HACKENSACK, NJ / ACCESSWIRE / September 8, 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 first quarter of fiscal 2023, ended July 31, 2022.
First Quarter and Recent Highlights:
- Record quarterly revenue of $13.7 million, an increase of 22% year over year
- Adjusted EBITDA of $450,000
- Record quarterly bookings
- Series of antibody hits established in Alloy Therapeutics partnership
Ronnie Morris, CEO of Champions, commented, "We continued to deliver on our long-term vision in the first quarter by growing our service business while investing in transformative opportunities. Our bookings reached a quarterly record high and we achieved an important milestone in our target discovery program."
David Miller, CFO of Champions, added, "We began our first quarter of fiscal 2023 with another quarterly revenue record reaching $13.7 million, representing 22% year over year growth. Our adjusted EBITDA, which excludes stock-based compensation and depreciation expenses, was $450,000 and we anticipate EBITDA expansion over the course of the year."
First Fiscal Quarter Financial Results
Total revenue for the first quarter of fiscal 2023, was a record $13.7 million, an increase of 22.1%, compared to $11.3 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 first quarter of fiscal 2023 were $14.0 million compared to $11.4 million for the first quarter of fiscal 2022, an increase of $2.6 million or 22.8%.
For the first quarter of fiscal 2023, Champions reported a loss from operations of $284,000, including $206,000 in stock-based compensation and $528,000 in depreciation and amortization expenses, compared to a loss from operations of $175,000, inclusive of $280,000 in stock-based compensation and $317,000 in depreciation and amortization expenses, in the first quarter of fiscal 2021. Excluding stock-based compensation, depreciation and amortization expenses, Champions reported adjusted EBITDA for the quarter of $450,000 compared to $422,000 in the prior year period.
Cost of oncology solutions was $7.1 million for the three-months ended July 31, 2022, an increase of $1.7 million, or 30.7% compared to $5.4 million for the three-months ended July 31, 2021. The increase in cost of sales was primarily from compensation, mice and lab supply expenses for pharmacology studies and an increase in compensation expense for our SaaS platform. For the three- months ended July 31, 2022, gross margin was 49% compared to 52% for the three-months ended July 31, 2021. The lower margin resulted from an increase in study related expenses in advance of the revenue recognition and from SaaS expenses that were capitalized in the prior year period.
Research and development expense for the three-months ended July 31, 2022 was $2.9 million, an increase of $583,000 or 25.3%, compared to $2.3 million for the three-months ended July 31, 2021. The increase was primarily from compensation and lab supply expenses related to the investment in our therapeutic discovery platform. Sales and marketing expense for the three-months ended July 31, 2022 was $1.7 million, an increase of $118,000, or 7.5%, compared to $1.6 million for the three-months ended July 31, 2021. The increase was primarily due to compensation expense. General and administrative expense for the three-months ended July 31, 2022 was $2.4 million, an increase of $244,000, or 11.3%, compared to $2.2 million for the three-months ended July 31, 2021. The increase was primarily due to depreciation and amortization expenses and IT related costs to support the growth of the business.
Net cash used in operating activities was $195,000 for the three-months ended July 31, 2022. The cash utilized in operating activities was primarily due to a reduction in our accounts payable and accrued liability balances during the ordinary course of business. Net cash used in investing activities was $754,000 and primarily for the purchase of lab and computer equipment.
The Company ended the quarter with a strong cash position of $8.1 million. The Company has no debt.
Conference Call Information:
The Company will host a conference call today at 4:30 p.m. EDT (1:30 p.m. PDT) to discuss its first quarter financial results. To participate in the call, please call 888-506-0062 (Domestic) or 973-528-0011 (International) and enter the access code 618777, or provide the verbal reference "Champions Oncology".
Full details of the Company's financial results will be available by Monday, September 12, 2022 in the Company's Form 10-Q at .
* Non-GAAP Financial Information
See the attached Reconciliation of GAAP net income (loss) to Non-GAAP net income for an explanation of the amounts excluded to arrive at Non-GAAP net income and related Non-GAAP earnings per share amounts for the three months ended July 31, 2022 and 2021. Non-GAAP financial measures provide investors and management with supplemental measures of operating performance and trends that facilitate comparisons between periods before and after certain items that would not otherwise be apparent on a GAAP basis. Certain unusual or non-recurring items that management does not believe affect the Company's basic operations do not meet the GAAP definition of unusual or non-recurring items. Non-GAAP net income and Non-GAAP earnings per share are not, and should not, be viewed as a substitute for similar GAAP items. Champions defines Non-GAAP dilutive earnings per share amounts as Non-GAAP net earnings divided by the weighted average number of diluted shares outstanding. Champions' definition of Non-GAAP net earnings and Non-GAAP diluted earnings per share may differ from similarly named measures used by other companies.
About Champions Oncology, Inc.
Champions Oncology is a technology-driven research organization that develops innovative therapeutics against cancer targets, offers groundbreaking research software as a service, and provides end-to-end R&D services to biopharma organizations. Champions Oncology is actively engaged in the transformation of drug discovery through a novel approach of pharmaco-pheno-multiomic integration. For more information, please visit .
This press release may contain "forward-looking statements" (within the meaning of the Private Securities Litigation Act of 1995) that inherently involve risk and uncertainties. Champions Oncology generally uses words such as "believe," "may," "could," "will," "intend," "expect," "anticipate," "plan," and similar expressions to identify forward-looking statements. One should not place undue reliance on these forward-looking statements. The Company's actual results could differ materially from those anticipated in the forward-looking statements for many unforeseen factors. See Champions Oncology's Form 10-K for the fiscal year ended April 30, 2022 for a discussion of such risks, uncertainties and other factors. Although the Company believes the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and Champions Oncology's future results, levels of activity, performance or achievements may not meet these expectations. The Company does not intend to update any of the forward-looking statements after the date of this press release to conform these statements to actual results or to changes in Champions Oncology's expectations, except as required by law.
Champions Oncology, Inc.
(Dollars in thousands)
Reconciliation of GAAP to Non-GAAP Net Income (Loss) (Unaudited)
| Three Months Ended July 31, | |
| 2022 | | | 2021 | |
Net loss - GAAP | | $ | (319 | ) | | $ | (172 | ) |
Less: | | | | | | | | |
Stock-based compensation | | | 206 | | | | 280 | |
Net income (loss) - Non-GAAP | | $ | (113 | ) | | $ | 108 | |
Reconciliation of GAAP EPS to Non-GAAP EPS (Unaudited)
| Three Months Ended July 31, | |
| 2022 | | | 2021 | |
EPS - GAAP, basic | | $ | (0.02 | ) | | $ | (0.01 | ) |
Less: | | | | | | | | |
Effect of stock-based compensation on EPS | | | 0.02 | | | | 0.02 | |
EPS - Non-GAAP, basic | | $ | - | | | $ | 0.01 | |
| | Three Months Ended July 31, | |
| 2022 | | | 2021 | |
EPS - GAAP, diluted | | $ | (0.02 | ) | | $ | (0.01 | ) |
Less: | | | | | | | | |
Effect of stock-based compensation on EPS | | | 0.02 | | | | 0.02 | |
EPS - Non-GAAP, diluted | | $ | - | | | $ | 0.01 | |
Unaudited Condensed Consolidated Statements of Operations (unaudited)
| Three Months Ended July 31, | |
| 2022 | | | 2021 | |
Oncology services revenue | | $ | 13,745 | | | $ | 11,253 | |
Cost of oncology services | | | 7,052 | | | | 5,396 | |
Research and development | | | 2,887 | | | | 2,304 | |
Sales and marketing | | | 1,692 | | | | 1,574 | |
General and administrative | | | 2,398 | | | | 2,154 | |
Loss from operations | | | (284 | ) | | | (175 | ) |
Other income (loss) | | | (18 | ) | | | 17 | |
Loss before provision for income taxes | | | (302 | ) | | | (158 | ) |
Provision for income taxes | | | 17 | | | | 14 | |
Net loss | | $ | (319 | ) | | $ | (172 | ) |
Net loss per common share outstanding | | | | | | | | |
basic | | $ | (0.02 | ) | | $ | (0.01 | ) |
and diluted | | $ | (0.02 | ) | | $ | (0.01 | ) |
Weighted average common shares outstanding | | | | | | | | |
basic | | | 13,522,433 | | | | 13,401,929 | |
and diluted | | | 13,522,433 | | | | 13,401,929 | |
Condensed Consolidated Balance Sheets
| | July 31, 2022 | | | April 30, 2022 | |
| | (unaudited) | | | | |
Cash | | $ | 8,058 | | | $ | 9,007 | |
Accounts receivable, net | | | 9,355 | | | | 9,513 | |
Other current assets | | | 958 | | | | 1,144 | |
Total current assets | | | 18,371 | | | | 19,664 | |
Operating lease right-of-use assets, net | | | 7,971 | | | | 8,230 | |
Property and equipment, net | | | 7,698 | | | | 7,134 | |
Other long term assets | | | 15 | | | | 15 | |
Goodwill | | | 335 | | | | 335 | |
Total assets | | $ | 34,390 | | | $ | 35,378 | |
Accounts payable and accrued liabilities | | $ | 4,494 | | | $ | 5,282 | |
Current portion of operating lease liabilities | | | 1,099 | | | | 1,054 | |
Other current liabilities | | | 142 | | | | 72 | |
Deferred revenue | | | 10,885 | | | | 11,071 | |
Total current liabilities | | | 16,620 | | | | 17,479 | |
Non-current operating lease liabilities | | | 8,127 | | | | 8,412 | |
Other Non-current Liability | | | 660 | | | | 391 | |
Total liabilities | | | 25,407 | | | | 26,282 | |
Stockholders' equity | | | 8,983 | | | | 9,096 | |
Total liabilities and stockholders' equity | | $ | 34,390 | | | $ | 35,378 | |
Unaudited Condensed Consolidated Statements of Cash Flows (unaudited)
| | Three Months Ended July 31, | |
| | 2022 | | | 2021 | |
Cash flows from operating activities: | | | | | | |
Net loss | | $ | (319 | ) | | $ | (172 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operations: | | | | | | | | |
Stock-based compensation expense | | | 206 | | | | 280 | |
Operating lease right-of use assets | | | 269 | | | | 245 | |
Depreciation and amortization expense | | | 528 | | | | 317 | |
Net gain on disposal of equipment | | | - | | | | (4 | ) |
Allowance for doubtful accounts | | | - | | | | 78 | |
Changes in operating assets and liabilities | | | (879 | ) | | | (528 | ) |
Net cash provided by (used in) operating activities | | | (195 | ) | | | 216 | |
Cash flows from investing activities: | | | | | | | | |
Purchases of property and equipment | | | (754 | ) | | | (907 | ) |
Net cash used in investing activities: | | | (754 | ) | | | (907 | ) |
Cash flows from financing activities: | | | | | | | | |
Proceeds from the exercise of stock options | | | - | | | | 2 | |
Net cash provided by financing activities: | | | - | | | | 2 | |
Net decrease in cash | | | (949 | ) | | | (689 | ) |
Cash at beginning of period | | | 9,007 | | | | 4,687 | |
Cash at the end of period | | $ | 8,058 | | | $ | 3,998 | |
SOURCE: Champions Oncology, Inc.
View source version on accesswire.com:
ニュージャージー州ハケンサック/ACCESSWIRE/2022年9月8日/チャンピオン腫瘍会社(ナスダックコード:CSBR)は、革新的な人工知能によって駆動される薬物-現象-多群学的統合によって薬物発見を変化させている世界有数の技術駆動バイオテクノロジー会社である。同社は本日、2022年7月31日現在の2023年度第1四半期の財務業績を発表した。
第1四半期と最近のハイライト:
- 記録的な四半期収入は1370万ドルで、前年比22%増加した
- 調整後のEBITDAは450,000ドルである
- 記録的な四半期予約量
- 合金治療パートナー関係の中で一連の抗体ヒットを確立しました
チャンピオンホテルのローニー·モリス最高経営責任者は、“第1四半期、私たちは長期的なビジョンを実現し続け、変革の機会に投資しながら、私たちのサービス業務を拡大した。私たちの予約量は四半期最高記録を達成し、私たちの目標発見計画は重要なマイルストーンを獲得した”と述べた
1位のデビッド·ミラー最高財務責任者は“2023年度第1四半期早々、四半期営業収益は前年同期比22%増の1370万ドルに達した。調整後のEBITDA(株ベースの給与や減価償却費用を除く)は45万ドルであり、今年のEBITDAは拡大すると予想される”と補足した
第一期財務業績
2023年度第1四半期の総収入は記録的な1370万ドルに達し、22.1%増加したが、前年同期は1130万ドルだった。収入の増加は,我々のサービスに対する持続的な需要により,われわれの体内と体外プラットフォームがより大規模な薬理学的研究を行ったためである。2023年度第1四半期の総コストと運営費は1,400万ドルだったが、2022年度第1四半期は1,140万ドルと260万ドル増加し、22.8%増加した。
2023年度第1四半期には、チャンピオン企業は、株式ベースの報酬20.6,000ドルと減価償却および償却費用528,000ドルを含む28.4,000ドルの運営損失を報告し、2021年度第1四半期の運営損失は175,000ドルであり、株式ベースの給与280,000ドルおよび減価償却および償却費用317,000ドルを含む。株による給与、減価償却、償却費は含まれておらず、チャンピオン社は本四半期調整後のEBITDAを45万ドルと報告したが、前年同期は42.2万ドルだった。
2022年7月31日までの3カ月間の腫瘍学的解決策のコストは710万ドルであり,2021年7月31日までの3カ月の540万ドルより170万ドル増加し,30.7%増加した。販売コストの増加は主に薬理研究の補償、マウスと実験室用品費用、および私たちSaaSプラットフォームの補償費用の増加によるものである。2022年7月31日までの3カ月間、毛金利は49%だったが、2021年7月31日までの3カ月毛金利は52%だった。利益率が低い理由は,収入確認前の学習に関する費用の増加と,前年期間に資本化したSaaS費用である。
2022年7月31日までの3カ月間の研究開発費は290万ドルで58.3万ドル増加し、25.3%増加したが、2021年7月31日までの3カ月の研究開発費は230万ドルだった。この増加は主に私たちの治療発見プラットフォーム投資に関する補償と実験室供給費用から来ている。2022年7月31日までの3カ月間の販売とマーケティング費用は170万ドルで、2021年7月31日までの3カ月の160万ドルより11.8万ドル増加し、7.5%増加した。増加の主な原因は補償費用だ。2022年7月31日までの3カ月の一般·行政費は240万ドルで、2021年7月31日までの3カ月の220万ドルより24.4万ドル増加し、11.3%増加した。増加の主な原因は,減価償却と償却費用および業務増加を支援するIT関連コストである。
2022年7月31日までの3カ月間、経営活動で使用された純現金は19.5万ドル。経営活動で使用されている現金は主に私たちが正常な業務過程で売掛金と売掛金負債残高を減少させたためです。投資活動のための現金純額は754,000ドルで、主に実験室とコンピュータ設備の購入に使われている。
同社は今季終了時に810万ドルの強力な現金状況を持っている。その会社には借金がありません。
電話会議情報:
会社は今日の午後4時30分に電話会議を主宰する。アメリカ東部サマータイム(午後1時30分)徳州機器(PDT:相場)はその第1期決算を討論した。電話会議に参加するためには、888-506-0062(国内)または973-528-0011(国際)に電話し、アクセスコード618777を入力するか、または口頭参考“チャンピオン腫瘍学”を提供してください。
会社の財務業績のすべての詳細は2022年9月12日(月)までに会社の10-Q表に公表され、URLは。
*非公認会計基準財務情報
2022年7月31日と2021年7月31日までの3ヶ月間の非GAAP純収入と関連する非GAAP 1株当たり収益に含まれていない金額の説明については、添付のGAAP純収入(損失)と非GAAP純収入の入金を参照してください。非GAAP財務指標は投資家と管理層に経営業績と傾向の補充指標を提供し、ある項目の前と後の比較を容易にし、そうでなければ、これらの項目はGAAPに基づいて明らかではない。経営陣は、会社の基本的な運営に影響を与えないいくつかの非常または非日常的なプロジェクトは、米国公認会計基準の非常または非日常的なプロジェクトの定義に適合していないと考えている。非GAAP純収入と非GAAP 1株当たりの収益はそうではなく、GAAPプロジェクトに類似した代替品とみなされるべきではない。チャンピオンは非GAAP希釈1株当たり収益を非GAAP純収益を加重平均発行済み希釈株式数で割ったと定義した。チャンピオンの非GAAP純収益と非GAAP希釈1株当たり収益の定義は他社が使用する類似名称の測定基準と異なる可能性がある。
チャンピオン腫瘍会社の概要
チャンピオン腫瘍は技術駆動の研究組織であり、癌目標に対する革新療法を開発し、突破的な研究ソフトウェアをサービスとして提供し、そして生物製薬組織に端から端までの研究開発サービスを提供する。チャンピオン腫瘍学は1種の新しい薬物-見かけ-多群学統合方法を通じて積極的に薬物発見の転換に参与した。もっと情報を知りたいのですが、アクセスしてください。
本プレスリリースには、リスクと不確実性に関連する“前向き陳述”(1995年の“個人証券訴訟法案”の意味に適合する)が含まれている可能性がある。チャンピオン腫瘍学は通常“信じる”、“可能”、“可能”、“将”、“予定”、“予想”、“予想”、“計画”などの言葉を用いて前向き陳述を識別する。人々はこのような展望的な陳述に過度に依存してはいけない。多くの予見不可能な要因により、同社の実際の結果は前向き陳述で予想されていたものと大きく異なる可能性がある。このようなリスク,不確実性,その他の要因の検討については,チャンピオン腫瘍学社の2022年4月30日までの財政年度のForm 10−Kを参照されたい。会社は展望性陳述に反映される予想は合理的であると考えているが、それらは陳述発表の日に発生した事件と関係があり、チャンピオン腫瘍学会社の未来の結果、活動レベル、業績或いは成果はこれらの期待に達しないかもしれない。法律の要求を除いて、会社は本プレスリリースの日後にいかなる前向き陳述を更新して、これらの陳述が実際の結果或いはチャンピオン腫瘍会社の予想の変化と一致するようにするつもりはない。
チャンピオン腫瘍学会社
(千ドル)
公認会計原則と非公認会計原則の純収益(赤字)の入金(未監査)
| 3か月まで 七月三十一日 | |
| 2022 | | | 2021 | |
純損失(GAAPと略記) | | $ | (319 | ) | | $ | (172 | ) |
もっと少ない: | | | | | | | | |
株に基づく報酬 | | | 206 | | | | 280 | |
純収益(赤字)-非公認会計基準 | | $ | (113 | ) | | $ | 108 | |
GAAP 1株当たり収益と非GAAP 1株当たり収益の入金(監査なし)
| 3か月まで 七月三十一日 | |
| 2022 | | | 2021 | |
EPS-GAAP,ベース版 | | $ | (0.02 | ) | | $ | (0.01 | ) |
もっと少ない: | | | | | | | | |
株式報酬が1株当たりの収益に及ぼす影響 | | | 0.02 | | | | 0.02 | |
1株当たりの収益-非GAAP、基礎版 | | $ | - | | | $ | 0.01 | |
| | 3か月まで 七月三十一日 | |
| 2022 | | | 2021 | |
1株当たりの収益-公認会計原則、希釈 | | $ | (0.02 | ) | | $ | (0.01 | ) |
もっと少ない: | | | | | | | | |
株式報酬が1株当たりの収益に及ぼす影響 | | | 0.02 | | | | 0.02 | |
1株当たりの収益はGAAPではなく希釈します | | $ | - | | | $ | 0.01 | |
未監査の簡明合併業務報告書(未監査)
| 3か月まで 七月三十一日 | |
| 2022 | | | 2021 | |
腫瘍学サービス収入 | | $ | 13,745 | | | $ | 11,253 | |
腫瘍学サービス費用 | | | 7,052 | | | | 5,396 | |
研究開発 | | | 2,887 | | | | 2,304 | |
販売とマーケティング | | | 1,692 | | | | 1,574 | |
一般と行政 | | | 2,398 | | | | 2,154 | |
運営損失 | | | (284 | ) | | | (175 | ) |
その他の収入(赤字) | | | (18 | ) | | | 17 | |
所得税準備前の損失を差し引く | | | (302 | ) | | | (158 | ) |
所得税支給 | | | 17 | | | | 14 | |
純損失 | | $ | (319 | ) | | $ | (172 | ) |
1株発行済み普通株純損失 | | | | | | | | |
基本的な情報 | | $ | (0.02 | ) | | $ | (0.01 | ) |
希釈した | | $ | (0.02 | ) | | $ | (0.01 | ) |
加重平均普通株式発行済み | | | | | | | | |
基本的な情報 | | | 13,522,433 | | | | 13,401,929 | |
希釈した | | | 13,522,433 | | | | 13,401,929 | |
簡明総合貸借対照表
| | 2022年7月31日 | | | 2022年4月30日 | |
| | (未監査) | | | | |
現金 | | $ | 8,058 | | | $ | 9,007 | |
売掛金純額 | | | 9,355 | | | | 9,513 | |
その他流動資産 | | | 958 | | | | 1,144 | |
流動資産総額 | | | 18,371 | | | | 19,664 | |
経営的リース使用権資産純額 | | | 7,971 | | | | 8,230 | |
財産と設備、純額 | | | 7,698 | | | | 7,134 | |
その他長期資産 | | | 15 | | | | 15 | |
商誉 | | | 335 | | | | 335 | |
総資産 | | $ | 34,390 | | | $ | 35,378 | |
売掛金と売掛金 | | $ | 4,494 | | | $ | 5,282 | |
賃貸負債の当期部分を経営する | | | 1,099 | | | | 1,054 | |
その他流動負債 | | | 142 | | | | 72 | |
収入を繰り越す | | | 10,885 | | | | 11,071 | |
流動負債総額 | | | 16,620 | | | | 17,479 | |
非流動経営賃貸負債 | | | 8,127 | | | | 8,412 | |
他の非流動負債 | | | 660 | | | | 391 | |
総負債 | | | 25,407 | | | | 26,282 | |
株主権益 | | | 8,983 | | | | 9,096 | |
総負債と株主権益 | | $ | 34,390 | | | $ | 35,378 | |
監査されていないキャッシュフロー表簡明合併報告書(未監査)
| | 3か月まで 七月三十一日 | |
| | 2022 | | | 2021 | |
経営活動のキャッシュフロー: | | | | | | |
純損失 | | $ | (319 | ) | | $ | (172 | ) |
純損失と業務提供現金純額の調整: | | | | | | | | |
株に基づく報酬費用 | | | 206 | | | | 280 | |
経営的リース使用権資産 | | | 269 | | | | 245 | |
減価償却および償却費用 | | | 528 | | | | 317 | |
処分設備の純収益 | | | - | | | | (4 | ) |
不良債権準備 | | | - | | | | 78 | |
経営性資産と負債の変動 | | | (879 | ) | | | (528 | ) |
経営活動提供の現金純額 | | | (195 | ) | | | 216 | |
投資活動によるキャッシュフロー: | | | | | | | | |
財産と設備を購入する | | | (754 | ) | | | (907 | ) |
投資活動のための現金純額: | | | (754 | ) | | | (907 | ) |
資金調達活動のキャッシュフロー: | | | | | | | | |
株式オプションを行使して得られる収益 | | | - | | | | 2 | |
融資活動が提供する現金純額: | | | - | | | | 2 | |
現金の純減少 | | | (949 | ) | | | (689 | ) |
期初の現金 | | | 9,007 | | | | 4,687 | |
期末現金 | | $ | 8,058 | | | $ | 3,998 | |
資料源:チャンピオン腫瘍学会社
Accesswire.comでソースコードバージョンを表示する: