sales force and strong evidence of clinical validation, a
better understanding of implementation and capacity, and the
ability to focus on both utilization and new accounts again, we are
very excited about the year ahead."
Conference Call and Webcast Information
TearLab will hold a conference call to discuss these results
today, March 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 #83415305 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, 2014, expected to be filed with the SEC on
March 16, 2015, and our Quarterly Report on Form 10-Q for the
quarter ended September 30, 2014, filed with the SEC on November 6,
2014. 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) |
($ 000's) |
|
|
|
|
Three
months ended December 31 |
Year
ended December 31 |
|
2014 |
2013 |
2014 |
2013 |
Product sales |
4,331 |
3,809 |
16,086 |
12,593 |
Reader equipment rentals |
966 |
629 |
3,632 |
2,052 |
Revenue |
$5,297 |
$4,438 |
$19,718 |
$14,645 |
Costs and operating
expenses |
|
|
|
|
Cost of goods sold (excluding
amortization of intangibles) |
2,371 |
2,104 |
8,804 |
7,607 |
Cost of goods sold – reader
equipment depreciation |
334 |
219 |
1,292 |
539 |
Amortization of intangible
assets |
382 |
304 |
1,462 |
1,215 |
General and administrative |
3,353 |
3,020 |
13,555 |
8,942 |
Clinical, regulatory and
research & development |
1,023 |
410 |
2,792 |
1,095 |
Sales and marketing |
4,917 |
3,885 |
16,817 |
13,021 |
Total operating expenses |
12,380 |
9,942 |
44,722 |
32,419 |
Loss from
operations |
(7,083) |
(5,504) |
(25,004) |
(17,774) |
Other income
(expenses) |
143 |
1,353 |
1,282 |
(11,216) |
Net loss |
(6,940) |
(4,151) |
(23,722) |
(28,990) |
Weighted average number of
shares outstanding – basic |
33,590,611 |
33,128,678 |
33,578,820 |
30,759,305 |
Net loss per common
share – basic |
$ (0.21) |
$ (0.13) |
$ (0.71) |
$ (0.94) |
Weighted average
number of shares outstanding – diluted |
33,661,775 |
33,678,861 |
33,717,344 |
30,759,305 |
Net loss per common
share –diluted |
$ (0.21) |
$ (0.17) |
$ (0.74) |
$ (0.94) |
|
|
|
|
|
|
TearLab
Corp. |
CONSOLIDATED BALANCE
SHEETS |
(expressed in U.S.
dollars) |
( $ 000's) |
|
|
|
|
December 31, |
December 31, |
|
2014 |
2013 |
|
|
|
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
$16,338 |
$37,778 |
Accounts receivable, net |
2,480 |
3,524 |
Inventory, net |
2,986 |
885 |
Prepaid expenses |
884 |
689 |
Other current assets |
6 |
10 |
Total current assets |
22,694 |
42,886 |
|
|
|
Fixed assets, net |
4,504 |
3,429 |
Patents and trademarks, net |
80 |
108 |
Intangible assets, net |
3,596 |
3,494 |
Other non-current assets |
157 |
40 |
Total assets |
$31,031 |
$49,957 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities |
|
|
Accounts payable |
$2,202 |
$631 |
Accrued liabilities |
3,765 |
3,844 |
Deferred rent |
174 |
67 |
Obligations under
warrants |
256 |
4,047 |
Total current
liabilities |
6,397 |
8,589 |
|
|
|
Exchange right |
250 |
— |
|
|
|
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, 33,641,302 issued and outstanding at
December 31, 2014 and 65,000,000 authorized, 33,288,701 issued and
outstanding at December 31, 2013 |
34 |
33 |
Additional paid-in capital |
483,909 |
477,172 |
Accumulated deficit |
(459,559) |
(435,837) |
Total stockholders'
equity |
24,384 |
41,368 |
|
|
|
Total liabilities and
stockholders' equity |
$31,031 |
$49,957 |
|
|
|
CONTACT: Investors:
Stephen Kilmer
(905) 906-6908
skilmer@tearlab.com
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