WARREN, N.J., March 9, 2017 /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, 2016.
Fourth Quarter 2016 Financial Results:
Revenue for the quarter ended December 31, 2016 was
$1.9 million compared with
$1.5 million for the fourth quarter
of 2015. As of December 31, 2016, the Company had 53
instruments placed with customers under commercial agreements
compared to 41 instruments as of December
31, 2015.
Total operating expenses for the fourth quarter of 2016 were
$9.3 million compared with
$11.8 million in the fourth quarter
of 2015. Net loss applicable to common shareholders for the
fourth quarter of 2016 was 13.3 million, or $3.72 per share, compared with a net loss of
$10.0 million, or $5.77 per share, in the fourth quarter of 2015.
Deemed dividends recorded in connection with issuance of preferred
shares in the third quarter of 2016 had an impact of $5.9 million on net loss applicable to common
shareholders, or $1.64 per share, for
the fourth quarter of 2016.
Full Year 2016 Financial Results:
For the year ended December 31, 2016 revenue increased 21%
to $7.2 million compared with
$6.0 million in 2015. Total
operating expenses for the year ended December 31, 2016 were
$36.7 million compared with
$41.3 million in 2015. Net loss
applicable to common shareholders for the year ended
December 31, 2016 was $38.5
million, or $17.42 per share,
compared with a net loss of $36.6
million, or $21.18 per share,
in 2015. Deemed dividends recorded in connection with issuance of
preferred shares in the third quarter of 2016 had an impact of
$7.7 million on net loss applicable
to common shareholders, or $3.50 per
share, for the year ended December 31, 2016.
As of December 31, 2016, the Company had cash and cash
equivalents and marketable securities of $24.8 million compared with $32.3 million at December
31, 2015.
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 10102626. 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,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenue
|
$
|
1,906
|
|
$
|
1,501
|
|
$
|
7,242
|
|
$
|
5,985
|
Operating
expenses:
|
|
|
|
|
|
|
|
Cost of
revenue
|
1,866
|
|
2,312
|
|
7,974
|
|
7,704
|
Research and
development
|
2,147
|
|
1,866
|
|
7,253
|
|
7,689
|
Selling, general and
administrative
|
4,326
|
|
6,325
|
|
17,739
|
|
21,778
|
Amortization of
intangible assets
|
939
|
|
937
|
|
3,758
|
|
3,748
|
Impairment of
goodwill
|
—
|
|
360
|
|
—
|
|
360
|
Total operating
expenses
|
9,278
|
|
11,800
|
|
36,724
|
|
41,279
|
Loss from
operations
|
(7,372)
|
|
(10,299)
|
|
(29,482)
|
|
(35,294)
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest income
(expense), net
|
(350)
|
|
(418)
|
|
(1,550)
|
|
(2,006)
|
Loss before income
taxes
|
(7,722)
|
|
(10,717)
|
|
(31,032)
|
|
(37,300)
|
Income tax provision
(benefit)
|
(259)
|
|
(710)
|
|
(245)
|
|
(700)
|
Net loss and
comprehensive loss
|
$
|
(7,463)
|
|
$
|
(10,007)
|
|
$
|
(30,787)
|
|
$
|
(36,600)
|
Deemed dividend
applicable to beneficial conversion
feature of Series A preferred stock
|
(5,870)
|
|
—
|
|
(7,748)
|
|
—
|
Net loss applicable
to common shareholders
|
(13,333)
|
|
(10,007)
|
|
(38,535)
|
|
(36,600)
|
Net Loss per Common
Share:
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
|
(3.72)
|
|
$
|
(5.77)
|
|
$
|
(17.42)
|
|
$
|
(21.18)
|
Weighted average
common shares outstanding
used in computing net loss per common share:
|
|
|
|
|
|
|
|
Basic and
diluted
|
3,580,992
|
|
1,734,601
|
|
2,211,740
|
|
1,728,321
|
Condensed Balance
Sheets
|
(unaudited)
|
(in thousands,
except share and per share data)
|
|
|
|
|
|
|
|
December 31,
2016
|
|
December 31,
2015
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
8,832
|
|
$
|
3,441
|
Short-term marketable
securities
|
16,001
|
|
28,809
|
Trade accounts
receivable, net of $0 allowance
for doubtful accounts
|
930
|
|
649
|
Inventories
|
3,739
|
|
3,939
|
Prepaid expenses and
other current assets
|
5,614
|
|
5,271
|
Total current
assets
|
35,116
|
|
42,109
|
Property and
equipment, net
|
7,805
|
|
9,822
|
Intangible assets,
net
|
18,651
|
|
22,408
|
Other
assets
|
264
|
|
264
|
Total
assets
|
$
|
61,836
|
|
$
|
74,603
|
LIABILITIES,
CONVERTIBLE PREFERRED STOCK AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
payable
|
$
|
1,325
|
|
$
|
675
|
Short-term deferred
payments
|
1,922
|
|
1,343
|
Notes payable,
current
|
5,973
|
|
9,851
|
Accrued expenses and
other short-term liabilities
|
5,847
|
|
6,767
|
Total current
liabilities
|
15,067
|
|
18,636
|
Deferred
payments
|
9,620
|
|
10,737
|
Other long-term
liabilities
|
267
|
|
317
|
Total
liabilities
|
24,954
|
|
29,690
|
Stockholders'
Equity:
|
|
|
|
Total Stockholders'
Equity
|
36,882
|
|
44,913
|
Total liabilities and
stockholders' equity
|
$
|
61,836
|
|
$
|
74,603
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/roka-bioscience-reports-fourth-quarter-and-full-year-2016-financial-results-300421295.html
SOURCE Roka Bioscience, Inc.