Business
Champions Oncology Reports Record Quarterly Revenue of $11.8 Million
Reported income from operations of $263,000HACKENSACK, NJ / ACCESSWIRE / December 13, 2021 / Champions Oncology, Inc. (NASDAQ:CSBR), a leading global
About this update from Champions Oncology, Inc.
[{"type":"text","content":"Reported income from operations of $263,000HACKENSACK, NJ / ACCESSWIRE / December 13, 2021 / Champions Oncology, Inc. (NASDAQ:CSBR), a leading global technology-enabled biotech that is transforming drug discovery through innovative pharmacology, biomarker, and data platforms, today announced its financial results for its second quarter of fiscal 2022, ended October 31, 2021.Second Quarter and Recent Highlights:Record quarterly revenue of $11.8 million, an increase of 17% year over yearReported non-GAAP income from operations, excluding stock-based compensation, depreciation and amortization, of $743,000Gross margin improved to 52%Ronnie Morris, CEO of Champions, commented, \"We had another quarter of milestone achievements for the Company as we saw strong operating results in our research service business and continued to expand the customer base of our SaaS Lumin platform.\" Morris added, \"We're advancing our therapeutic targets along the drug discovery pipeline and we're excited about their progress and transformative potential for Champions.\"David Miller, CFO of Champions, said, \"We achieved another quarterly revenue record reaching $11.8 million. Additionally, by improving efficiencies and reducing certain costs, we improved our gross and operating margins all while continuing to increase R&D investment to support longer term strategic initiatives.\"Second Fiscal Quarter Financial ResultsFor the second quarter of fiscal 2022, revenue increased 17% to $11.8 million compared to $10.1 million for the second quarter of fiscal 2021. The increase in revenue was due to continued demand for our pharmacology studies and the expansion of both our platform and product lines, driving an increase in sales, both in number and size of studies. Total costs and operating expenses for the second quarter of fiscal 2022 were $11.5 million compared to $10.1 million for the second quarter of fiscal 2021, an increase of $1.4 million or 14.0%.For the second quarter of fiscal 2022, Champions reported net income from operations of $263,000, including $134,000 in stock-based compensation and $346,000 in depreciation and amortization expenses, compared to income from operations of $7,000, inclusive of $85,000 in stock-based compensation and $307,000 in depreciation and amortization expenses, in the second quarter of fiscal 2021. Excluding stock-base...