Champions Oncology Reports Financial Results for the Quarter Ended July 31, 2012
HACKENSACK, N.J., Sept. 12, 2012 /PRNewswire/ -- Champions Oncology, Inc. (OTC: CSBR), engaged in the development of advanced technology solutions and services to personalize the development and use of oncology drugs, announced today its financial results for its first fiscal quarter ended July 31, 2012.
Joel Ackerman, Champions Oncology CEO, stated, "We are pleased with our continual progress and are focused on continuing to grow our Tumorbank as a source of value creation."
Operating revenues were $2.1 million, as compared to $1.6 million for the three months ended July 31, 2011.
Total operating expenses were $3.7 million, as compared to $3.8 million for the three months ended July 31, 2011.
Champions reported a net loss of $1.3 million, or ($0.03) per share, as compared to $2.0 million, or ($0.04) per share, for the first quarter ended July 31, 2011.
Excluding stock based compensation of $0.7 million for the 2012 period and $1.0 million for the 2011 period, Champions recognized a net loss of $0.6* million, or ($0.01*) per share for the first quarter ended July 31, 2012, as compared to a net loss of $1.0* million, or ($0.02*) per share for the first quarter ended July 31, 2011.
Operating ResultsPersonalized Oncology Solutions (POS) revenues were $0.9 million and $0.6 million for the 2012 and 2011 periods, respectively, an increase of $0.3 million, or 50%. The increases in POS revenues were driven by an increased number of drug studies completed during the quarter. During the three months ended July 31, 2012, the Company completed 13 drug studies, compared to only one completed in the prior year. These increases are the result of the steady increase in the number of TumorGrafts performed which have moved onto drug studies.
POS Cost of Sales was $0.8 million and $0.5 million for the 2012 and 2011 periods, respectively, an increase of $0.3 million, or 60%. Gross margins for POS were 11% and