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Champions Oncology Reports Quarterly Revenue of $8.8 Million
Record Annual Revenue of $32.1 Million
Hackensack, NJ – July 27, 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 year and fourth fiscal quarter ended April 30, 2020.
Fourth Quarter and Fiscal Year 2020 Financial and Recent Business Highlights:
Record annual revenue of $32.1 million, an increase of 18.7% year-over-year
Expanded lab space and capacity
Forecast revenue growth of 15% - 20% in FY 2021
Ronnie Morris, CEO of Champions, commented, “We’ve successfully completed another year executing our strategy to enhance our existing services and expand product lines to fuel top line revenue growth. We’ve recently added an additional 10,000 square ft of lab space, significantly increasing our capacity and enabling us to meet expected demand as we plan for future growth. We’ve successfully navigated the business during this unprecedented time and are well positioned to extend our growth over the course of the new fiscal year.”
David Miller, CFO of Champions added, “Our record annual revenue and solid bookings highlights the continued strength in our business and efforts to expand our product lines. While our recent expenses were higher than expected, we’re projecting another year of 15% - 20% revenue growth as demand for existing and new services continues to grow.”
Fourth Fiscal Quarter Financial Results
For the fourth quarter of fiscal 2020, revenue increased 13.4% to $8.8 million compared to $7.7 million for the fourth quarter of fiscal 2019. The overall increase in revenue is due to increased sales, both in number and size of studies, the growth of our platform, and an expansion of our product lines. Total costs and operating expenses for the fourth quarter of fiscal 2020 were $10.7 million compared to $7.8 million for the fourth quarter of fiscal 2019, an increase of $2.8 million or 36.1%.
For the fourth quarter of fiscal 2020, Champions reported a loss from operations of $1.9 million, which includes $163,000 in stock-based compensation, $246,000 in depreciation, and goodwill impairment of $335,000 compared to a loss from operations of $117,000, inclusive of $143,000 in stock-based compensation and $174,000 depreciation expense, in the fourth quarter of fiscal 2019. Excluding stock-based compensation, depreciation, and goodwill impairment, Champions