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TearLab reports $14.2 million net loss for 2008

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SAN DIEGO — TearLab Corporation reported a net loss of $14.2 million, or $3.47 per share, for 2008 compared with a net loss of $69.8 million, or $30.83 per share, including discontinued operations, for 2007, the company announced in a press release.

The loss from continuing operations for 2008 was $9.4 million, or $2.29 per share, as compared with $34.4 million, or $15.19 per share, for 2007.

Net revenues for 2008 were $458,202 compared with $91,500 in 2007, the release said.

For the fourth quarter, net loss was $7.13 million, or $0.76 per share, compared with a net loss of $41.6 million, or $18.13 per share, including discontinued operations, for the corresponding quarter in 2007.

Net revenue for the fourth quarter was $299,902 as compared with $1,500 for the fourth quarter of 2007.

The company attributed the revenue increase to sales of the TearLab Osmolarity System for dry eye, which qualified for the European CE Mark in October. In addition, the net loss per share for the quarter and the year included $4.8 million for the acquisition of OcuSense that it did not already own.