April 22, 2013

Institutional Research

QUICK NOTE
ALPHA SELECT LIST

TearLab Corporation

BUY

(TEAR - $7.34)
Steven F. Crowley, CFA
Managing Director Health Care Research
Senior Research Analyst
612-334-6304
steve.crowley@craig-hallum.com

Price Target: $8.50

Matt G. Hewitt
Senior Research Analyst
612-334-6314
matthew.hewitt@craig-hallum.com

Matt Tiampo
Research Analyst
612-334-6356
matt.tiampo@craig-hallum.com

ASCRS 2013 Events Bolster Our View That Something Special Is Taking
Place At TEAR. Reiterate BUY Rating And $8.50 Price Target.
Our observations at this years ASCRS meeting (which kicked off in San Francisco this past weekend) made a
strong case that physician acceptance of the TearLab System as the gold standard for testing of Dry Eye Disease
has reached a tipping point and that near term mainstream adoption is likely. As evidenced by comments at the
podium of a workshop on The Occular Surface during ASCRS Cornea Day, an increasing number of opinion
leading physicians (including Dr. Christopher Starr, Dr. Marguerite McDonald, Dr. Stephen Lane, and Dr. Eric
Donnenfeld) are now actively advocating broad scale implementation of the TearLab Osmolarity System within
eye care practices and highlighting the unique ability of TEARs Dry Eye Disease assay to be the ophthalmology
industrys first upstream (run prior to the patient seeing the doctor) diagnostic test. These endorsements have very
positive ramifications for the near term demand curve and increase our confidence in TEARs prospects for an
exceptional sales ramp. In a telltale example from the podium, Dr. Donnenfeld (who is clinical professor of
Ophthalmology at NYU and the president elect of ASCRS) detailed his Long Island based practices increasing
utilization of the TearLab System and referenced use of approximately 12K cards last quarter.
While we are only half way through the ASCRS meeting and thus it is too early to determine its specific direct
quantitative benefits, obvious initial takeaways have powerful positive ramifications for what happens next on the
demand front. We believe Q4s strong order trends have continued through Q1 and into Q2 and we look forward to
Managements business update that will accompany the report of Q1 financial results in early May. In the context
of a significant inflection in demand for a proprietary test that increasingly looks to be assuming a position as
standard of care, we strongly believe emerging growth investors should own the shares of TEAR.

STOCK OPPORTUNITY
We believe TEAR is now in the midst of capturing a large and very lucrative market with an already FDA
approved, CLIA waived, and CMS reimbursed point-of-care test that is likely to become standard-of-care within an
especially attractive medical specialty (ophthalmology). Our $8.50 target price is a function of a long term DCF
analysis (see page 4) and would reflect the shares attaining a multiple of 5.8x our 2014 revenue estimate, a slight
premium to a high growth medical technology peer group (page 5) which we feel is warranted given TEARs
exceptional growth potential and first mover status with a point-of-care diagnostics platform for eye care.

RISKS
We believe an investment in TearLab involves the following risks:

Competition
Competition in the Ophthalmology industry is generally intense and based on price, service and technical
capabilities. Competitors marketing conventional diagnostic tools are larger companies with significantly

SEE LAST PAGE FOR IMPORTANT DISCLOSURES

Page 1 of 6
www.craig-hallum.com

April 22, 2013

greater resources. Also, in the future, other companies may be able to develop similarly effective systems for
measuring tear osmolarity.

Commitments To Manufacturing Partners

In August 2011 the Company entered into a manufacturing agreement with MiniFAB Pty Ltd, for manufacture
of test card. If TEAR is unable to effectively commercialize the TearLab Osmolarity System it may be forced
to fulfill certain minimum purchase requirements to MiniFAB.

Government Regulation
The medical device industry is highly regulated. Changes to existing regulation and new legislation could have
a material adverse effect on the TEARs business and financial performance. The Company is also subject to
rules and regulations regarding CLIA and CLIA waivers at medical sites which can potentially impact
implementation times for the TearLab System at new customers.

Ongoing Need To Finance Growth

While the Company recently significantly added to its cash position and has no debt, the system placement
model is inherently capital intensive on the front-end. If the Company experiences extremely strong demand
through its standard consumable purchase agreements it could possibly require additional capital in order to
finance system placement growth.

CRAIG-HALLUM ALPHA SELECT LIST

The Alpha Select list is an actively researched collection of small, under-followed public companies that we believe
have the potential to become much larger. An acorn list of sorts, The Alpha Select List will typically consist of
sub-$250M market cap companies with attractive business models, above average growth trends, favorable
macro/secular themes and management teams that we believe have the ability to take the business to the next level.

TearLab Corporation
ALPHA SELECT LIST
Institutional Research

Page 2 of 6

April 22, 2013

FINANCIALS

TearLab Corporation Financial Model

FISCAL YEAR ENDS DECEMBER

($ thousands)

Fiscal

Fiscal

Fiscal

Mar

Jun

Sep

Dec

Fiscal

Mar

Jun

Sep

Dec

Fiscal

Mar

Jun

Sep

Dec

Fiscal

Fiscal

2008A

2009A

2010A

Q1-11A

Q2-11A

Q3-11A

Q4-11A

2011A

Q1-12A

Q2-12A

Q3-12A

Q4-12A

2012A

Q1-13E

Q2-13E

Q3-13E

Q4-13E

2013E

2014E

Total Revenue

458

869

1,701

824

468

333

499

2,124

422

716

1,211

1,610

3,960

2,448

3,433

4,619

5,500

16,000

39,500

Cost of Sales
Total Gross Margin

163
295

568
301

849
852

412
412

276
192

529
(196)

409
90

1,626
498

331
91

341
375

692
519

930
680

2,294
1,665

1,359
1,089

1,854
1,579

2,446
2,173

2,830
2,670

8,488
7,512

19,781
19,720

5,440
2,965
820
0
2,441
11,665

3,245
1,121
646
1,215
0
6,226

3,181
1,911
1,320
1,384
0
7,796

908
247
441
304
0
1,900

939
228
433
304
0
1,904

1,100
542
865
304
0
2,811

3,841
1,304
2,195
1,216
0
8,556

951
527
812
304
0
2,594

1,275
369
960
304
0
2,908

1,404
728
1,756
304
1,070
4,192

1,140
618
1,942
304
0
4,004

4,770
2,242
5,470
1,216
1,070
13,698

1,150
693
2,292
304
0
4,439

1,440
738
2,542
304
0
5,024

1,190
813
2,592
304
0
4,899

1,215
913
2,842
304
0
5,274

4,995
3,157
10,268
1,215
0
19,635

5,450
4,167
11,718
1,215
0
22,550

Operating Expenses
General and Administrative
Clinical, Regulatory & R&D
Sales & Marketing
Amortization of Intangibles
One-Time Non-Cash
Total GAAP Operating Expenses
Total Non-GAAP Operating Expenses

894
287
456
304
0
1,941

11,665

5,012

6,412

1,596

1,600

1,637

2,507

7,340

2,290

2,604

2,818

3,700

11,412

4,135

4,720

4,595

4,970

18,420

21,335

GAAP Income (Loss) from Operations

Non-GAAP Income (Loss) from Operations
EBITDA

(11,371)
(11,371)
(10,077)

(5,925)
(4,711)
(4,288)

(6,944)
(5,560)
(5,402)

(1,488)
(1,184)
(1,164)

(1,712)
(1,408)
(1,386)

(2,137)
(1,833)
(1,812)

(2,721)
(2,417)
(2,396)

(8,058)
(6,842)
(6,758)

(2,503)
(2,199)
(2,174)

(2,533)
(2,229)
(2,198)

(3,673)
(2,299)
(3,334)

(3,324)
(3,020)
(2,957)

(12,033)
(9,747)
(10,663)

(3,349)
(3,046)
(2,963)

(3,444)
(3,141)
(2,967)

(2,725)
(2,422)
(2,319)

(2,604)
(2,300)
(2,106)

(12,123)
(10,908)
(10,354)

(2,830)
(1,615)
1

Interest income (expense), net

Change in Fair Value of Warrant Obligation
Warrant Issuance Cost
Amortization of Deffered Financing costs
Other Income
Pre-tax GAAP Income
Pre-tax Non-GAAP Income
Income Tax (benefit)

77
(58)
(318)
(180)
2,144
(9,706)
(9,649)
(338)

3
54
0
(303)
(117)
(6,288)
(5,128)
(1,903)

(189)
701
0
(228)
(23)
(6,683)
(6,000)
0

(50)
39
0
(162)
(6)
(1,667)
(1,402)
0

(42)
(2,506)
(303)
(241)
(2)
(4,806)
(1,996)
0

2
3,258
0
0
14
1,137
(1,817)
0

0
(751)
0
0
0
(3,472)
(2,417)
0

(90)
39
(303)
(403)
6
(8,809)
(7,632)
0

0
(6,596)
0
0
0
(9,099)
(2,199)
0

27
532
0
0
0
(1,974)
(2,202)
0

15
(929)
0
0
0
(4,587)
(2,284)
0

2
(330)
0
0
0
(3,652)
(3,018)
0

44
(7,323)
0
0
0
(19,312)
(9,703)
0

10
0
0
0
0
(3,339)
(3,036)
0

8
0
0
0
0
(3,436)
(3,133)
0

6
0
0
0
0
(2,719)
(2,416)
0

4
0
0
0
0
(2,600)
(2,296)
0

28
0
0
0
0
(12,095)
(10,880)
0

10
0
0
0
0
(2,821)
(1,606)
0

GAAP Net Income

(9,368)

(4,385)

(6,683)

(1,667)

(4,806)

1,137

(3,472)

(8,809)

(9,099)

(1,974)

(4,587)

(3,652)

(19,312)

(3,339)

(3,436)

(2,719)

(2,600)

(12,095)

(2,821)

Non-GAAP Net Income

(9,311)

(3,225)

(6,000)

(1,402)

(1,996)

(1,817)

(2,417)

(7,632)

(2,199)

(2,202)

(2,284)

(3,018)

(9,703)

(3,036)

(3,133)

(2,416)

(2,296)

(10,880)

(1,606)

GAAP EPS

($2.29)

($0.44)

($0.43)

($0.11)

($0.31)

$0.05

($0.17)

($0.50)

($0.44)

($0.10)

($0.17)

($0.13)

($0.76)

($0.12)

($0.12)

($0.09)

($0.09)

($0.42)

($0.10)

Non-GAAP EPS (ex Amort., 1x items, & Warrant FV Adj,)

($2.28)

($0.33)

($0.39)

($0.09)

($0.13)

($0.09)

($0.12)

($0.43)

($0.11)

($0.09)

($0.08)

($0.11)

($0.38)

($0.11)

($0.11)

($0.08)

($0.08)

($0.38)

($0.05)

4,084

9,855

15,501

14,775

15,282

20,778

20,415

17,745

20,673

26,042

27,703

28,607

25,490

28,732

28,857

28,982

29,107

28,920

29,500

64.4%
1187.2%
647.1%
178.9%
2545.9%
-2481.6%
-2481.6%
-2199.3%
-2118.3%
3.5%
-2044.6%

34.6%
373.6%
129.0%
74.4%
716.9%
-682.2%
-542.4%
-493.7%
-723.9%
30.3%
-504.9%

50.1%
187.0%
112.3%
77.6%
458.3%
-408.2%
-326.9%
-317.6%
-392.9%
0.0%
-392.9%

50.0%
110.2%
30.0%
53.5%
230.6%
-180.6%
-143.7%
-141.3%
-202.3%
0.0%
-202.3%

41.0%
200.6%
48.7%
92.5%
406.8%
-365.8%
-300.9%
-296.2%
-1026.9%
0.0%
-1026.9%

-58.9%
268.5%
86.2%
136.9%
582.9%
-641.7%
-550.5%
-544.1%
341.4%
0.0%
341.4%

18.0%
220.4%
108.6%
173.3%
563.3%
-545.3%
-484.4%
-480.2%
-695.9%
0.0%
-695.9%

23.4%
180.8%
61.4%
103.3%
402.8%
-379.4%
-322.1%
-318.2%
-414.7%
0.0%
-414.7%

21.5%
225.2%
124.8%
192.3%
614.3%
-592.7%
-520.7%
-514.8%
-2154.6%
0.0%
-2154.6%

52.4%
178.1%
51.5%
134.1%
406.1%
-353.8%
-311.3%
-307.0%
-275.7%
0.0%
-275.7%

42.9%
115.9%
60.1%
145.0%
346.2%
-303.3%
-189.8%
-275.3%
-378.8%
0.0%
-378.8%

42.2%
70.8%
38.4%
120.6%
248.6%
-206.4%
-187.5%
-183.6%
-226.8%
0.0%
-226.8%

42.1%
120.5%
56.6%
138.1%
345.9%
-303.9%
-246.2%
-269.3%
-487.7%
0.0%
-487.7%

44.5%
47.0%
28.3%
93.6%
181.3%
-136.8%
-124.4%
-121.0%
-136.4%
0.0%
-136.4%

46.0%
41.9%
21.5%
74.0%
146.3%
-100.3%
-91.5%
-86.4%
-100.1%
0.0%
-100.1%

47.0%
25.8%
17.6%
56.1%
106.1%
-59.0%
-52.4%
-50.2%
-58.9%
0.0%
-58.9%

48.5%
22.1%
16.6%
51.7%
95.9%
-47.3%
-41.8%
-38.3%
-47.3%
0.0%
-47.3%

47.0%
31.2%
19.7%
64.2%
122.7%
-75.8%
-68.2%
-64.7%
-75.6%
0.0%
-75.6%

49.9%
13.8%
10.5%
29.7%
57.1%
-7.2%
-4.1%
0.0%
-7.1%
0.0%
-7.1%

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA

89.6%
-62.2%
-62.2%
-46.6%
-57.0%
NM
NM
NM
NM
NM

95.8%
70.5%
70.5%
25.2%
27.9%
NM
NM
NM
NM
NM

199.6%
-47.2%
-47.2%
-5.6%
-6.6%
NM
NM
NM
NM
NM

12.0%
-23.2%
-23.2%
-3.4%
-4.1%
NM
NM
NM
NM
NM

58.6%
6.3%
6.3%
6.0%
7.2%
NM
NM
NM
NM
NM

-37.5%
-38.1%
-38.1%
41.9%
66.1%
NM
NM
NM
NM
NM

24.9%
-31.8%
-31.8%
9.7%
14.5%
NM
NM
NM
NM
NM

-48.8%
113.4%
113.4%
36.5%
43.5%
NM
NM
NM
NM
NM

53.0%
61.8%
61.8%
52.7%
62.8%
NM
NM
NM
NM
NM

263.7%
153.7%
153.7%
116.0%
72.1%
NM
NM
NM
NM
NM

222.7%
14.0%
14.0%
42.4%
47.6%
NM
NM
NM
NM
NM

86.4%
71.9%
71.9%
60.1%
55.5%
NM
NM
NM
NM
NM

479.7%
31.5%
31.5%
71.1%
80.6%
NM
NM
NM
NM
NM

379.5%
100.0%
100.0%
72.8%
81.3%
NM
NM
NM
NM
NM

281.4%
11.7%
11.7%
16.9%
63.1%
NM
NM
NM
NM
NM

241.5%
47.7%
47.7%
31.7%
34.3%
NM
NM
NM
NM
NM

304.1%
40.8%
40.8%
43.3%
61.4%
NM
NM
NM
NM
NM

146.9%
32.0%
32.0%
14.8%
15.8%
NM
NM
NM
NM
NM

Wtd. Avg. Shares Outstanding DILUTED

Margin Analysis % of Sales
Total Gross Margin
General and Administrative
Clinical, Regulatory & R&D
Sales & Marketing
Total GAAP Operating Expense
GAAP Operating Margin
Non-GAAP Operating Margin
EBITDA Margin
GAAP Pre-tax Income
Tax Rate (Effective)
GAAP Net Margin
Percent Change (Yr/Yr)
Total Revenue
S&M
Clinical, Regulatory & R&D
Total GAAP Operating Expense
Total Non-GAAP Operating Expense
GAAP Operating Income
EBITDA
GAAP Pre-tax Income
GAAP Net Income
GAAP Earnings Per Share

TearLab Corporation
ALPHA SELECT LIST
Institutional Research

Page 3 of 6

April 22, 2013

Discounted Cash Flow Model

TearLab Corporation
Discounted Cash Flow Model

($ in Thousands)
Total Sales
Operating Profit
Less: Cash Taxes Paid
Operating Profit After Tax
Depreciation & Amortization
Fixed Cap Expenditures
Working Cap Increase
FCF
PV FCF
Perpetual FCF
Base FCF
Weighted Avg. Cost of Capital (k)
Perpetual Growth Rate (g)
Base Year
Perpetual Start Year
Perpetual Value
PV of Perpetual Growth Period
Total FCF
Value of FCF
Intrinsic Value
Cash
Debt
After Tax ESO Liability
Value of Equity
Shares Outstanding
Intrinsic Value per Share

TearLab Corporation
ALPHA SELECT LIST
Institutional Research

Estimates
2013
16,000
(12,123)
0
(12,123)
2,669
1,500
1,505
(12,459)
(11,124)
45,459
12.0%
3.0%
2012
2022
520,256
167,508

2014
39,500
(2,830)
0
(2,830)
4,168
2,800
2,938
(4,400)
(3,508)

2015
65,500
5,750
0
5,750
4,991
3,500
3,250
3,991
2,841

2016
94,000
15,155
0
15,155
5,787
4,324
3,562
13,055
8,297

Cost of Capital

2018
158,000
36,274
10,882
25,392
7,647
6,204
4,125
22,710
11,506

2019
193,500
47,989
17,756
30,233
8,790
7,283
4,437
27,303
12,350

2020
232,250
60,777
22,487
38,289
10,104
8,475
4,844
35,075
14,166

2021
274,000
75,180
27,817
47,364
11,615
9,744
5,219
44,016
15,872

3.5%
$11.53
$10.49
$9.59
$8.80
$8.10
$7.48

4.0%
$12.24
$11.08
$10.08
$9.22
$8.46
$7.79

2022
282,220
70,380
26,041
44,340
13,352
11,204
1,027
45,459
14,637

Sensitivity Analysis
FCF Growth

Terminal Period Variables

244,843
15,437
0
18,125
242,155
28,742

2017
125,000
25,384
1,269
24,115
6,653
5,222
3,875
21,671
12,297

8.43
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%

2.5%
$10.38
$9.52
$8.76
$8.09
$7.49
$6.95

3.0%
$10.92
$9.98
$9.15
$8.43
$7.78
$7.20

$8.43

Page 4 of 6

April 22, 2013

Comparable Company Analysis

Medical Technology Comp Group
4/21/13
ticker

Company

Price

Market
Cap.

EV

CY'13

CY'13

Rev(M)

EPS (est)

12-'14 CAGR
Rev

EPS

EV/

EV/

CY'13

CY'14

EV/'13

EV/'14

13 Sales

14 Sales

P/E

P/E

EBITDA

EBITDA

CPHD

CEPHEID

$38.06

$2,547.2

$2,453.1

$382.1

$0.01

16.6%

176.9%

6.4x

5.4x

NM

NM

77.1x

47.3x

CPTS

CONCEPTUS

$25.56

$831.8

$796.2

$158.8

$0.23

12.7%

57.1%

5.0x

4.5x

NM

69.1x

23.3x

18.5x

CYBX

CYBERONICS

$44.80

$1,238.1

$1,098.5

$269.3

$1.83

NA

11.3%

4.1x

NM

24.5x

21.6x

11.4x

11.5x

DXCM

DEXCOM

$15.50

$1,095.6

$1,053.9

$129.4

($0.54)

29.5%

-50.8%

8.1x

6.3x

NM

NM

NM

NM

EW

EDWARDS LIFESCIENCES

$83.12

$9,484.1

$9,152.0

$2,134.9

$3.27

11.9%

21.6%

4.3x

3.8x

25.4x

21.0x

15.9x

13.2x

ELGX

ENDOLOGIX

$14.14

$885.9

$840.8

$130.8

($0.14)

25.9%

NA

6.4x

5.0x

NM

88.4x

NM

54.7x

GNMK

GENMARK DIAGNOSTICS

$14.71

$481.7

$431.1

$35.3

($0.80)

59.7%

-25.7%

12.2x

8.3x

NM

NM

NM

NM

ISRG

INTUITIVE SURGICAL

$484.75 $19,451.6 $16,531.1

$2,570.0

$17.64

16.5%

13.7%

6.4x

5.6x

27.5x

23.5x

15.8x

13.5x

MDXG

MIMEDX GROUP

$5.00

$433.7

$431.0

$55.4

($0.00)

86.1%

NA

7.8x

4.8x

NM

27.5x

52.9x

19.1x

NEOG

NEOGEN

$49.85

$1,189.5

$1,118.7

$220.3

$1.23

NA

NA

5.1x

NM

40.5x

NM

21.6x

20.3x

PODD

INSULET

$26.23

$1,392.9

$1,453.8

$249.1

($0.59)

18.5%

NA

5.8x

4.9x

NM

NM

NM

34.2x

SRDX

SURMODICS

$26.75

$392.3

$361.3

$59.5

$0.87

NA

NA

6.1x

NM

30.7x

NM

16.4x

14.7x

SPNC

SPECTRANETICS

$19.51

$684.8

$647.1

$154.8

$0.01

10.8%

22.5%

4.2x

3.8x

NM

NM

67.1x

41.0x

Median

17.5%

21.6%

6.1x

5.0x

27.5x

25.5x

21.6x

19.1x

Average

28.8%

28.3%

6.3x

5.2x

29.7x

41.9x

33.5x

26.2x

214.3%

NA

12.2x

4.9x

NM

NM

NM

NM

CURRENT VALUATION
TEAR TEARLAB

$7.34

$211.0

$195.5

$16.0

($0.42)

Source: Baseline, Craig-Hallum estimates

TearLab Corporation
ALPHA SELECT LIST
Institutional Research

Page 5 of 6

April 22, 2013

REQUIRED DISCLOSURES
Tearlab

4/19/2013

TEAR

Initiate: March 5, 2012 Rating: Buy Price Target: $5

November 14, 2012 Rating: Buy Price Target: $5.50
February 28, 2013 Rating: Buy Price Target: $7.00
March 21, 2013 Rating: Buy Price Target: $8.50

7.34

8
7
6

5
4
3
2
1

Apr-13

Feb-13

Oct-12

Dec-12

Jun-12

Aug-12

Apr-12

Feb-12

Oct-11

Dec-11

Aug-11

Jun-11

Apr-11

Feb-11

Oct-10

Dec-10

Jun-10

Aug-10

Apr-10

Source: Baseline
Ratings definitions:
Buy rated stocks generally have twelve month price targets that are more than 20% above the current price. Hold rated
stocks generally have twelve month price targets near the current price. Sell rated stocks generally have no price target
and we would sell the stock.
Fundamental trend definitions:
Improving means growth rates of key business metrics are generally accelerating. Stable means growth rates of key
business metrics are generally steady. Mixed means growth rates of some key business metrics are positive but others are
negative. Declining means growth rates of key business metrics are generally decelerating.
Ratings Distribution (3/31/2013)

Rating
Buy
Hold
Sell
Total

% Of Companies
Covered
74%
25%
1%
100%

% With Investment
Banking Relationships
17%
6%
0%
14%

Information about valuation methods and risks can be found in the STOCK OPPORTUNITY and RISKS
sections, respectively, of this report.
CHLM makes a market in this security.
CHLM has managed or co-managed an offering of securities for the subject company in the last 12 months. CHLM has
received investment banking revenue from the subject company in the last 12 months. CHLM expects to receive or intends
to seek compensation for investment banking services from the subject company in the next three months.
Analysts receive no direct compensation in connection with the firms investment banking business. Analysts may be eligible
for bonus compensation based on the overall profitability of the firm, which takes into account revenues from all of the firms
business, including investment banking.
OTHER DISCLOSURES
Although the statements of fact in this report have been obtained from and are based upon recognized statistical services,
issuer reports or communications, or other sources that Craig-Hallum believes to be reliable, we cannot guarantee their
accuracy. All opinions and estimates included in this report constitute Craig-Hallum's judgment as of the date of this report
and are subject to change without notice. Craig-Hallum may effect transactions as principal or agent in the securities
mentioned herein. The securities discussed or recommended in this report may be unsuitable for investors depending on
their specific investment objectives and financial position. This report is offered for informational purposes only, and does
not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be
prohibited. Additional information available upon request. Member SIPC.
REGULATION AC CERTIFICATION
I, Steven F. Crowley, hereby certify that the views expressed in this research report accurately reflect my personal views
about the subject security and issuer. No part of my compensation was, is or will be directly or indirectly related to the
specific recommendations or views contained herein.

TearLab Corporation
ALPHA SELECT LIST
Institutional Research

Page 6 of 6
2013 Craig-Hallum Capital Group LLC