TearLab reported a net loss of $8.57 million for the first quarter, down from $9.1 million in the same quarter of the previous year, according to a company news release.
Net revenue increased to $2.48 million from $422,000 in the same quarter last year, a rise of 486%.
The net loss included about $5.4 million in non-cash expenses related to revaluation of warrants dating to June 2011, the release said. In addition, costs of goods sold increased to $1.42 million from $331,000, general and administrative costs rose to $1.45 million from $951,000, and sales and marketing costs increased to $2.26 million from $812,000.
During the 3-month period, the company booked orders for 388 TearLab Osmolarity systems, according to the release.