TearLab Corporation develops and commercializes lab-on-a-chip technologies that enable eye care practitioners to improve standard of care by quantitatively testing for disease markers in tears at the point-of-care. Headquartered in San Diego, CA, TearLab Corporation's common shares trade on the NASDAQ Capital Market under the symbol 'TEAR' and on the Toronto Stock Exchange under the symbol 'TLB'. Dry Eye Disease (DED) is a chronic, progressive disease. Morgan Stanley’s Dry Eye Market Report (2003) estimates that 30 to 60 million Americans suffer from dry eye symptoms. Only 10 million are diagnosed with the disease. Millions more suffer worldwide. The TearLab™ Osmolarity System provides the first quantitative and objective diagnostic technology that allows doctors to effectively manage their dry eye patients. TearLab will allow practitioners to diagnosis DED patients early in the disease process allowing for early intervention. TearLab received the CE Mark for its TearLab Osmolarity System in 2008 and FDA Clearance in 2009. TearLab is currently marketed globally in more than 14 countries including the US.

TearLab was founded in 2003 and is headquartered in San Diego, US

TearLab has an office in San Diego

San Diego, US (HQ)

100 9980 Huennekens St

TearLab's revenue was reported to be $6.7 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 6.7 m |

## EBIT (Q1, 2017) | (3.4 m) |

## Market capitalization (25-Jul-2017) | 15.4 m |

## Cash (31-Mar-2017) | 13 m |

TearLab's current market capitalization is $15.4 m.

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 14.6 m | 19.7 m | 25.2 m | 28 m |

## Revenue growth, % | 35% | 28% | 11% | |

## Cost of goods sold | 8.1 m | 8.8 m | 10.8 m | 10.2 m |

## Gross profit | 6.5 m | 10.9 m | 14.3 m | 17.8 m |

## Gross profit Margin, % | 44% | 55% | 57% | 64% |

## Operating expense total | 24.3 m | 44.7 m | 44.1 m | 31.7 m |

## EBIT | (17.8 m) | (25 m) | (31.5 m) | (16 m) |

## EBIT margin, % | (121%) | (127%) | (125%) | (57%) |

## Interest expense | (4 m) | |||

## Interest income | 35 k | 28 k | (2 m) | |

## Net Income | (29 m) | (23.7 m) | (33.2 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 5 m | 5.2 m | 5.4 m | 6.3 m | 6.6 m | 6.8 m | 6.9 m | 7.2 m | 6.7 m |

## Cost of goods sold | 2.5 m | 2.7 m | 2.4 m | 2.8 m | 2.8 m | 2.5 m | 2.5 m | 2.6 m | |

## Gross profit | 2.5 m | 2.5 m | 3 m | 3.5 m | 3.8 m | 4.2 m | 4.4 m | 4.7 m | |

## Gross profit Margin, % | 51% | 48% | 56% | 56% | 57% | 62% | 64% | 65% | |

## Sales and marketing expense | 3.8 m | 4.1 m | 5.3 m | 5.1 m | 4.6 m | 4.6 m | 3.4 m | 3.1 m | 3.3 m |

## General and administrative expense | 3.6 m | 3.5 m | 3.6 m | 3.7 m | 4.1 m | 3.9 m | 3 m | 2.6 m | 2.2 m |

## Operating expense total | 7.4 m | 7.6 m | 8.9 m | 8.7 m | 8.7 m | 8.6 m | 6.3 m | 5.7 m | 5.5 m |

## EBIT | (5.9 m) | (6.1 m) | (8.1 m) | (7.7 m) | (7.5 m) | (6.3 m) | (3.4 m) | (2.9 m) | (3.4 m) |

## EBIT margin, % | (118%) | (117%) | (149%) | (121%) | (114%) | (94%) | (49%) | (41%) | (51%) |

## Interest income | 9 k | 6 k | (140 k) | (488 k) | (502 k) | (883 k) | (1 m) | (1 m) | (1 m) |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 37.8 m | 16.3 m | 13.8 m | 15.5 m |

## Accounts Receivable | 3.5 m | 2.5 m | 3 m | 2.3 m |

## Inventories | 885 k | 790 k | 3.2 m | |

## Current Assets | 42.9 m | 22.7 m | 21.6 m | 22.2 m |

## Total Assets | 50 m | 31 m | 28.4 m | 26.6 m |

## Accounts Payable | 631 k | 2.2 m | 2.3 m | 1.9 m |

## Current Liabilities | 8.6 m | 6.4 m | 7.5 m | 5.9 m |

## Total Liabilities | 32.3 m | |||

## Additional Paid-in Capital | 477.2 m | 483.9 m | 488.5 m | 506.9 m |

## Retained Earnings | (435.8 m) | (459.6 m) | (492.8 m) | (512.7 m) |

## Total Equity | 41.4 m | 24.4 m | (4.2 m) | (5.7 m) |

## Financial Leverage | 1.2 x | 1.3 x | -6.7 x | -4.7 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 25.6 m | 20.7 m | 23.3 m | 15.9 m | 10.6 m | 7.2 m | 20.1 m | 17.5 m | 13 m |

## Accounts Receivable | 3 m | 3.1 m | 2.3 m | 2.2 m | 2.4 m | 3 m | 2.3 m | 2.4 m | 2.3 m |

## Inventories | 2.3 m | 3.5 m | 3.2 m | 3.8 m | 4 m | 3.6 m | 3.3 m | 3.4 m | 3.3 m |

## Current Assets | 31.4 m | 28.1 m | 29.8 m | 22.7 m | 17.9 m | 15.1 m | 26.8 m | 24.2 m | 19.8 m |

## Total Assets | 40.3 m | 36.6 m | 37.6 m | 30.9 m | 26.2 m | 21.5 m | 32.5 m | 29.5 m | 24 m |

## Accounts Payable | 667 k | 1.8 m | 2.5 m | 1.9 m | 3.1 m | 3 m | 2.3 m | 1.9 m | 2.7 m |

## Current Liabilities | 5.2 m | 6.1 m | 5.5 m | 5.3 m | 7.5 m | 6.7 m | 5.4 m | 5.2 m | 6.9 m |

## Additional Paid-in Capital | 481.8 m | 482.8 m | 485 m | 486.3 m | 487.3 m | 489.6 m | 503.7 m | 504.7 m | 507.3 m |

## Retained Earnings | (446.8 m) | (452.6 m) | (467.7 m) | (475.8 m) | (483.9 m) | (500 m) | (504.4 m) | (508.4 m) | (517.1 m) |

## Total Equity | 10.5 m | 3.5 m | 1.6 m | ||||||

## Financial Leverage | 2.9 x | 7.5 x | 19.9 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Depreciation and Amortization | 1.5 m | 1.1 m | ||

## Accounts Receivable | 742 k | |||

## Inventories | 780 k | |||

## Accounts Payable | (335 k) | |||

## Cash From Operating Activities | 22.3 m | (21.4 m) | (2.5 m) | |

## Cash From Financing Activities | 38.5 m | 548 k | 24.6 m | 15.6 m |

## Interest Paid | 2.3 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Depreciation and Amortization | 395 k | 382 k | 382 k | 382 k | 382 k | 304 k | 382 k | 359 k | |

## Accounts Receivable | 3 m | 3.1 m | 2.3 m | 2.2 m | 2.4 m | 3 m | 2.3 m | 2.4 m | 2.3 m |

## Inventories | 2.3 m | 3.5 m | 3.2 m | 3.8 m | 4 m | 3.6 m | 3.3 m | 3.4 m | 3.3 m |

## Accounts Payable | 667 k | 1.8 m | 2.5 m | 1.9 m | 3.1 m | 3 m | 2.3 m | 1.9 m | 2.7 m |

USD | Y, 2017 |
---|---|

## Revenue/Employee | 56.8 k |