Business
Champions Oncology Reports Quarterly Revenue of $12.6 Million
HACKENSACK, NJ / ACCESSWIRE / September 13, 2023 / Champions Oncology, Inc. (Nasdaq:CSBR), a leading global technology-enabled biotech that is transforming
About this update from Champions Oncology, Inc.
[{"type":"text","content":"HACKENSACK, NJ / ACCESSWIRE / September 13, 2023 / Champions Oncology, Inc. (Nasdaq:CSBR), a leading global technology-enabled biotech that is transforming drug discovery through innovative AI-driven pharmaco-pheno-multiomic integration, today announced its financial results for its first quarter of fiscal 2024, ended July 31, 2023.First Quarter and Recent Highlights:First quarter revenue of $12.6 million, a decline of 9%Strong quarterly bookingsHosting Scientific Symposium in Boston, MA on September 26thRonnie Morris, CEO of Champions, commented, \"As outlined on our year-end earnings call, the downturn in the economy, and specifically the biotech sector, was going to weigh on the Company into the start of our new fiscal year. While this is playing out as expected, demand for our services has remained strong and we're beginning to see a positive trend in customer spending and a reduction in cancellations. Morris added, \"our drug discovery initiative, operating under a wholly owned subsidiary, Corellia AI, continues to progress as we're building therapeutic programs around two lead targets while other, new targets are being identified. We are actively engaged with investors in an effort to raise capital to support and accelerate these programs.\"David Miller, CFO of Champions, added, \"As we indicated last quarter, the increase in study cancellations during fiscal year 2023 would lead to lower revenue in the first half of 2024, impacting profitability. As our bookings grow and cancellations decline, we anticipate increasing quarterly revenue over the remainder of the year, and gradually improving financial performance.\"First Fiscal Quarter Financial ResultsTotal revenue for the first quarter of fiscal 2024 was $12.6 million compared to $13.7 million for the same period last year, a decrease of 8.6%. The decline in revenue resulted from customer cancellations during fiscal year 2023 which led to lower revenue conversion in our first quarter. Total costs and operating expenses for the first quarter of fiscal 2024 were $15.1 million compared to $14.0 million for the first quarter of fiscal 2023, an increase of $1.1 million or 7.7%.For the first quarter of fiscal 2024, Champions reported a loss from operations of $2.6 million, including $423,000 in stock-based compensation and $445,000 in depreciation and amortization expenses, co...