Business
Champions Oncology Reports Quarterly Revenue of $12.9 Million
Record Annual Revenue of $49.1 MillionHACKENSACK, NJ / ACCESSWIRE / July 21, 2022 / Champions Oncology, Inc. (NASDAQ:CSBR), a leading global
About this update from Champions Oncology, Inc.
[{"type":"text","content":"Record Annual Revenue of $49.1 MillionHACKENSACK, NJ / ACCESSWIRE / July 21, 2022 / 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 the year and fourth fiscal quarter ended April 30, 2022.Fourth Quarter and Fiscal Year 2022 Financial and Recent Business Highlights:Fourth quarter revenue increased 22% to $12.9 millionRecord annual revenue of $49.1 million, an increase of 20% year-over-yearAchieved high end of revenue guidance of 20%Gross margin improved to 52% for fiscal year 2022Adjusted EBITDA of $3.1 million for fiscal year 2022Ronnie Morris, CEO of Champions, commented, \"Fiscal year 2022 was an outstanding year for Champions as we successfully expanded our business lines while continuing to develop and implement our longer term strategies. Our ex-vivo business was especially promising as we saw rising demand for those services. Our computational discovery tools continue to evolve and this upcoming year will focus on moving these programs into preclinical development.\"David Miller, CFO of Champions added, \"We realized another year of financial milestones, reaching a record $49.1 million in revenue and delivering 20% top line growth, in line with the high end of revenue guidance. Our pipeline of opportunities remains robust and with the expansion of our platforms, we are well positioned to deliver strong financial results in fiscal year 2023. We're projecting another year of top line revenue growth in the 20% range.\"Fourth Fiscal Quarter Financial ResultsTotal revenue for the fourth quarter of fiscal 2022 was $12.9 million, an increase of 22%, compared to $10.6 million for the same period last year. The increase in revenue was continued demand and larger study sizes for our pharmacology studies, including in-vivo and ex-vivo services. Total costs and operating expenses for the fourth quarter of fiscal 2022 were $13.2 million compared to $11.0 million for the fourth quarter of fiscal 2021, an increase of $2.2 million or 20%.For the fourth quarter of fiscal 2022, Champions reported a loss from operations of $311,000, which includes $188,000 in stock-based compensation and $568,000 in depreciation and amortization compared to a loss from operations ...