Business
Champions Oncology Reports Quarterly Revenue of $14.1 Million Adjusted EBITDA of $2.0 Million
HACKSENSACK, NJ / ACCESSWIRE / September 11, 2024 / Champions Oncology, Inc. (NASDAQ:CSBR), a global preclinical and clinical research services provider that
About this update from Champions Oncology, Inc.
[{"type":"text","content":"HACKSENSACK, NJ / ACCESSWIRE / September 11, 2024 / Champions Oncology, Inc. (NASDAQ:CSBR), a global preclinical and clinical research services provider that offers end-to-end oncology solutions, today announced its financial results for its first quarter of fiscal 2025, ended July 31, 2024.First Quarter Highlights:Total revenue increased 12% to $14.1 millionMargin improved to 50%Adjusted EBITDA of $2.0 millionNet income of $1.3 millionRonnie Morris, CEO of Champions, commented, \"As outlined on our year-end earnings call, we're cautiously optimistic that we've weathered the worst of the business downturn and we're poised to emerge leaner and stronger. Our first quarter's performance provided further evidence that we're on a strategic course to more consistently deliver the results we have been striving to achieve.\" Morris added, \"Our comprehensive platform, unique data, and strong team are the key ingredients for future growth that will drive long-term returns for our shareholders.\"David Miller, CFO of Champions, added, \"The first quarter saw a return to profitability as revenue increased 12% to $14.1 million while we reduced total costs by more than $2.0 million. The revenue increase, combined with mostly unchanged cost of oncology services, lifted our margin to 50%.\" Miller added, \"While there will be some revenue and margin volatility over the coming quarters, our cost reductions should enable us to remain profitable on an adjusted EBITDA basis.\"First Fiscal Quarter Financial ResultsTotal revenue for the first quarter of fiscal 2025 was $14.1 million compared to $12.6 million for the same period last year, an increase of 12%. Operational improvements and efficiencies implemented in the prior year led to an increase in our bookings to revenue conversion percentage contributing to the revenue growth. Total costs and operating expenses for the first quarter of fiscal 2025 were $12.7 million compared to $15.1 million for the first quarter of fiscal 2024, a decrease of $2.4 million or 15.8%.For the first quarter of fiscal 2025, Champions reported income from operations of $1.3 million, including $258,000 in stock-based compensation and $449,000 in depreciation and amortization expenses, compared to a loss from operations of $2.6 million, inclusive of $423,000 in stock-based compensation and $445,000 in depreciation and amo...