TearLab (TEAR) Announces $30M Common Offering; Prelim. Q2 Revs Flat to Street
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TearLab Corporation (Nasdaq: TEAR) announced its intention to offer, subject to market and other conditions, shares of its common stock in an underwritten public offering. The Company currently estimates the size of the offering at $30.0 million, with an estimated additional $4.5 million subject to the underwriters' over-allotment option described below. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares of common stock offered in the public offering to cover over-allotments, if any. The proceeds of the offering will be used for commercialization of our products, research and development, working capital and other general corporate purposes.
Canaccord Genuity Inc. and Craig-Hallum Capital Group LLC are acting as joint book-running managers for the offering. Feltl and Company, Inc. and Roth Capital Partners, LLC are acting as co-managers.
Additionally, TearLab also announced today certain preliminarily financial estimates, subject to completion of its quarterly financial closing procedures and review by its independent registered public accounting firm. TearLab estimates that total revenue for the quarter ended June 30, 2013 will be in the range of $3.4 million to $3.6 million. In addition, TearLab estimates that it booked orders for 569 TearLab® Osmolarity systems in the second quarter of 2013. Of these booked orders, 327 systems were under TearLab's Masters Multi Unit Program, 221 were through its minimum use access programs, 6 represented direct orders and 15 orders originated outside the United States.
*** The Street sees revs of $3.48 million and loss of 11 cents per share.
Canaccord Genuity Inc. and Craig-Hallum Capital Group LLC are acting as joint book-running managers for the offering. Feltl and Company, Inc. and Roth Capital Partners, LLC are acting as co-managers.
Additionally, TearLab also announced today certain preliminarily financial estimates, subject to completion of its quarterly financial closing procedures and review by its independent registered public accounting firm. TearLab estimates that total revenue for the quarter ended June 30, 2013 will be in the range of $3.4 million to $3.6 million. In addition, TearLab estimates that it booked orders for 569 TearLab® Osmolarity systems in the second quarter of 2013. Of these booked orders, 327 systems were under TearLab's Masters Multi Unit Program, 221 were through its minimum use access programs, 6 represented direct orders and 15 orders originated outside the United States.
*** The Street sees revs of $3.48 million and loss of 11 cents per share.
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