TearLab reported a net loss of $1.97 million for the second quarter, an improvement over the $4.8 million net loss in the same period last year, according to a news release.
TearLab reported net revenues of $716,000 for the quarter, a 53% increase compared to net revenues for the second quarter of 2011.
The company anticipates a boost in revenues related to its TearLab Osmolarity System, which was launched in April.
“As we record revenues when a doctor is able to use our device as opposed to when we sell it, our strong sales performance is not yet reflected in our revenues,” Elias Vamvakas, chief executive officer of TearLab, said.
The company increased its sales and marketing expenses to $960,000 in the second quarter of 2012, compared to $433,000 in the second quarter of 2011, according to the release.
TearLab has $13.4 million in cash, not including approximately $7.4 million in net funds raised in a registered financing in July, the release said.