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TearLab Corporation Reports Fourth Quarter and Full Year 2017 Financial Results
Mar. 02, 2018 09:27AM PST
Medical Device Investing
TearLab (TSX:TLB) reported its consolidated financial results for the fourth quarter and twelve months ended December 31, 2017. All dollar amounts are expressed in U.S. currency and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise. As quoted in the press release: Grew quarterly revenue sequentially to $6.9 …
TearLab (TSX:TLB) reported its consolidated financial results for the fourth quarter and twelve months ended December 31, 2017. All dollar amounts are expressed in U.S. currency and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.
As quoted in the press release:
- Grew quarterly revenue sequentially to $6.9 million, a $0.4 million increase compared to the third quarter of 2017
- Reduced full year loss from operations by 26% compared to 2016, from $16.0 million to $11.8 million
- Expanded the U.S. active device base to 4,623 TearLab Osmolarity Systems
- Submitted a 510(k) application to the U.S. Food and Drug Administration (FDA) for potential clearance of the Tearlab Discovery™ Platform and received notice of acceptance from the FDA
- Raised $3 million in gross proceeds through a registered direct offering of 6,818,182 units for corporate and capital expenses
- Received approval from the Agência Nacional de Vigilância Sanitária (ANVISA) in Brazil to market the TearLab Osmolarity System
