TearLab Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported total revenues of USD 6,903,000 compared to USD 6,345,000 for the same period of last year. Loss from operations was USD 3,406,000 compared to USD 7,702,000 for the same period of last year. Net loss and comprehensive loss was USD 4,344,000 or USD 0.10 per diluted share compared to USD 8,072,000 or USD 0.24 per diluted share for the same period of last year. Adjusted loss per share was USD 0.08 compared to USD 0.14 reported in previous quarter.

For the six months, the company reported total revenues of USD 13,670,000 compared to USD 11,752,000 for the same period of last year. Loss from operations was USD 9,742,000 compared to USD 15,774,000 for the same period of last year. Net loss and comprehensive loss was USD 11,598,000 or USD 0.29 per diluted share compared to USD 16,240,000 or USD 0.49 per diluted share for the same period of last year.

The company expects annual revenue growth of 13% to 18% for the full year 2016. The company expects to spend approximately USD 1.5 million in additional R&D spending for the remainder of the year in order to add the additional biomarker and retain the timeline for submission for its next generation device.  The majority of the incremental cash costs will be absorbed through operating expense offsets, more efficient capital expenditures and working capital improvements. The company expects its cash burn under its new operating model for the remainder of 2016 to be in the range of USD 6.0 million to USD 6.5 million which includes the full funding of the USD 1.5 million additional R&D cost.