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.
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