Roka Bioscience reports increased revenue of $1.4M with 107% year-over-year growth

Roka Bioscience, Inc.Aug 11 2014

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.