Business
Champions Oncology Reports Record Quarterly Revenue of $9.0 Million
HACKENSACK, NJ / ACCESSWIRE / March 12, 2020 / Champions Oncology, Inc. (NASDAQ:CSBR), engaged in an end-to-end range of research and development technology
About this update from Champions Oncology, Inc.
[{"type":"text","content":"HACKENSACK, NJ / ACCESSWIRE / March 12, 2020 / Champions Oncology, Inc. (NASDAQ:CSBR), engaged in an end-to-end range of research and development technology solutions and services to improve the development and use of oncology drugs, today announced its financial results for the third fiscal quarter ended January 31, 2020.Third Quarter Highlights:●Record quarterly revenue of $9.0 million, an increase of 40% year-over-year●Reported income of $881,000 excluding stock-based compensation and depreciation●Achieved record quarterly bookingsRonnie Morris, CEO of Champions, commented, \"Our third quarter revenue results were record breaking, exceeding $9 million for the first time. We continued to see bookings strength, aided by an increase in end point analysis testing in our studies. The pipeline of opportunities in GCLP flow cytometry services continued to expand and we are confident GCLP flow will contribute to future revenue growth.\"David Miller, CFO of Champions added, \"As anticipated, we started the second half of the year with very strong results with near record income on both a GAAP and Non-GAAP basis and we anticipate remaining profitable for the remainder of the year.\"Third Fiscal Quarter Financial ResultsFor the third quarter of fiscal 2020, revenue increased 40.6% to $9.0 million compared to $6.4 million for the third quarter of fiscal 2019. The increase in revenue is due to increased sales, both in number and size of studies. Additionally, customers are seeking more complex study designs and end point analysis testing, leading to larger contracts, contributing to the revenue growth. Total costs and operating expenses for the third quarter of fiscal 2020 were $8.6 million compared to $6.8 million for the third quarter of fiscal 2019, an increase of $1.8 million or 26.5%.For the third quarter of fiscal 2020, Champions reported income from operations of $433,000, including $229,000 in stock-based compensation and $219,000 in depreciation expenses, an increase of $803,000 compared to the loss from operations of $370,000, inclusive of $335,000 in stock-based compensation and $164,000 in depreciation expenses, in the third quarter of fiscal 2019. Excluding stock-based compensation and depreciation expenses, Champions reported non-GAAP income from operations of $881,000 for the third quarter of fiscal 2020 compared to non-GAA...