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WKN: A14X6S ISIN: US15870P3073 Ticker-Symbol: 2I3 
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16.05.22
17:01 Uhr
7,200 Euro
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+2,86 %
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Champions Oncology, Inc.: Champions Oncology Reports Record Quarterly Revenue of $11.8 Million

Reported income from operations of $263,000

HACKENSACK, NJ / ACCESSWIRE / December 13, 2021 / Champions Oncology, Inc. (NASDAQ:CSBR), a leading global technology-enabled biotech that is transforming drug discovery through innovative pharmacology, biomarker, and data platforms, today announced its financial results for its second quarter of fiscal 2022, ended October 31, 2021.

Second Quarter and Recent Highlights:

  • Record quarterly revenue of $11.8 million, an increase of 17% year over year
  • Reported non-GAAP income from operations, excluding stock-based compensation, depreciation and amortization, of $743,000
  • Gross margin improved to 52%

Ronnie Morris, CEO of Champions, commented, "We had another quarter of milestone achievements for the Company as we saw strong operating results in our research service business and continued to expand the customer base of our SaaS Lumin platform." Morris added, "We're advancing our therapeutic targets along the drug discovery pipeline and we're excited about their progress and transformative potential for Champions."

David Miller, CFO of Champions, said, "We achieved another quarterly revenue record reaching $11.8 million. Additionally, by improving efficiencies and reducing certain costs, we improved our gross and operating margins all while continuing to increase R&D investment to support longer term strategic initiatives."

Second Fiscal Quarter Financial Results

For the second quarter of fiscal 2022, revenue increased 17% to $11.8 million compared to $10.1 million for the second quarter of fiscal 2021. The increase in revenue was due to continued demand for our pharmacology studies and the expansion of both our platform and product lines, driving an increase in sales, both in number and size of studies. Total costs and operating expenses for the second quarter of fiscal 2022 were $11.5 million compared to $10.1 million for the second quarter of fiscal 2021, an increase of $1.4 million or 14.0%.

For the second quarter of fiscal 2022, Champions reported net income from operations of $263,000, including $134,000 in stock-based compensation and $346,000 in depreciation and amortization expenses, compared to income from operations of $7,000, inclusive of $85,000 in stock-based compensation and $307,000 in depreciation and amortization expenses, in the second quarter of fiscal 2021. Excluding stock-based compensation, depreciation and amortization expenses, Champions reported non-GAAP income from operations of $743,000 for the second quarter of fiscal 2022 compared to non-GAAP income from operations of $399,000 in the second quarter of fiscal 2021.

Cost of oncology solutions was $5.6 million for the three-months ended October 31, 2021, a decrease of $35,000, or (0.6)% compared to $5.6 million for the three-months ended October 31, 2020. For the three-months ended October 31, 2021, gross margin was 52.4% compared to 44.2% for the three-months ended October 31, 2020. Total cost of sales remained flat as we reduced the level of outsourcing required. The cost reduction more than offset the increase in compensation and lab supply expenses resulting from the increase in study volume.

Research and development expense for the three-months ended October 31, 2021 was $2.3 million, an increase of $649,000 or 39.3%, compared to $1.7 million for the three-months ended October 31, 2020. The increase was primarily from compensation and sequencing costs as we increased investment in our therapeutic target discovery platform. Sales and marketing expense for the three-months ended October 31, 2021 was $1.6 million, an increase of $292,000, or 21.7%, compared to $1.3 million for the three-months ended October 31, 2020. The increase was primarily due to compensation expense driven by the continued investment to expand our salesforce, including the addition of a dedicated SaaS business development team for our Lumin Bioinformatics platform. General and administrative expense for the three-months ended October 31, 2021 was $2.0 million, an increase of $507,000, or 34.5%, compared to $1.5 million for the three-months ended October 31, 2020. The increase was primarily due to an increase in compensation and IT related expenses.

Net cash generated from operating activities for the quarter was $1.2 million resulting from increased operating income excluding stock compensation and other non-cash related expenses. Net cash used in investing activities was $495,000 primarily from investment in additional lab equipment and software development. The Company ended the quarter with a strong cash position of $4.8 million. The Company has no debt.

Year-to-Date Financial Results

For the first six months of fiscal 2022, revenue increased 17% to $23.0 million compared to $19.7 million for the first six months of fiscal 2021. The increase in revenue was due to the expansion of our platforms and business lines. Total costs and operating expenses for the first six months of fiscal 2022 were $23.0 million compared to $19.6 million for the first six months of fiscal 2021, an increase of $3.3 million or 17%.

For the first six months of fiscal 2022, Champions reported net income from operations of $88,000, including $414,000 in stock-based compensation and 663,000 in depreciation and amortization expenses, compared to income from operations of $31,000, inclusive of $205,000 in stock-based compensation and $584,000 in depreciation and amortization expenses, in the first six months of fiscal 2021. Excluding stock-based compensation, depreciation and amortization expenses, Champions reported non-GAAP income from operations of $1.2 million for the first six months of fiscal 2022 compared to non-GAAP income from operations of $822,000 in the first six months of fiscal 2021.

Cost of oncology solutions was $11.0 million for the six-months ended October 31, 2021, a slight increase of $25,000, or 0.2% compared to $11.0 million for the six-months ended October 31, 2020. For the six-months ended October 31, 2021, gross margin was 52.2% compared to 44.2% for the six-months ended October 31, 2020. The improvement in gross margin was primarily attributable to decreasing the Company's reliance on outsourcing while continuing to grow revenue.

Research and development expense for the six-months ended October 31, 2021 was $4.6 million, an increase of $1.4 million or 41.8%, compared to $3.2 million for the six-months ended October 31, 2020. The increase was primarily from compensation, sequencing costs, and lab supplies as we increased investment in our therapeutic target discovery platforms. Sales and marketing expense for the six-months ended October 31, 2021 was $3.2 million, an increase of $658,000, or 25.7%, compared to $2.6 million for the six-months ended October 31, 2020. The increase was primarily due to compensation expense driven by the continued investment in expanding our business development teams. General and administrative expense for the six-months ended October 31, 2021 was $4.1 million, an increase of $1.3 million, or 44.9%, compared to $2.9 million for the six-months ended October 31, 2020. The increase was primarily due to an increase in compensation as well as an increase in IT related expenses to support the overall infrastructure growth of the organization.

Net cash provided by operating activities was $1.4 million for the six-months ended October 31, 2021.The cash generated from operating activities was primarily due to operating income excluding stock compensation, depreciation and amortization expenses. Net cash used in investing activities was $1.5 million and was primarily from investment in additional lab equipment and software development.

Conference Call Information:

The Company will host a conference call today at 4:30 p.m. EST (1:30 p.m. PST) to discuss its second quarter financial results. To participate in the call, please call 877-545-0320 (Domestic) or 973-528-0002 (International) and enter the access code 694190 ten minutes ahead of the call.

Full details of the Company's financial results will be available by Tuesday, December 14, 2021 in the Company's Form 10-Q at www.championsoncology.com.

* Non-GAAP Financial Information

See the attached Reconciliation of GAAP net income 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 and six months ended October 31, 2021 and 2020. 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 data-driven research organization, with headquarters in the United States, that leverages an oncology research center of excellence to develop transformative technology and accelerate oncology research and development. This technology ranges from computational-based discovery platforms, unique oncology software solutions, and innovative and proprietary experimental tools such as in vivo, ex-vivo and biomarker platforms. For more information, please visit www.ChampionsOncology.com.

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, 2021 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 (unaudited)

Three Months Ended

October 31,

Six Months Ended

October 31,

2021

2020

2021

2020

Net income - GAAP

$

277

$

1

$

105

$

76

Less:

Stock-based compensation

134

85

414

205

Net income - Non-GAAP

$

411

$

86

$

519

$

281

Reconciliation of GAAP EPS to Non-GAAP EPS (unaudited)

Three Months Ended

October 31,

Six Months Ended

October 31,

2021

2020

2021

2020

EPS - GAAP, basic

$

0.02

$

-

$

0.01

$

0.01

Less:

Effect of stock-based compensation on EPS

0.01

0.01

0.03

0.02

EPS - Non-GAAP, basic

$

0.03

$

0.01

$

0.04

$

0.03

Three Months Ended

October 31,

Six Months Ended

October 31,

2021

2020

2021

2020

EPS - GAAP, diluted

$

0.02

$

-

$

0.01

$

0.01

Less:

Effect of stock-based compensation on EPS

0.01

0.01

0.03

0.02

EPS - Non-GAAP, diluted

$

0.03

$

0.01

$

0.04

$

0.03

Unaudited Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

October 31,

Six Months Ended

October 31,

2021

2020

2021

2020

Oncology services revenue

$

11,786

$

10,117

$

23,039

$

19,664

Cost of oncology services

5,609

5,644

11,005

10,980

Research and development

2,299

1,650

4,603

3,247

Sales and marketing

1,640

1,348

3,214

2,556

General and administrative

1,975

1,468

4,129

2,850

Income from operations

263

7

88

31

Other income

26

9

43

73

Income before provision for income taxes

289

16

131

104

Provision for income taxes

12

15

26

28

Net income

$

277

$

1

$

105

$

76

Net income per common share outstanding

basic

$

0.02

$

-

$

0.01

$

0.01

and diluted

$

0.02

$

-

$

0.01

$

0.01

Weighted average common shares outstanding

basic

13,428,508

13,064,191

13,145,930

12,811,921

and diluted

14,549,136

15,062,103

14,213,450

14,563,060

Condensed Consolidated Balance Sheets

October 31, 2021

April 30, 2021

(unaudited)

Cash

$

4,781

$

4,687

Accounts receivable, net

8,190

6,986

Other current assets

731

957

Total current assets

13,702

12,630

Operating lease right-of-use assets, net

8,261

8,521

Property and equipment, net

6,983

6,090

Other long term assets

15

15

Goodwill

335

335

Total assets

$

29,296

$

27,591

Accounts payable and accrued liabilities

$

5,388

$

4,125

Current portion of operating lease liabilities

930

818

Other current liabilities

15

-

Deferred revenue

6,132

6,256

Total current liabilities

12,465

11,199

Non-current operating lease liabilities

8,525

8,783

Other Non-current Liability

235

181

Total liabilities

21,225

20,163

Stockholders' equity

8,071

7,428

Total liabilities and stockholders' equity

$

29,296

$

27,591

Unaudited Condensed Consolidated Statements of Cash Flows (unaudited)

Six Months Ended

October 31,

2021

2020

Cash flows from operating activities:

Net income

$

105

$

76

Adjustments to reconcile net income to net cash provided by operations:

Stock-based compensation expense

414

205

Operating lease right-of use assets

519

79

Depreciation and amortization expense

663

584

Gain on termination of operating lease

-

(75)

Net gain on disposal of equipment

(4)

-

Allowance for doubtful accounts

117

49

Changes in operating assets and liabilities

(370)

(754)

Net cash provided by operating activities

1,444

164

Cash flows from investing activities:

Purchases of property and equipment

(1,473)

(1,224)

Refund of security deposit

-

92

Net cash used in investing activities:

(1,473)

(1,132)

Cash flows from financing activities:

Proceeds from the exercise of stock options

123

1,294

Finance lease payments

-

(115)

Net cash provided by financing activities:

123

1,179

Net increase in cash

94

211

Cash at beginning of period

4,687

8,342

Cash at the end of period

$

4,781

$

8,553

Non-cash investing activities:

Right-of-use assets obtained in exchange for operating lease liabilities

205

3,872

Equipment acquired in accounts payable

79

-

Unpaid portion of property and equipment purchase

$

-

$

240

SOURCE: Champions Oncology, Inc.



View source version on accesswire.com:
https://www.accesswire.com/677249/Champions-Oncology-Reports-Record-Quarterly-Revenue-of-118-Million

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