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Champions Oncology Reports Quarterly Revenue of $14.0 Million
Annual Revenue of $50.2 Million HACKENSACK, NJ / ACCESSWIRE / July 18, 2024 / Champions Oncology, Inc. (Nasdaq:CSBR), a leader in the development of advanced
About this update from Champions Oncology, Inc.
[{"type":"text","content":"Annual Revenue of $50.2 Million HACKENSACK, NJ / ACCESSWIRE / July 18, 2024 / Champions Oncology, Inc. (Nasdaq:CSBR), a leader in the development of advanced preclinical oncology solutions, today announced its financial results for the fiscal year and fourth quarter ended April 30, 2024.Fourth Quarter Financial Highlights:Fourth quarter revenue increased 7% to $14 millionAdjusted EBITDA fourth quarter income of $884,000Fourth quarter gross margin on pharmacology services of 49%Fiscal Year 2024 Financial Highlights:Annual revenue of $50.2 million, a decrease of 7% year-over-yearFiscal Year 2024 adjusted EBITDA loss of $3.9 millionFiscal Year 2024 gross margin on pharmacology services of 42%Ronnie Morris, CEO of Champions, commented, \"As we discussed over the year, we'd be facing hurdles during fiscal 2024 due to the challenging funding environment in the biotech sector and a range of spending patterns from our larger pharmaceutical companies, leading to a slowdown in sales growth and an increase in cancellations. As we head into our fiscal 2025, the overall market sector is showing some signs of recovery and we feel we've turned a corner as we close out the year.\" Morris added, \"With regards to our wholly owned subsidiary, Corellia, AI, we remain actively engaged with investors in an effort to raise capital while also carefully managing its expenses and the impact to our bottom-line results.\"David Miller, CFO of Champions added, \"In response to the challenges encountered over the course of the year, we've strategically implemented cost cutting measures and operational efficiencies to improve our bottom line. We began to see results from these efforts in the fourth quarter with adjusted EBITDA income of $884,000 and we believe we're back on track to delivering profitable results on a consistent basis into fiscal 2025 and beyond.\"Fourth Quarter Financial ResultsTotal revenue for the fourth quarter of fiscal 2024 was $14.0 million, an increase of 7%, compared to $13.1 million for the same period last year. The increase in revenue was primarily due to the operational improvements implemented over the year positively effecting our revenue conversion. Total costs and operating expenses for the fourth quarter of fiscal 2024 were $14.2 million compared to $15.6 million for the fourth quarter of fiscal 2023, a decrease of $1.4 milli...