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TearLab reports third-quarter net loss of $4.6 million
TearLab reported a net loss of $4.6 million in the third quarter, compared to a net gain of $1.1 million in the same quarter last year, according to a press release.
This year’s loss included $2 million in non-cash expenses related to the revaluation of warrants and the issuance of shares for management bonuses. Last year’s income was related to a $3.3 million non-cash gain from the revaluation of warrants and debt conversion, the release said.
“Growing doctor interest in our technology and the significant role that it can play in the objective diagnoses and management of dry eye disease drove our strong revenue performance in what is historically a seasonally weaker third quarter in the eye care industry,” Elias Vamvakas, TearLab’s chief executive officer, said in the release.
The company’s third-quarter net revenue increased to $1.2 million from $333,000 last year.
Total operating expenses for the third quarter increased to $4.2 million from $1.9 million during the same period last year.