TearScience

About TearScience

TearScience, Inc., founded in 2005 by Tim Willis and optometrist Dr. Donald Korb, operates as a medical device company focused on the dry eye market, specifically Meibomian Gland Dysfunction (MGD), the root cause for approximately 86% of dry eye cases. Willis, an engineer and inventor with a history of developing successful medical products, including for dry eye, provided the entrepreneurial and product development leadership. The company's business model centers on selling a suite of diagnostic and treatment devices to eye care professionals (ophthalmologists and optometrists), enabling them to manage MGD directly in their offices.

Revenue is generated through the capital sales of its systems and the recurring sales of single-use components required for procedures. The flagship product, the LipiFlow® Thermal Pulsation System, received FDA clearance in June 2011 and provides a 12-minute in-office treatment that uses vectored thermal pulsation to unblock obstructed meibomian glands. Complementing this are diagnostic tools like the LipiView® II and LipiScan® imagers, which allow practitioners to assess meibomian gland structure and tear film lipid layer thickness, aiding in accurate diagnosis. Since treatments are generally not covered by insurance, patients typically pay out-of-pocket, with procedure costs ranging from $700 to $1,500.

The company achieved several milestones, including raising significant venture capital, with a $44.5 million Series C in 2010 and up to $70 million in 2013 to fund commercialization. After establishing a strong market presence, with its systems installed in hundreds of locations globally, TearScience was acquired by Johnson & Johnson Vision in a deal completed in September 2017. This acquisition integrated TearScience's portfolio into J&J's broader eye health business, aiming to make MGD treatment a standard of care.