Roka Bioscience Reports Second Quarter 2015 Financial Results

Aug 13, 2015, 16:01 ET from Roka Bioscience, Inc.

WARREN, N.J., Aug. 13, 2015 /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 quarter and six months ended June 30, 2015.

Second Quarter Financial Results: 

Revenue for the quarter ended June 30, 2015 was $1.5 million compared with $1.4 million for the second quarter of 2014 and $1.5 million for the first quarter of 2015.  As of June 30, 2015, the Company had 41 instruments placed with customers under commercial agreements compared to 36 instruments as of June 30, 2014 and 41 instruments as of March 31, 2015.

Total operating expenses for the second quarter of 2015 were $10.0 million compared with $8.4 million in the second quarter of 2014.  Net loss for the second quarter of 2015 was $9.2 million, or $0.54 per share, compared with a net loss of $7.3 million, or $11.28 per share, in the second quarter of 2014.  In July 2014, upon completion of the Company's IPO, all shares of Convertible Preferred Stock were converted into common stock at their respective conversion ratio.   All potential Common Stock shares issuable for Convertible Preferred Stock were excluded from the calculation of net loss per share in the second quarter and six months ended June 30, 2014 as the effect of including them would have been anti-dilutive.

As of June 30, 2015, the Company had cash and cash equivalents and marketable securities of $43.8 million compared with $57.1 million at December 31, 2014.

Six Month Financial Results: 

Revenue for the six months ended June 30, 2015 was $3.0 million compared with $2.2 million for the six months ended June 30, 2014.  Total operating expenses for the six months ended June 30, 2015 were $19.9 million compared with $16.6 million in the six months ended June 30, 2014.  Net loss for the six months ended June 30, 2015 was $18.1 million, or $1.05 per share, compared with a net loss of $15.7 million, or $24.88 per share, in the six months ended June 30, 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 10069693.  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 June 30,

Six Months Ended June 30,

2015

2014

2015

2014

Revenue

1,466

1,390

$

2,976

$

2,218

Operating expenses:

Cost of revenue

1,755

1,573

3,719

2,838

Research and development

1,876

2,227

3,765

4,069

Selling, general and administrative

5,416

4,548

10,529

9,596

Amortization of intangible assets

937

42

1,874

84

Total operating expenses

9,984

8,390

19,887

16,587

Loss from operations

(8,518)

(7,000)

(16,911)

(14,369)

Other income (expense):

Change in fair value of financial instruments

41

(562)

Interest income (expense), net

(718)

(378)

(1,184)

(768)

Loss before income taxes

(9,236)

(7,337)

(18,095)

(15,699)

Income tax provision (benefit)

4

12

6

17

Net loss and comprehensive loss

$

(9,240)

$

(7,349)

$

(18,101)

$

(15,716)

Net Loss per Common Share:

Basic and diluted

$

(0.54)

$

(11.28)

$

(1.05)

$

(24.88)

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

Basic and diluted

17,260,628

651,598

17,240,944

631,620

 

Condensed Balance Sheets

(unaudited)

(in thousands, except share and per share data)

June 30, 2015

December 31, 2014

ASSETS

Current Assets:

Cash and cash equivalents

$

4,750

$

7,503

Short-term marketable securities

39,045

36,231

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

776

670

Inventories

4,482

4,930

Prepaid expenses and other current assets

1,689

2,115

Total current assets

50,742

51,449

Long-term marketable securities

13,366

Property and equipment, net

11,049

12,186

Intangible assets, net

24,282

26,156

Goodwill

360

360

Other assets

269

262

Total assets

$

86,702

$

103,779

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts payable

$

495

$

1,134

Short-term deferred payments

1,349

695

Notes payable, current

9,772

9,910

Accrued expenses and other short-term liabilities

2,249

2,125

Total current liabilities

13,865

13,864

Deferred payments

10,279

10,457

Deferred tax liabilities

49

49

Other long-term liabilities

326

334

Total liabilities

24,519

24,704

Stockholders' Equity:

Total Stockholders' Equity

62,183

79,075

Total liabilities and stockholders' equity

$

86,702

$

103,779

 

 

SOURCE Roka Bioscience, Inc.



RELATED LINKS

http://www.rokabio.com