Business
Champions Oncology Reports Record Quarterly Revenue of $14.3 Million
HACKENSACK, NJ / ACCESSWIRE / December 13, 2022 / Champions Oncology, Inc. (Nasdaq:CSBR), a leading global technology-enabled biotech that is transforming
About this update from Champions Oncology, Inc.
[{"type":"text","content":"HACKENSACK, NJ / ACCESSWIRE / December 13, 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 second quarter of fiscal 2023, ended October 31, 2022.Second Quarter and Recent Highlights:Record quarterly revenue of $14.3 million, an increase of 21% year over yearAdjusted EBITDA of $686,000Discovery targets progressing along the development timeline; expectation to advance to preclinical phase testing in calendar 2023Ronnie Morris, CEO of Champions, commented, \"We continued to deliver good financial results while simultaneously investing in the future growth of the business. Morris added, \"while long term prospects remain strong, we experienced a slowdown in the pace of our bookings growth during the quarter. We attribute the slow down to the global economic environment as our customers reanalyzed their spending budgets. We're monitoring the situation closely and we're optimistic this is a short-term adjustment as we've seen a re-acceleration in the beginning of our third quarter.\"David Miller, CFO of Champions, added, \"We reached another revenue milestone for Champions exceeding $14 million for the first time. The increase to $14.3 million represents 21% year over year growth which was in-line with the projected growth rate for the year. However, due to the economic climate, we saw an increase in cancellations during the quarter which will impact the revenue in the second half of the year. Accordingly, we're revising our full year growth target to be in the 10% - 15% range.\"Second Fiscal Quarter Financial ResultsTotal revenue for the second quarter of fiscal 2023, was a record $14.3 million, an increase of 21.2%, compared to $11.8 million for the same period last year. The increase in revenue was due to continued demand for our services, leading to larger pharmacology studies in both our in-vivo and ex-vivo platforms. Total costs and operating expenses for the second quarter of fiscal 2023 were $14.3 million compared to $11.5 million for the second quarter of fiscal 2022, an increase of $2.8 million or 23.9%.For the second quarter of fiscal 2023, Champions reported income from operations of $7,000, including $119,000 in stock-based compensa...