Champions Oncology Inc (NASDAQ:CSBR) Beats Market Estimates in First Quarter

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Champions Oncology Inc (NASDAQ:CSBR) stock rose 0.87% (As on Sep 14, 10:02:03 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 22. For the first quarter of fiscal 2022, Champions reported a loss from operations of $175,000, that includes $280,000 in stock-based compensation and $317,000 in depreciation and amortization expenses, compared to income from operations of $24,000, inclusive of $120,000 in stock-based compensation and $277,000 in depreciation and amortization expenses, in the first quarter of fiscal 2021. Cost of oncology solutions was $5.4 million for the three-months ended July 31, 2021, which represents an increase of $60,000, or 1.1% compared to $5.3 million for the three-months ended July 31, 2020. For the three- months ended July 31, 2021, gross margin has increased to 52.0% compared to 44.1% for the three-months ended July 31, 2020. The nominal increase in cost of sales was mainly due to reducing the reliance on outsourcing lab work by performing the work internally. The associated cost reduction offset the increase in compensation and lab supply expenses resulting from the increase in study volume. The nominal increase in cost of sales on revenue growth of $1.7 million led to the improvement in gross margin.

Moreover, Research and development expense for the three-months ended July 31, 2021 was $2.3 million, which represents an increase of $707,000 or 44.3%, compared to $1.6 million for the three-months ended July 31, 2020. The increase was mainly from compensation and lab supplies as the company increased investment in the therapeutic discovery platforms.

CSBR in the first quarter of FY 22 has reported the adjusted loss per share of 1 cents, which is inline with the analysts’ estimates for the adjusted loss per share of 1 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 18 percent to $11.25 million in the first quarter of FY 22, beating the analysts’ estimates for revenue by 2.30%. The increase in revenue was due to a continued increase in sales, both in number and size of studies, and the expansion of the platforms and business lines. Total costs and operating expenses for the first quarter of fiscal 2022 were $11.4 million compared to $9.5 million for the first quarter of fiscal 2021, which represents an increase of $1.9 million or 20.0%. The Company ended the first quarter with a strong cash position of $4 million and has no debt.

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