Business
Champions Oncology Reports Quarterly Revenue of $12.8 Million
HACKENSACK, NJ / ACCESSWIRE / March 15, 2023 / Champions Oncology, Inc. (Nasdaq:CSBR), a leading global technology-enabled biotech that is transforming drug
About this update from Champions Oncology, Inc.
[{"type":"text","content":"HACKENSACK, NJ / ACCESSWIRE / March 15, 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 third quarter of fiscal 2023, ended January 31, 2023.Third Quarter and Recent Highlights:Record quarterly bookingsQuarterly revenue of $12.8 millionAdjusted EBITDA loss of $1.6 million, driven by a $1 million increase in R&D for our target discovery programCommenced in-vivo efficacy testing for therapeutic hits on lead programsRonnie Morris, CEO of Champions, commented, \"Our third quarter results were weaker than we've been accustomed to delivering, impacted primarily by the macro-economic environment. Despite the financial performance, we continued to expand our platform and invest in on our drug discovery efforts.\" Morris added, \"Our long-term strategy remains in-tact and we look forward to improving results in fiscal 2024.\"David Miller, CFO of Champions, added, \"As addressed last quarter, an increase in first half study cancellations would lead to a decline in third quarter revenue and profitability. We're well positioned to absorb the short-term decline and remain positioned for the expected increase in bookings and revenue heading into fiscal 2024.\"Third Fiscal Quarter Financial ResultsTotal revenue for the third quarter of fiscal 2023, was $12.8 million, a decrease of 3.2%, compared to $13.2 million for the same period last year. The decline in revenue resulted from an increase in cancellations during the first half of the year due to the macro-economic environment, which caused our customers to re-evaluate their spending budgets. Total costs and operating expenses for the third quarter of fiscal 2023 were $15.2 million compared to $12.4 million for the third quarter of fiscal 2022, an increase of $2.9 million or 23.2%.For the third quarter of fiscal 2023, Champions reported a loss from operations of $2.5 million, including $331,000 in stock-based compensation and $575,000 in depreciation and amortization expenses, compared to income from operations of $830,000, inclusive of $310,000 in stock-based compensation and $396,000 in depreciation and amortization expenses, in the third quarter of fiscal 2022. Excluding stock-based compensation, depr...