Welcome!

News Feed Item

Roka Bioscience Reports Second Quarter 2014 Financial Results

WARREN, N.J., Aug. 11, 2014 /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 and six months ended June 30, 2014.

Financial Highlights

  • Revenue of $1.4 million in the quarter, 107% year-over-year growth
  • Revenue of $2.2 million in the six months, 137% year-over year growth
  • $60 million initial public offering completed in July 2014

Financial Results

Revenues for the quarter ended June 30, 2014 rose 107% to $1.4 million, from $671,000 in the same period in 2013.  Revenues for the six months ended June 30, 2014 rose 137% to $2.2 million, from $937,000 in the same period in 2013.  The increased revenue in the quarter and six months resulted from an increase in the number of Atlas® instruments placed with commercial customers and increased commercial utilization of the Atlas® instruments. As of June 30, 2014, the Company had 36 instruments placed with customers under commercial agreements, compared to 21 instruments as of June 30, 2013.

Total operating expenses for the second quarter were $8.4 million compared to $7.9 million for the same period in 2013.  Total operating expenses for the six months ended June 30, 2014 were $16.6 million compared to $15.9 million for the same period in 2013.

Net loss for the second quarter was $7.4 million, or a loss of $(11.28) per share, compared with $7.9 million, or a loss of $(15.96) per share, for the same period in 2013.  Net loss for the six months ended June 30, 2014 was $15.7 million, or a loss of $(24.88) per share, compared with $15.7 million, or a loss of $(34.10) per share, for the same period in 2013.

As of June 30, 2014, the Company had $26.0 million in cash, which did not include the proceeds received by the Company in connection with the IPO.

"Our strong revenue growth in the quarter results from the growing demand for our Atlas Detection assays," said Paul Thomas, Roka Bioscience President and Chief Executive Officer.  "With the completion of our IPO in July, we believe we are positioned for continued growth."

Conference Call

Roka Bioscience will host a conference call today at 8:30 a.m. Eastern Time to discuss these results and answer questions. To listen to the conference call live, go to http://rokabio.investorroom.com/ or dial 1-877-870-4263 for domestic callers and 1-412-317-0790 for international callers.  A replay of the call will be available commencing two hours after the completion of the call through August 18, 2014 by dialing 1-877-344-7529 domestic and 1-412-317-0088 international, passcode 10050698.  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.
Steve Sobieski
Chief Financial Officer
(908) 605-4621
[email protected]

 

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,




2014


2013


2014


2013

Revenue

$

1,390



$

671



$

2,218



937
















Operating expenses:













Cost of revenue

1,573



1,676



2,838



3,549



Research and development

2,227



1,945



4,069



3,697



Selling, general and administrative

4,548



4,275



9,596



8,533



Amortization of intangible assets

42



42



84



84




Total operating expenses

8,390



7,938



16,587



15,863
















Loss from operations

(7,000)



(7,267)



(14,369)



(14,926)


Other income (expense):












Change in fair value of financial instruments

41



(594)



(562)



(575)


Interest income (expense), net

(378)



(80)



(768)



(154)
















Loss before income taxes

(7,337)



(7,941)



(15,699)



(15,655)
















Income tax provision (benefit)

12



1



17



1




Net loss and comprehensive loss

$

(7,349)



$

(7,942)



$

(15,716)



$

(15,656)


Net Loss per Common Share:












Basic and diluted

$

(11.28)



$

(15.96)



$

(24.88)



$

(34.10)


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












Basic and diluted

651,598



486,184



631,620



453,768


 

Condensed Balance Sheets

(unaudited)

(in thousands, except share and per share data)




June 30,


December 31,



2014


2013

ASSETS







Current Assets:






   Cash and cash equivalents


$

26,013



$

32,728


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


566



277


   Inventories


4,706



3,879


   Deferred tax assets




3,135


   Prepaid expenses and other current assets


3,819



2,437


          Total current assets


35,104



42,456


Property and equipment, net

13,258



14,510


Intangible assets, net

1,260



1,344


Goodwill


360



360


Other assets

2,823



444


         Total assets


$

52,805



$

59,114


LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT












Current Liabilities:






Accounts payable


$

882



$

1,226


Short-term deferred payments


521



339


Notes payable, current

9,800



4,919


Accrued expenses


5,487



2,381


          Total current liabilities


16,690



8,865


Deferred payments

3,216



3,205


Convertible preferred stock warrant liability

1,142



212


Deferred tax liabilities

40



40


Other long-term liabilities

342



339


Total liabilities

21,430



12,661


Convertible Preferred Stock


127,698



127,797


Stockholders' Deficit:






Total stockholders' deficit


(96,323)



(81,344)


Total liabilities and stockholders' deficit


$

52,805



$

59,114


 

SOURCE Roka Bioscience, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...