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Roka Bioscience Reports Flat Q3 Revenues

NEW YORK (GenomeWeb) – Roka Bioscience reported after the close of the market on Wednesday that its third quarter revenues were flat year over year as the company trimmed its net loss.

Separately, Roka said that it has named Lars Boesgaard as vice president and CFO, succeeding Steven Sobieski, who will continue his association with the company as a senior advisor.

For the three months ended Sept. 30, the Warren, New Jersey-based molecular food testing firm logged $1.5 million in revenues, the same as Q3 2014 and shy of the consensus analysts' estimate of $1.8 million.

As of the end of the quarter, the company had 39 of its Atlas molecular testing instruments placed with customers under commercial agreements compared to 36 instruments as of Sept. 30, 2014 and 41 instruments as of June 30, 2015.

Roka recorded a net loss of $8.5 million, or $.49 per share, in the third quarter, compared to a net loss of $9.1 million, or $.64 per share, in the year-ago period. On average, analysts had expected a net loss of $.53 per share.

In July 2014, upon completion of the company's IPO, all shares of convertible preferred stock were converted into common stock at their respective conversion ratio. The calculation of net loss per share in 2014 prior to the IPO's completion excludes all potential common shares issuable for convertible preferred stock because the effect of including them would have been anti-dilutive, Roka said.

The company spent $2.1 million on R&D in Q3, up 11 percent from $1.9 million in the same quarter a year ago. Roka's SG&A expenses ticked up 7 percent to $4.9 million from $4.6 million.

Roka finished the quarter with $37.9 million in cash, cash equivalents, and marketable securities.