Click here to close now.




















Welcome!

Microsoft Cloud Authors: Adine Deford, Elizabeth White, the Editor, Michael Krems, Xenia von Wedel

News Feed Item

Champions Oncology Reports Financial Results for the Quarter Ended October 31, 2012

HACKENSACK, N.J., Dec. 13, 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 the fiscal quarter ended October 31, 2012.

Joel Ackerman, Champions Oncology CEO, stated, "We continue to make progress in increasing the number of TumorGrafts initiated and the size of our Tumorbank.  We expect these to drive increased value of our technology platform over the long term."

Operating revenues were $1.5 million, as compared to $1.8 million for the three months ended October 31, 2011. For the six months ended October 31, 2012 and 2011, operating revenues were $3.6 million and $3.4 million, respectively.

Total operating expenses were $3.4 million, as compared to $4.3 million for the three months ended October 31, 2011. Operating expenses were $7.1 million, as compared to $8.0 million for the six months ended October 31, 2011.

Champions reported a net loss of $2.0 million, or ($0.04) per share, as compared to a net loss of $2.3 million, or ($0.05) per share, for the three months ended October 31, 2011. For the six months ended October 31, 2012, Champions reported a net loss of $3.3 million, or ($0.07) per share, as compared to a net loss of $4.4 million, or ($0.09) per share, for the 2011 period.

Excluding stock-based compensation of $0.6 million and $0.9 million for the three months ended October 31, 2012 and 2011, Champions recognized a net loss of $1.4 million, or ($0.03) per share and a net loss of $1.5 million, or ($0.03) per share for three months ended October 31, 2012 and 2011, respectively. For the six months ended October 31, 2012 and 2011, excluding stock-based compensation of $1.4 million and $1.9 million, Champions recognized a net loss of $1.9 million, or ($0.04) per share and a net loss of $2.5 million, or ($0.05) per share, respectively.

Operating Results

Personalized Oncology Solutions (POS) revenues were $0.5 million and $0.6 million for the three months ended October 31, 2012 and 2011, respectively, a decrease of $0.1 million, or 17%. For the six months ended October 31, 2012 and 2011, POS revenues were $1.4 million and $1.2 million, respectively, an increase of $0.2 million, or 17%. The increase in POS revenues was driven by an increased number of drug studies completed during the six months ended October 31, 2012 compared to the same period in the previous year. During the six months ended October 31, 2012 and 2011, the Company completed 22 and 5 drug studies, respectively.  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 $0.6 million and $0.5 million for the three months ended October 31, 2012 and 2011, respectively, an increase of $0.1 million, or 20%. For the six months ended October 31, 2012 and 2011, POS cost of sales was $1.4 million and $0.9 million, respectively, an increase of $0.5 million, or 56%. For the three months ended October 31, 2012 and 2011, gross margins for POS were -20% and 17%, respectively. For the six months ended October 31, 2012 and 2011, gross margins for POS were 0% and 25%, respectively.  The increases in cost of sales and the declines in gross margins can be attributed to increased volumes of implants and drug studies performed, in line with management's strategy to obtain more tumors to increase our tumor model offerings to our TOS sponsors and increase the number of models in our Tumorbank 

Translational Oncology Solutions (TOS) revenues were $1.0 million and $1.2 million for the three months ended October 31, 2012 and 2011, respectively, a decrease of $0.2 million, or 17%. The decrease in TOS revenues was due primarily to decreased contract bookings in the previous quarters. TOS revenues were $2.2 million for each of the six month periods ended October 31, 2012 and 2011.

TOS cost of sales was $0.5 million and $0.6 million for the three months ended October 31, 2012 and 2011, respectively, a decrease of $0.1 million, or 17%. For the six months ended October 31, 2012 and 2011, TOS cost of sales was $1.2 million and $1.1 million, respectively, increase of $0.1 million, or 9%. For the three months ended October 31, 2012 and 2011, gross margins for TOS were 50%. For the six months ended October 31, 2012 and 2011, gross margins for TOS were 46% and 50%, respectively. The decline in gross margin for the six month period can be attributed to additional costs associated with transitioning laboratory activities in-house from a third-party contract research organization. Specifically, we made additional investments in our infrastructure and our laboratory staff to increase productivity and to support current and expected volumes, which is expected to significantly reduce the future cost of providing our services and allow us to maintain a more competitive pricing strategy.

Research and development expense was $0.4 million and $1.0 million for three months ended October 31, 2012 and 2011, respectively, a decrease of $0.6 million, or 60%.  For the six months ended October 31, 2012 and 2011, research and development expense was $0.8 million and $1.6 million, respectively, a decrease of $0.8 million, or 50%. This decrease is primarily related to decreased laboratory maintenance costs associated with research and development efforts, in line with our strategy to focus on our POS and TOS lines of business. Additionally, the decrease can be attributed to decreased tumor procurement costs, resulting from our strategy to source models from our POS business.

Sales and marketing expense was $0.7 million for each of the three month periods ended October 31, 2012 and 2011. For the six months ended October 31, 2012 and 2011, sales and marketing expense was $1.4 million and $1.3 million, respectively, an increase of $0.1 million, or 8%.

General and administrative expense was $1.2 million and $1.5 million for the three months ended October 31, 2012 and 2011, respectively, a decrease of $0.3 million, or 20%.   For the six months ended October 31, 2012 and 2011, general and administrative expense was $2.3 million and $3.1 million, respectively, a decrease of $0.8 million, or 26%. This decrease can be attributed to reductions in stock-based compensation expenses and consultant costs.  The decrease in stock-based compensation expense is primarily due to large prior period stock option grants that contain performance conditions and were, and continue to be, accounted for using the accelerated attribution method.

* Non-GAAP Financial Information

See the attached Reconciliation of GAAP Net Loss to Non-GAAP Net Loss for an explanation of the amounts excluded to arrive at non-GAAP net loss and related non-GAAP loss per share amounts for the three and six months ended October 31, 2012 and 2011.  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 loss and non-GAAP loss per share are not, and should not be viewed as a substitute for similar GAAP items.  We define non-GAAP diluted loss per share amounts as non-GAAP net loss divided by the weighted average number of diluted shares outstanding.  Our definition of non-GAAP net loss and non-GAAP diluted loss per share may differ from similarly named measures used by others.

Full details of the Company's financial results will be available in the Company's Form 10-K at www.championsoncology.com.

About Champions Oncology, Inc.

Champions Oncology, Inc. is engaged in the development of advanced technology solutions and services to personalize the development and use of oncology drugs.  The Company's TumorGraft Technology Platform is a novel approach to personalizing cancer care based upon the implantation of primary human tumors in immune deficient mice followed by propagation of the resulting engraftments, or TumorGrafts, in a manner that preserves the biological characteristics of the original human tumor in order to determine the efficacy of a treatment regimen.  The Company uses this technology in conjunction with related services to offer solutions for two customer groups:  Personalized Oncology Solutions, in which results help guide the development of personalized treatment plans, and Translational Oncology Solutions, in which pharmaceutical and biotechnology companies seeking personalized approaches to drug development can lower the cost and increase the speed of developing new drugs. TumorGrafts are procured through agreements with a number of institutions in the U.S. and overseas as well as through its Personalized Oncology Solutions business.

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, 2012 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.

Contact:
Susan Foreman
410-369-0365
[email protected]

Champions Oncology, Inc.
(Dollars in thousands except per share amounts)


Reconciliation of GAAP to Non-GAAP Net Loss


Three Months

Ended October 31,

Six Months 

Ended October 31,

2012

2011

2012

2011

Net loss – GAAP

($1,974)

($2,349)

($3,297)

($4,387)

Less:

624

855

1,364

1,868

  Stock-based compensation





Net loss - non-GAAP

($1,350)

($1,494)

($1,933)

($2,519)

 

Reconciliation of GAAP to Non-GAAP Earnings Per Share (EPS)


Three Months

Ended October 31,

Six Months

Ended October 31,

2012

2011

2012

2011

EPS – GAAP

($0.04)

($0.05)

($0.07)

($0.09)

Less:

0.01

0.02

0.03

0.04

    Effect of stock-based compensation on EPS





EPS - non-GAAP

($0.03)

($0.03)

($0.04)

($0.05)

 

Condensed Consolidated Statements of Operations (Unaudited)


Three Months

Ended October 31,

Six Months

Ended October 31,

2012

2011

2012

2011

POS operating revenue

$459

$590

$1,377

$1,188

TOS operating revenue

999

1,151

2,187

2,184

  Total operating revenue

$1,458

$1,741

$3,564

$3,372






Cost of POS

582

461

1,354

945

Cost of TOS

475

620

1,174

1,104

Research and development

436

1,008

823

1,616

Sales and marketing

680

651

1,389

1,262

General and administrative

1,201

1,470

2,340

3,130






  Loss from Operations

($1,916)

($2,469)

($3,516)

($4,685)






Other (Loss) Income

(57)

120

223

298






  Net Loss before income tax expense

($1,973)

($2,349)

($3,293)

($4,387)

Income taxes

1

-

4

-

  Net Loss

($1,974)

($2,349)

($3,297)

($4,387)






  Earnings per share- basic and diluted

($0.04)

($0.05)

($0.07)

($0.09)

Weighted average shares outstanding- basic and diluted

47,079,000

46,790,000

47,073,000

46,606,000

 

Condensed Consolidated Balance Sheets


Balance as of 

October 31, 2012

(unaudited)

April 30, 2012

 

Cash and cash equivalents

$2,161

$4,716

Accounts receivable

627

584

Other current assets

95

205

  Total current assets

2,883

5,505




Restricted cash

188

188

Property and equipment, net

485

560

Goodwill

669

669

  Total assets

$4,225

$6,922




Accounts payable and accrued liabilities

$1,723

$2,301

Deferred revenue

1,205

1,185

  Total current liabilities

2,928

3,486




Warrant liability

322

555

Redeemable common stock

8,159

8,159

Stockholders' deficit

(7,184)

(5,278)

  Total liabilities, redeemable common stock and

   stockholders' deficit

$4,225

$6,922

 

Condensed Consolidated Statements of Cash Flows (Unaudited)


Six Months Ended October 31,


2012

2011

Cash flows from operating activities:



Net Loss

($3,297)

($4,387)

Adjustments to reconcile net cash used in operations:



  Stock-based compensation expense

1,364

1,868

  Depreciation expense

103

49

  Change in fair value of warrant liability

(233)

(288)

  Changes in operating assets and liabilities

(491)

(533)

Net cash used in operating activities

(2,554)

(3,291)




Cash flows from investing activities:



  Purchases of property and equipment

(28)

(160)

Net cash used in investing activities:

(28)

(160)




Cash flows from financing activities:



  Proceeds from exercise of options and warrants

-

98

Net cash provided by financing activities:

-

98




Exchange rate effect on cash and cash equivalents

27

15

Decrease in cash and cash equivalents

(2,555)

(3,338)

Cash and cash equivalents, beginning of period

4,716

10,457

Cash and cash equivalents, end of period

$2,161

$7,119

 

SOURCE Champions Oncology, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater.
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...