Business
Champions Oncology Reports Record Quarterly Revenue of $10.1 Million
Launches Lumin Bioinformatics SaaS platformHACKENSACK, NJ / ACCESSWIRE / December 14, 2020 / Champions Oncology, Inc. (NASDAQ:CSBR), a leading global oncology
About this update from Champions Oncology, Inc.
[{"type":"text","content":"Launches Lumin Bioinformatics SaaS platformHACKENSACK, NJ / ACCESSWIRE / December 14, 2020 / Champions Oncology, Inc. (NASDAQ:CSBR), a leading global oncology technology solutions provider engaged in transforming drug discovery through innovative pharmacology, biomarker and data platforms, today announced its financial results for the second fiscal quarter ended October 31, 2020.Second Quarter and Recent Highlights:Launched our Lumin Bioinformatics proprietary SaaS platformDelivered record quarterly revenue of $10.1 million, an increase of 33% year-over-yearReported income from operations, excluding stock-based compensation, depreciation and amortization, of $400,000Raising our full-year revenue guidance to 20%-25%Ronnie Morris, CEO of Champions, commented, \"This quarter was highlighted by a significant milestone for Champions as we unveiled Lumin Bioinformatics, our proprietary SaaS program that provides customers with tools to interrogate our vast database and perform computational research in an effort to identify new targets in their drug discovery and development programs. Through both internal and public datasets, we have built tools and visualizations that provide a powerful mechanism for cancer biologists to leverage computational analytics in discovery and development programs.\"David Miller, CFO of Champions added, \"We reached another quarterly revenue record, exceeding $10 million for the first time equating to a 33% year over year revenue increase. The success of our recent product launches has led to continued bookings growth, positioning Champions to deliver further revenue milestones in the coming quarters. Accordingly, we are raising our full-year revenue guidance to 20%-25%. In addition, the launch of our Lumin platform represents another product rollout that Champions expects to become a meaningful contributor to the continued expansion of the Company over the coming years.\"Second Fiscal Quarter Financial ResultsFor the second quarter of fiscal 2021, revenue increased 32.7% to $10.1 million compared to $7.6 million for the second quarter of fiscal 2020. The increase in revenue was due to a continued increase in sales, both in number and size of studies, and the expansion of both our platform and product lines. Our contract amounts have increased as we perform more complex studies and end point analysis testi...