Business
Champions Oncology Reports Quarterly Revenue of $13.1 Million
Record Annual Revenue of $53.9 MillionHACKENSACK, NJ / ACCESSWIRE / July 24, 2023 / Champions Oncology, Inc. (Nasdaq:CSBR), a leading global
About this update from Champions Oncology, Inc.
[{"type":"text","content":"Record Annual Revenue of $53.9 MillionHACKENSACK, NJ / ACCESSWIRE / July 24, 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 the fiscal year and fourth quarter ended April 30, 2023.Fourth Quarter and Fiscal Year 2023 Financial and Recent Business Highlights:Fourth quarter revenue increased 2% to $13.1 millionRecord annual revenue of $53.9 million, an increase of 10% year-over-yearYear-over-year fourth quarter and annual bookings increase of 15%Announced the formation of our wholly owned bio-tech subsidiary, Corellia AI, to develop novel therapeuticsRonnie Morris, CEO of Champions, commented, \"Overall we had another year of business expansion, developing our platforms and investing in our drug discovery efforts. As mentioned during the year, the down-turn in the economy, and specifically the biotech sector, was going to weigh on our year end results. However, demand for our services reaccelerated and our long term prospects are strong.\" Morris added, \"launching our wholly owned subsidiary, Corellia, to advance our therapeutic discovery initiative is a significant milestone for Champions as we add early stage biotech capabilities utilizing our data to facilitate future growth.\"David Miller, CFO of Champions added, \"We realized another year of record annual revenue, growing to $54 million, coming in at the low end of our revenue guidance. As addressed during the year, an increase in study cancellations led to revenue growth below our historic performance rates and impacted profitability. While pressures still remain, our pipeline of opportunities has reaccelerated and we remain well positioned for a return to profitability in the second half of the current fiscal year and the long term.\"Fourth Fiscal Quarter Financial ResultsTotal revenue for the fourth quarter of fiscal 2023 was $13.1 million, an increase of 2%, compared to $12.9 million for the same period last year. The increase in revenue was due to 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 2023 were $15.6 million compared to $13.2 million for the fourth...