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TearLab triples sales but misses expectations

San Diego’s TearLab Corp. (Nasdaq: TEAR), which produces a system for helping diagnose dry eye disease, estimated it generated revenue of $14.7 million in 2013, compared to just $4 million in 2012, and it predicted revenues in 2014 would be between $30 million and $33 million.

"We believe that, based on the company's current recurring revenue base, new system placement estimates, and our expectation that average utilization rates will increase over the course of 2014…, we will be able to achieve another year of triple-digit revenue growth," said Elias Vamvakas, TearLab’s CEO.

Nevertheless, the company’s stock price dipped more than 3 percent on Monday morning because the predictions failed to match Wall Street’s expectations. The consensus of Wall Street analysts had been that the company would generate $5.6 million in revenues in the fourth quarter of 2013 instead of the estimated $4.5 million and that it would hit $35.8 million in revenues in 2014.

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