Roka Bioscience Reports Fourth Quarter and Full Year 2015 Financial Results

Mar 04, 2016, 16:05 ET from Roka Bioscience, Inc.

WARREN, N.J., March 4, 2016 /PRNewswire/ -- Roka Bioscience, Inc. (NASDAQ: ROKA), a molecular diagnostics company focused on providing advanced testing solutions for the detection of foodborne pathogens, today reported its financial results for the three months and full year ended December 31, 2015.

Fourth Quarter 2015 Financial Results:

Revenue for the quarter ended December 31, 2015 was $1.5 million compared with $1.4 million for the fourth quarter of 2014 and $1.5 million for the third quarter of 2015. As of December 31, 2015, the Company had 41 instruments placed with customers under commercial agreements compared to 38 instruments as of December 31, 2014 and 39 instruments as of September 30, 2015.

Total operating expenses for the fourth quarter of 2015 were $11.8 million compared with $10.2 million in the fourth quarter of 2014.  Net loss for the fourth quarter of 2015 was $10.0 million, or $0.58 per share, compared with a net loss of $7.4 million, or $0.43 per share, in the fourth quarter of 2014.  

Full Year 2015 Financial Results:

For the year ended December 31, 2015 revenue increased 18% to $6.0 million compared with $5.1 million in 2014.  Total operating expenses for the year ended December 31, 2015 were $41.3 million compared with $36.6 million in 2014.  Net loss for the year ended December 31, 2015 was $36.6 million, or $2.12 per share, compared with a net loss of $32.2 million, or $2.93 per share, in 2014.  

As of December 31, 2015, the Company had cash and cash equivalents and marketable securities of $32.3 million compared with $57.1 million at December 31, 2014.

Conference Call

Roka Bioscience will host a conference call today at 4:30 p.m. Eastern Time to discuss these results and answer questions. During the conference call, material information concerning the Company, its operations, strategies and prospects may be discussed.  To listen to the conference call live, go to http://rokabio.investorroom.com/ or dial 1-888-347-1331 for domestic callers and 1-412-902-4277 for international callers.  A replay of the conference call will be available after the completion of the call by dialing 1-877-344-7529 (domestic) and 1-412-317-0088 (international). The replay access code is 10081633. An online archive of the conference call will also be available at http://rokabio.investorroom.com.

About Roka Bioscience

Roka Bioscience is a molecular diagnostics company focused on developing and commercializing advanced testing solutions for the food safety testing market. Our Atlas Detection Assays incorporate our advanced molecular technologies and are performed on our "sample-in, result-out" Atlas System that automates all aspects of molecular diagnostic testing on a single, integrated platform. The Atlas System and Detection Assays are designed to provide our customers with accurate and rapid test results with reduced labor costs and improved laboratory efficiencies.  For more information, visit http://rokabio.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act, as amended (the "Exchange Act"). These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions. Any statements contained herein (including, without limitation, statements to the effect that we "believe", "expect", "anticipate", "plan" and similar expressions) that are not statements of historical fact should be considered forward-looking statements and should be read in conjunction with the Condensed Financial Statements  included in this press release and the discussion below. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties and other factors that could cause our actual results, levels of activity, performance or achievement to differ materially from those expressed or implied by these forward looking statements. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Such factors include those set forth in the company's filings with the Securities and Exchange Commission. We expressly disclaim any obligation to update any forward-looking statements, except as may be required by law.  Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release and, except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release.

Investor Contact:

Roka Bioscience, Inc. ir@rokabio.com 855-ROKABIO (855-765-2246)

 

 

Condensed Statements of Operations and Comprehensive Loss

(unaudited)

(in thousands, except share and per share data)

Three Months Ended December 31,

Year Ended December 31,

2015

2014

2015

2014

Revenue

$

1,501

$

1,356

$

5,985

$

5,057

Operating expenses:

Cost of revenue

2,312

2,431

7,704

7,847

Research and development

1,866

1,943

7,689

7,934

Selling, general and administrative

6,325

4,887

21,778

19,101

Amortization of intangible assets

937

945

3,748

1,767

Impairment of goodwill

360

360

Total operating expenses

11,800

10,206

41,279

36,649

Loss from operations

(10,299)

(8,850)

(35,294)

(31,592)

Other income (expense):

Change in fair value of financial instruments

(785)

Interest income (expense), net

(418)

(561)

(2,006)

(1,805)

Loss before income taxes

(10,717)

(9,411)

(37,300)

(34,182)

Income tax provision (benefit)

(710)

(1,980)

(700)

(1,952)

Net loss and comprehensive loss

$

(10,007)

$

(7,431)

$

(36,600)

$

(32,230)

Net Loss per Common Share:

Basic and diluted

$

(0.58)

$

(0.43)

$

(2.12)

$

(2.93)

Weighted average common shares outstanding used in computing net loss per common share:

Basic and diluted

17,346,008

17,150,523

17,283,205

11,001,579

 

 

Condensed Balance Sheets

(unaudited)

(in thousands, except share and per share data)

December 31, 2015

December 31, 2014

ASSETS

Current Assets:

Cash and cash equivalents

$

3,441

$

7,503

Short-term marketable securities

28,809

36,231

Trade accounts receivable, net of $0 allowance for doubtful accounts

649

670

Inventories

3,939

4,930

Prepaid expenses and other current assets

5,271

2,115

Total current assets

42,109

51,449

Long-term marketable securities

13,366

Property and equipment, net

9,822

12,186

Intangible assets, net

22,408

26,156

Goodwill

360

Other assets

264

262

Total assets

$

74,603

$

103,779

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts payable

$

675

$

1,134

Short-term deferred payments

1,343

695

Notes payable, current

9,851

9,910

Accrued expenses and other short-term liabilities

6,767

2,125

Total current liabilities

18,636

13,864

Deferred payments

10,737

10,457

Deferred tax liabilities

49

Other long-term liabilities

317

334

Total liabilities

29,690

24,704

Stockholders' Equity:

Total Stockholders' Equity

44,913

79,075

Total liabilities and stockholders' equity

$

74,603

$

103,779

 

SOURCE Roka Bioscience, Inc.



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