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TearLab reports 28% increase in net revenue

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TearLab reported $25.2 million in net revenue and a $33.2 million net loss in 2015, according to a press release.

The 28% increase in net revenue reflected a change from $19.7 million in 2014. Net revenue in the fourth quarter also reflected a 28% increase over the same period in 2014, from $5.3 million to $6.8 million, which was attributed partially to the addition of 200 TearLab Osmolarity systems under the company’s Flex program.

The net loss of $8.9 million, or $0.26 basic loss per share, in the fourth quarter was attributed partially to a pre-tax charge and expenses related to its subsidiary OcuHub, which it is in the process divesting, according to the release.

The company outlined other “significant steps to improve its cost structure” in 2016: strategic restructuring, including staff reductions, and a new agreement with the company’s test card supplier that will allow for lower prices for test cards for the osmolarity testing devices.

The company reported $13.8 million in cash and cash equivalents in 2015.