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Roka Bio Revenues Grow 7 Percent in Q2

NEW YORK (GenomeWeb) – Roka Bioscience said after the close of the market on Thursday that its revenues for the second quarter increased 7 percent year over year as it missed the consensus Wall Street estimate on the top and bottom lines. 

The foodborne pathogen molecular diagnostics firm said that for the three months ended June 30, it recorded $1.5 million in revenues, up from $1.4 million in Q2 2014. It fell short of the analysts' average estimate of $1.6 million. 

The Warren, New Jersey firm said that as of the end of the quarter it had 41 instrument placements, up from 36 in the year-ago quarter but flat sequentially with Q1 2015. 

Its net loss for the recently completed quarter was $9.2 million, or $.54 per share, compared to a net loss of $7.3 million, or $11.28 per share, a year ago. It missed the consensus Wall Street estimate of a loss of $.51 per share. 

The company went public in July 2014 and used 17.3 million shares to calculate its loss on a per-share basis in Q2 2015, compared to 651,598 shares a year ago.

Roka spent $1.9 million on R&D in the quarter, down 14 percent year over year from $2.2 million a year ago. Its SG&A spending rose 20 percent to $5.4 million from $4.5 million. 

The company ended the second quarter with $4.8 million in cash and cash equivalents and $39 million in short-term marketable securities.