TearLab (TEAR +10.6%) ramps higher this morning after reporting Q1 sales that topped the Street's $2.19M estimate. Net revenues soared 486% from the same period last year, and an increase of 54% sequentially from the previous quarter. A total of 388 orders for its TearLab Osmolarity systems were booked in Q1. Net losses for the quarter were $9.1M, including approximately $6.6M in non-cash expense related to the revaluation of warrants issued in June 2011. As of March 31, the company had $12.3M remaining in cash.
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