Business
Champions Oncology Reports Record Quarterly Revenue of $13.2 Million Reported Adjusted EBITDA of $1.5 million
HACKENSACK, NJ / ACCESSWIRE / March 15, 2022 / Champions Oncology, Inc. (Nasdaq:CSBR), a leading global technology-enabled biotech that is transforming drug
About this update from Champions Oncology, Inc.
[{"type":"text","content":"HACKENSACK, NJ / ACCESSWIRE / March 15, 2022 / 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 its third quarter of fiscal 2022, ended January 31, 2022.Third Quarter and Recent Highlights:Record quarterly revenue of $13.2 million, an increase of 22% year over yearReported adjusted EBITDA of $1.5 millionGross margin for the nine months ended January 31, 2022 improved to 52%Signed co-development discovery partnerships with Fannin Innovation Studio and GigamuneRonnie Morris, CEO of Champions, commented, \"Our third quarter results represent an execution of our long term strategy to deliver strong growth in our core business while driving key strategic initiatives forward by investing in therapeutic discovery. The co-development deals signed this quarter represent meaningful progress in our discovery efforts and provides external validation of our platform.\"David Miller, CFO of Champions, said, \"We achieved another quarterly revenue record reaching $13.2 million, which represents a year over year increase of 22% and positions the company to achieve the 15% - 20% revenue growth guidance for fiscal 2022. Additionally, we exceeded 50% gross margin for the third sequential quarter demonstrating the leverage in our core business.\"Third Fiscal Quarter Financial ResultsFor the third quarter of fiscal 2022, revenue increased 22% to $13.2 million compared to $10.8 million for the third quarter of fiscal 2021. The increase in revenue was due to continued demand and growth for our pharmacology studies, including in-vivo, ex-vivo and biomarker services. Total costs and operating expenses for the third quarter of fiscal 2022 were $12.4 million compared to $9.8 million for the third quarter of fiscal 2021, an increase of $2.5 million or 25.8%.For the third quarter of fiscal 2022, Champions reported net income from operations of $830,000, including $310,000 in stock-based compensation and $396,000 in depreciation and amortization expenses, compared to net income from operations of $982,000, inclusive of $232,000 in stock-based compensation and $297,000 in depreciation and amortization expenses, in the third quarter of fiscal 2021. Excluding stock-based compensation, ...