Roka Bioscience Reports Third Quarter 2016 Financial Results

WARREN, N.J., Nov. 7, 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 nine months ended September 30, 2016.

Third Quarter 2016 Financial Results:
Revenue for the quarter ended September 30, 2016 was $1.9 million compared with $1.5 million for the third quarter of 2015, and $1.8 million for the second quarter of 2016.  The increase in third 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 September 30, 2016, the Company had 49 instruments placed with customers under commercial agreements compared to 46 instruments as of June 30, 2016.

Total operating expenses for the third quarter of 2016 were $9.1 million compared with $9.6 million in the third quarter of 2015.  Net loss applicable to common shareholders for the third quarter of 2016 was $9.5 million, or $5.39 per share, compared with a net loss applicable to common shareholders of $8.5 million, or $4.91 per share, in the third quarter of 2015. Deemed dividends recorded in connection with issuance of preferred shares in the third quarter of 2016 had an impact of $1.9 million on net loss applicable to common shareholders, or $1.07 per share, for the third quarter of 2016.

Nine Months' Financial Results:
Revenue for the nine months ended September 30, 2016 was $5.3 million compared with $4.5 million for the nine months ended September 30, 2015.  Total operating expenses for the nine months ended September 30, 2016 were $27.4 million compared with $29.5 million in the nine months ended September 30, 2015.  Net loss applicable to common shareholders for the nine months ended September 30, 2016 was $25.2 million, or $14.37 per share, compared with a net loss applicable to common shareholders of $26.6 million, or $15.40 per share, in the nine months ended September 30, 2015. Deemed dividends recorded in connection with issuance of preferred shares in the third quarter of 2016 had an impact of $1.9 million on net loss applicable to common shareholders, or $1.07 per share, for the nine months ended September 30, 2016.

As of September 30, 2016, the Company had cash and cash equivalents and marketable securities of $30.9 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/events-and-presentations 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 10095220.  An online archive of the conference call will also be available at http://rokabio.investorroom.com/events-and-presentations.

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.
[email protected]
855-ROKABIO (855-765-2246)

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SOURCE Roka Bioscience, Inc.

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