Revenue, net loss increase for TearLab in second quarter
TearLab reported net a 392% increase in net revenue for the second quarter to $3.5 million, up from from $716,000 in the same quarter last year, according to a news release.
The company also reported a net loss of $12.03 million, up from $1.97 million last year. A large portion of the net loss in the quarter ended June 30 can be attributed to $7.6 million in non-cash expenses related to the revaluation of warrants, the release said.
For the first 6 months of 2013, TearLab reported $6 million in revenue, up from $1.14 million in 2013, as well as $20.6 million in net loss, up from $11.07 million last year.
The company also had $7.2 million in cash and cash equivalents as of June 30 before adding another $37.5 million raised in July as part of a public offering of common stock intended for general corporate purposes, including commercialization of products, research and development, and as working capital.