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28 February, 2024 19:17 IST
TearLab Corp first-quarter loss narrows on a YOY basis
Source: IRIS | 20 May, 2017, 05.33PM

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TearLab Corporation (TEAR) saw its loss narrow to $4.42 million, or $0.82 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $7.25 million, or $2.14 a share.      

Revenue during the quarter went down marginally by 0.98 percent to $6.70 million from $6.77 million in the previous year period. Gross margin for the quarter expanded 83 basis points over the previous year period to 55.11 percent. Operating margin for the quarter stood at negative 50.59 percent as compared to a negative 93.63 percent for the previous year period.

Operating loss for the quarter was $3.39 million, compared with an operating loss of $6.34 million in the previous year period.

“In the first quarter of 2017, we continued to execute under our refocused commercial model, and we are very pleased with the health of the core business as our flex contracts generated revenue of more than $20,000 per account on an annualized basis in Q1,” said Seph Jensen, TearLab’s chief executive officer. “In addition, we are very pleased that nearly all of our U.S. field sales positions were filled, and we have seen the positive impact of having a full sales team with a stronger start to our second quarter in both revenue and placements than what we experienced in early Q1 2017.”

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