Business
Champions Oncology Reports Record Quarterly Revenue of $9.5 Million
HACKENSACK, NJ / ACCESSWIRE / September 14, 2020 / Champions Oncology, Inc. (NASDAQ:CSBR), engaged in an end-to-end range of research and development
About this update from Champions Oncology, Inc.
[{"type":"text","content":"HACKENSACK, NJ / ACCESSWIRE / September 14, 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 first fiscal quarter ended July 31, 2020.First Quarter Highlights:Record quarterly revenue of $9.5 million, an increase of 42% year-over-yearReported income from operations of $421,000, excluding stock-based compensation, depreciation and amortizationAchieved record quarterly bookingsCompleted relocation to new lab space and expansion of capacityRonnie Morris, CEO of Champions, commented, \"We started off our fiscal year with a record breaking revenue quarter exceeding $9.5 million. Our core PDX business, the foundation of our product offerings, continues to grow and is leading to additional end point analysis testing. Despite these uncertain times, we remained committed to our long term strategy and our business prospects remain strong.\"David Miller, CFO of Champions added, \"The growth in both our core products and new product offerings led to a 42% increase in year over year revenue. The record quarterly revenue combined with another quarterly bookings high, sets the trajectory for a year of continued revenue growth.\"First Fiscal Quarter Financial ResultsFor the first quarter of fiscal 2021, revenue increased 41.7% to $9.5 million compared to $6.7 million for the first quarter of fiscal 2020. The increase in revenue was due to increased sales, both in number and size of studies, and strong demand for our services. Expansion in end point analysis testing has led to larger contracts and ex-vivo services have become a meaningful contributor to revenue. Total costs and operating expenses for the first quarter of fiscal 2021 were $9.5 million compared to $7.4 million for the first quarter of fiscal 2020, an increase of $2.2 million or 29.5%.For the first quarter of fiscal 2021, Champions reported income from operations of $24,000, including $120,000 in stock-based compensation and $277,000 in depreciation and amortization expenses, an increase of $638,000 compared to the loss from operations of $614,000, inclusive of $131,000 in stock-based compensation and $182,000 in depreciation and amortization expenses, in the first quarter of fiscal 2020. Exclu...