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
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes how...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Traditional IT, great for stable systems of record, is struggling to cope with newer, agile systems of engagement requirements coming straight from the business. In his session at 18th Cloud Expo, William Morrish, General Manager of Product Sales at Interoute, will outline ways of exploiting new architectures to enable both systems and building them to support your existing platforms, with an eye for the future. Technologies such as Docker and the hyper-convergence of computing, networking and...
Contextual Analytics of various threat data provides a deeper understanding of a given threat and enables identification of unknown threat vectors. In his session at @ThingsExpo, David Dufour, Head of Security Architecture, IoT, Webroot, Inc., discussed how through the use of Big Data analytics and deep data correlation across different threat types, it is possible to gain a better understanding of where, how and to what level of danger a malicious actor poses to an organization, and to determin...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, discussed how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved efficienc...
Nicolas Fierro is CEO of MIMIR Blockchain Solutions. He is a programmer, technologist, and operations dev who has worked with Ethereum and blockchain since 2014. His knowledge in blockchain dates to when he performed dev ops services to the Ethereum Foundation as one the privileged few developers to work with the original core team in Switzerland.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, sha...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...