Form 8-K Roka BioScience, Inc. For: May 04

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 8/21/2026

1. WMT
2. ROST
3. AAP
4. NVDA
5. SPY
6. AVGO
7. SPCX
8. OSIS
9. REAX
10. RMAX

May 4, 2016 4:11 PM 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): May 4, 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 May 4, 2016, Roka Bioscience, Inc. issued a press release announcing its financial results three months ended March 31, 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 May 4, 2016, furnished hereto.





For Immediate Release

Press Release

Roka Bioscience Reports First Quarter 2016 Financial Results

Warren, NJ - May 4, 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 three months ended March 31, 2016.


First Quarter 2016 Financial Results:
Revenue for the quarter ended March 31, 2016 was $1.6 million compared with $1.5 million for the first quarter of 2015 and for the fourth quarter of 2015. The increase in first 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 March 31, 2016, the Company had 44 instruments placed with customers under commercial agreements compared to 41 instruments as of December 31, 2015 and March 31, 2015.

"We are encouraged by the performance of our new Atlas Listeria Environment Assay and we see early indications of customer adoption of the assay. Combined with the placement of additional instruments in the first quarter, we believe we are building a base for commercial growth of our business," said Mary Duseau, Roka's Senior Vice President and Chief Commercial Officer.

Total operating expenses for the first quarter of 2016 were $9.4 million compared with $9.9 million in the first quarter of 2015. Net loss for the first quarter of 2016 was $8.2 million, or $0.47 per share, compared with a net loss of $8.9 million, or $0.51 per share, in the first quarter of 2015.

As of March 31, 2016, the Company had cash and cash equivalents and marketable securities of $23.2 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 10085324. 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 March 31,
 
 
2016
 
2015
Revenue
 
$
1,626

 
$
1,511

Operating expenses:
 

 

Cost of revenue
 
2,076

 
1,964

Research and development
 
1,987

 
1,889

Selling, general and administrative
 
4,385

 
5,113

Amortization of intangible assets
 
939

 
937

Total operating expenses
 
9,387

 
9,903

Loss from operations
 
(7,761
)
 
(8,392
)
Other income (expense):
 
 
 

Interest income (expense), net
 
(417
)
 
(466
)
Loss before income taxes
 
(8,178
)
 
(8,858
)
Income tax provision (benefit)
 
(2
)
 
2

Net loss and comprehensive loss
 
$
(8,176
)
 
$
(8,860
)
Net Loss per Common Share:
 
 
 
 
Basic and diluted
 
$
(0.47
)
 
$
(0.51
)
Weighted average common shares outstanding used in computing net loss per common share:
 
 
 
 
Basic and diluted
 
17,526,419

 
17,221,041







Condensed Balance Sheets
(unaudited)
(in thousands, except share and per share data)
 
 
 
 
 
March 31, 2016
 
December 31, 2015
ASSETS
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
5,644

 
$
3,441

Short-term marketable securities
17,543

 
28,809

Trade accounts receivable, net of $0 allowance for doubtful accounts
739

 
649

Inventories
3,868

 
3,939

Prepaid expenses and other current assets
5,211

 
5,271

Total current assets
33,005

 
42,109

Property and equipment, net
9,331

 
9,822

Intangible assets, net
21,469

 
22,408

Other assets
264

 
264

Total assets
$
64,069

 
$
74,603

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 

Current Liabilities:
 
 

Accounts payable
$
610

 
$
675

Short-term deferred payments
1,569

 
1,343

Notes payable, current
8,887

 
9,851

Accrued expenses and other short-term liabilities
5,085

 
6,767

Total current liabilities
16,151

 
18,636

Deferred payments
10,478

 
10,737

Other long-term liabilities
313

 
317

Total liabilities
26,942

 
29,690

Stockholders' Equity:
 
 

Total Stockholders' Equity
37,127

 
44,913

Total liabilities and stockholders' equity
$
64,069

 
$
74,603





Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings