no TearLab 4Q loss widens as expenses climb
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TearLab 4Q loss widens as expenses climb
March 21, 2013, 05:00 AM The Associated Press

SAN DIEGO -- TearLab's fourth-quarter loss widened as operating expenses rose.

Its loss was larger than Wall Street expected and its shares slipped 2 percent in morning trading Wednesday.

The San Diego company, which provides diagnostic tests for eyes, lost $3.7 million, or 13 cents per share, for the three months ended Dec. 31. That compares with a loss of $3.5 million, or 17 cents per share, a year earlier.

Analysts surveyed by FactSet expected a smaller loss of 11 cents per share.

Total operating expenses increased to $4 million from $2.8 million.

Revenue more than tripled to $1.6 million from $499,000, meeting Wall Street's expectations.

The company reported 232 system orders booked in the quarter.

For the year, TearLab Corp. lost $19.3 million, or 76 cents per share. In the previous year it lost $8.8 million, or 50 cents per share. Annual revenue nearly doubled to $4 million from $2.1 million.

Shares fell 13 cents, or 2.1 percent, to $6.20 in mid-morning trading. Over the past year, the stock has traded in a range of $2.57 to $6.61 per share.


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