NEW YORK (GenomeWeb) – Roka Bioscience reported after the close of the market Monday a nearly 27 percent increase in its third quarter revenues due to increased sales of its Atlas molecular pathogen detection instruments.
For the three-month period ended Sept. 30, Roka's revenues rose to $1.9 million from $1.5 million in the same period the year before. The company attributed the revenue growth to an increased number of Atlas placements and increased commercial use of the instrument. At the end of Q3, the company had placed 49 instruments with customers under commercial agreements versus 46 instruments at the end of Q2.
Roka's net loss in the quarter grew to $9.5 million, or $5.39 per share, from $8.5 million, or $4.91 per share, in the third quarter of 2015. According to the company, deemed dividends recorded in connection with issuance of preferred shares in the third quarter had a $1.9 million, or $1.07 per share, impact on the net loss.
R&D spending in the quarter fell to $1.6 million from $2.1 million, while SG&A costs dipped down to $4.5 million from $4.9 million.
At the end of the third quarter, Roka had cash and cash equivalents totaling approximately $9 million.
During early morning trading on the Nasdaq Tuesday, shares of Roka were down almost 1 percent at $4.48.