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TearLab announces decrease in third-quarter net revenues

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SAN DIEGO — TearLab Corporation’s net revenues for the quarter ended March 31 were $422,000, compared to $824,000 for the same period in 2011, according to a company news release.

TearLab’s net loss for the third quarter was approximately $9.1 million, compared to $1.7 million in the same quarter last year. This year’s third-quarter net loss included $6.6 million in non-cash expenses from the revaluation of warrants after the June 2011 private placement financing, according to the release.

The company saw its sales and marketing expenses for the quarter nearly double compared to the same period last year, from $441,000 to $812,000. The third-quarter clinical, regulatory, and research and development expenses increased to $527,000 from $247,000 in 2011, the release said. The loss from operations increased from nearly $1.5 million to $2.5 million, while gross profits dropped from $412,000 to $91,000.