Form 8-K Roka BioScience, Inc. For: Aug 05

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August 5, 2016 8:09 AM EDT


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 05, 2016
 
 
Roka Bioscience, Inc.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
 
Delaware
 
001-36538
 
27-0881542
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
20 Independence Boulevard
Warren, NJ
 
07059
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code
(908) 605-4700
Not Applicable
(Former name or former address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 2.02. Results of Operations and Financial Condition.
On August 05, 2016, Roka Bioscience, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2016. A copy of the press release is being furnished as Exhibit 99.1 to this Report on Form 8-K.
The information in this Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No.
  
Description
99.1
  
Press release issued by Roka Bioscience, Inc. dated August 05, 2016, furnished hereto.





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
Date: August 05, 2016
 
 
 
ROKA BIOSCIENCE, INC.
 
 
 
 
 
 
 
 
By:
 
/s/ Lars Boesgaard
 
 
 
 
 
 
Lars Boesgaard
 
 
 
 
 
 
Vice President and Chief Financial Officer






EXHIBIT INDEX
 
Exhibit
No.
  
Description
99.1
  
Press release issued by Roka Bioscience, Inc. dated August 05, 2016, furnished hereto.





For Immediate Release

Press Release

Roka Bioscience Reports Second Quarter 2016 Financial Results

Warren, NJ - August 5, 2016 / 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 quarter and six months ended June 30, 2016.


Second Quarter 2016 Financial Results:
Revenue for the quarter ended June 30, 2016 was $1.8 million compared with $1.5 million for the second quarter of 2015, and $1.6 million for the first quarter of 2016. The increase in second quarter revenue year-over-year resulted from an increase in the number of Atlas® instruments placed with commercial customers and increased commercial utilization of the instruments. As of June 30, 2016, the Company had 46 instruments placed with customers under commercial agreements compared to 44 instruments as of March 31, 2016.

"We believe the increased attention to food safety from regulators, consumers and the food industry supports the strong position held by Roka with our highly accurate pathogen tests and automated Atlas® platform. We are seeing the impact of this renewed focus on better food safety programs as we continue to grow volume of both our new Atlas Listeria Environmental Assay, as well as our other assays,” said Mary Duseau, Roka's Senior Vice President and Chief Commercial Officer.

Total operating expenses for the second quarter of 2016 were $9.0 million compared with $10.0 million in the second quarter of 2015. Net loss for the second quarter of 2016 was $7.6 million, or $0.43 per share, compared with a net loss of $9.2 million, or $0.54 per share, in the second quarter of 2015.

Six Months’ Financial Results:
Revenue for the six months ended June 30, 2016 was $3.5 million compared with $3.0 million for the six months ended June 30, 2015.  Total operating expenses for the six months ended June 30, 2016 were $18.4 million compared with $19.9 million in the six months ended June 30, 2015.  Net loss for the six months ended June 30, 2016 was $15.7 million, or $0.90 per share, compared with a net loss of $18.1 million, or $1.05 per share, in the six months ended June 30, 2015.

As of June 30, 2016, the Company had cash and cash equivalents and marketable securities of $16.8 million compared with $32.3 million at December 31, 2015.


Conference Call
Roka Bioscience will host a conference call today at 8:30 a.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 10090188. 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.
855-ROKABIO (855-765-2246)
Source: Roka Bioscience





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,
 
2016
 
2015
 
2016
 
2015
Revenue
$
1,824

 
$
1,466

 
$
3,451

 
$
2,976

Operating expenses:
 
 
 
 
 
 
 
Cost of revenue
2,048

 
1,755

 
4,124

 
3,719

Research and development
1,496

 
1,876

 
3,483

 
3,765

Selling, general and administrative
4,496

 
5,416

 
8,880

 
10,529

Amortization of intangible assets
939

 
937

 
1,879

 
1,874

Total operating expenses
8,979

 
9,984

 
18,366

 
19,887

Loss from operations
(7,155
)
 
(8,518
)
 
(14,915
)
 
(16,911
)
Other income (expense):
 
 
 
 
 
 
 
Interest income (expense), net
(404
)
 
(718
)
 
(822
)
 
(1,184
)
Loss before income taxes
(7,559
)
 
(9,236
)
 
(15,737
)
 
(18,095
)
Income tax provision (benefit)
2

 
4

 
(1
)
 
6

Net loss and comprehensive loss
$
(7,561
)
 
$
(9,240
)
 
$
(15,736
)
 
$
(18,101
)
Net Loss per Common Share:
 
 
 
 
 
 
 
Basic and diluted
$
(0.43
)
 
$
(0.54
)
 
$
(0.90
)
 
$
(1.05
)
Weighted average common shares outstanding used in computing net loss per common share:
 
 
 
 
 
 
 
Basic and diluted
17,537,290

 
17,260,628

 
17,531,855

 
17,240,944







Condensed Balance Sheets
(unaudited)
(in thousands, except share and per share data)
 
 
 
 
 
June 30, 2016
 
December 31, 2015
ASSETS
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
8,912

 
$
3,441

Short-term marketable securities
7,911

 
28,809

Trade accounts receivable, net of $0 allowance for doubtful accounts
842

 
649

Inventories
3,819

 
3,939

Prepaid expenses and other current assets
4,957

 
5,271

Total current assets
26,441

 
42,109

Property and equipment, net
8,773

 
9,822

Intangible assets, net
20,529

 
22,408

Other assets
264

 
264

Total assets
$
56,007

 
$
74,603

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current Liabilities:
 
 
 
Accounts payable
$
582

 
$
675

Short-term deferred payments
2,092

 
1,343

Notes payable, current
7,920

 
9,851

Accrued expenses and other short-term liabilities
5,393

 
6,767

Total current liabilities
15,987

 
18,636

Deferred payments
9,800

 
10,737

Other long-term liabilities
298

 
317

Total liabilities
26,085

 
29,690

Stockholders' Equity:
 
 
 
Total Stockholders' Equity
29,922

 
44,913

Total liabilities and stockholders' equity
$
56,007

 
$
74,603





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