Tearlab Corporation (TEAR) saw its loss narrow to $4.34 million, or $0.81 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $8.92 million, or $2.64 a share.
Revenue during the quarter grew 4.86 percent to $7.12 million from $6.79 million in the previous year period. Gross margin for the quarter expanded 439 basis points over the previous year period to 56.27 percent.
Operating loss for the quarter was $3.29 million, compared with an operating loss of $8.19 million in the previous year period.
"2016 was a year of transition for TearLab. We grew revenue through effective execution under our new, refocused commercial model, significantly improved our expense management and cash consumption, completed a successful $17.3 million financing and have advanced our next generation platform through its initial CE marking in Europe.” said Seph Jensen, TearLab's chief executive officer. "We continue to believe strongly in the potential of our technology, and we remain focused on advancing and expanding the use of in-vitro diagnostics in eye care with our current and next generation platforms. Nevertheless, our Board of Directors believe it is important that we explore all avenues to advance our mission of pioneering in-vitro diagnostics in eye care. As a result, we have begun a process to explore strategic alternatives for TearLab. We have only just begun this process, and we continue working to execute under our new sales model and identify initiatives aimed at accelerating revenue growth while carefully managing expenses. However, we have a responsibility to explore any and all possible avenues to maximize shareholder value and are committed to doing so."
Working capital increasesTearlab Corporation has recorded an increase in the working capital over the last year. It stood at $16.27 million as at Dec. 31, 2016, up 15.07 percent or $2.13 million from $14.14 million on Dec. 31, 2015. Current ratio was at 3.76 as on Dec. 31, 2016, up from 2.89 on Dec. 31, 2015. Debt moves upTearlab Corporation has witnessed an increase in total debt over the last one year. It stood at $26.45 million as on Dec. 31, 2016, up 6.40 percent or $1.59 million from $24.86 million on Dec. 31, 2015. Total debt was 99.33 percent of total assets as on Dec. 31, 2016, compared with 87.68 percent on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
