SAN DIEGO, May 14, 2009 (GLOBE NEWSWIRE) -- OccuLogix, Inc., dba TearLab Corporation (TearLab) (Nasdaq:TEAR) (TSX:TLB) today reported its consolidated financial results for the quarter ended March 31, 2009. All dollar amounts are expressed in U.S. currency, and results are reported in accordance with United States generally accepted accounting principles.
For the three-months ended March 31, 2009, TearLab's net revenues were $243,258 as compared to $7,200 for the same period in 2008. The Company's loss for the three-months ended March 31, 2009 was approximately $1.0 million, or $0.10 per share as compared to $2.3 million, or $0.99 per share for the three-months ended March 31, 2008.
The increase in revenues in the three months ended March 31, 2009, as compared to the corresponding period in 2008, represents sales of the TearLab(tm) Osmolarity System, an in-vitro diagnostic that aids in the diagnosis of Dry Eye Disease or DED. The TearLab Osmolarity System qualified for the European CE Mark in October 2008 and is currently pending U.S. FDA 510(k) clearance. The Company's strategy is to educate eye care practitioners everywhere that the TearLab Osmolarity System provides objective evidence of Hyperosmolarity, enabling them to effectively diagnose their patients with DED. The Company is partnering with key opinion leaders globally to generate local country data to increase awareness and educate eye care professionals. The Company will be presenting the results of the clinical trials at conferences and trade shows and will publish the data in peer-reviewed journals.
As of March 31, 2009, TearLab had cash and cash equivalents and short-term investments of $1.3 million.
Accomplishments during the three months ended March 31, 2009 and to the current date included:
* TearLab expanded its distribution network to eleven distributors representing 14 countries. * TearLab continued to increase the number of enrolled patients participating in an international clinical study of the TearLab Osmolarity System, sponsored by Alcon, the world's leading eye care company. * The TearLab Osmolarity System won a Medical Design Excellence Award. This award recognizes contributions and advancements in the design of medical products.
About OccuLogix, Inc. dba TearLab Corporation
OccuLogix, Inc. dba TearLab Corporation (www.tearlab.com) is an ophthalmic device company developing and commercializing novel, lab-on-a-chip technologies (integrating one or several laboratory functions on a chip only millimeters in size) that enable eye care practitioners to test for highly sensitive and specific biomarkers in tears at the point-of-care.
Forward-Looking Statements This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about the Company. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. Many factors may cause our actual results to differ materially from any forward-looking statement, including the factors detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our Forms 10-K and 10-Q. We do not undertake to update any forward-looking statements.
OccuLogix, Inc. dba TearLab Corporation
CONSOLIDATED STATEMENTS OF OPERATIONS
(expressed in U.S. dollars except number of shares)
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Three months ended March 31,
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2009 2008
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Revenue
TearLab $ 243,258 $ --
Retina -- 7,200
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Total revenue 243,258 7,200
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Cost of goods sold
TearLab - product cost 119,199 --
Retina - product cost -- 24,556
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Total cost of goods sold 119,199 24,556
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Gross profit 124,059 (17,356)
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Operating expenses
General and administrative 1,286,609 1,526,074
Clinical, regulatory and research &
development 332,306 1,022,987
Sales and marketing 214,304 176,529
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Total operating expenses 1,833,219 2,725,590
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Loss from continuing operations (1,709,160) (2,742,946)
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Other income (expenses)
Interest income 1,830 30,288
Changes in fair value of warrant obligation 21,695 --
Gain (impairment) of investments -- (327,486)
Interest expense -- (40,438)
Amortization of finance costs -- (41,000)
Other 14,163 17,492
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Total other income 37,688 (361,144)
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Loss from continuing operations before
income taxes (1,671,472) (3,104,090)
Recovery of income taxes 668,881 619,480
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Net loss for the period (1,002,591) (2,484,610)
Net loss attributable to non-controlling
interest, net of tax -- 207,535
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Net loss attributable to OccuLogix, Inc. $(1,002,591) $(2,277,075)
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Weighted average number of shares
outstanding - basic and diluted 9,828,409 2,292,280
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Loss per common share attributable to
OccuLogix, Inc - basic and diluted $ (0.10) $ (0.99)
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OccuLogix, Inc. dba TearLab Corporation
CONSOLIDATED BALANCE SHEETS
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March 31, December 31,
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2009 2008
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(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 1,256,493 $ 2,565,277
Accounts receivable, net 257,120 333,056
Inventory, net 120,955 148,201
Prepaid expenses 278,365 316,058
Other current assets 26,419 21,680
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Total current assets 1,939,352 3,384,272
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Fixed assets, net 169,568 183,384
Patents and trademarks, net 268,532 269,398
Intangible assets, net 9,264,393 9,568,023
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Total assets $ 11,641,845 $ 13,405,077
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 336,379 $ 314,680
Accrued liabilities 990,149 1,201,793
Due to stockholders 27,787 23,152
Deferred revenue 222,352 237,400
Obligations under warrants 35,971 57,666
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Total current liabilities 1,612,638 1,834,691
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Deferred tax liability, net 942,622 1,611,502
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Total liabilities 2,555,260 3,446,193
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Commitments and contingencies
Minority interest -- --
Contingently redeemable common stock,
119,629 outstanding 250,000 250,000
Stockholders' equity
Capital stock
Preferred Stock -- --
Par value of $0.001 per share;
authorized 10,000,000: zero issued
and outstanding at both December 31,
2008 and 2007
Common stock 9,708 9,708
Par value of $0.001 per share;
Authorized: 40,000,000; Issued and
outstanding:
Issued and
outstanding: March 31, 2009 -
9,708,780;
December 31, 2008 -
9,708,780
Additional paid-in capital 377,486,839 377,356,547
Accumulated deficit (368,659,962) (367,657,371)
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Total stockholders' equity 8,836,585 9,708,884
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$ 11,641,845 $ 13,405,077
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