Champions Oncology, Inc. reported significant financial developments for the three months ended July 31, 2024, reflecting a positive shift in performance compared to the same period in 2023. The company achieved oncology services revenue of $14.1 million, an increase of 11.9% from $12.6 million in the prior year. Additionally, pharmacology services revenue rose to $13.1 million, up from $11.9 million, contributing to the overall revenue growth.
Total costs and operating expenses decreased to $12.7 million, down 15.8% from $15.1 million in 2023. This reduction was primarily driven by an 8.0% decrease in the cost of oncology services, which fell to $7.1 million from $7.7 million, attributed to lower outsourced lab services. As a result, the company reported income from operations of $1.3 million, a substantial improvement from a loss of $2.6 million in the same quarter of the previous year. Net income for the period was $1.3 million, compared to a net loss of $2.6 million in 2023, translating to a basic net income per share of $0.10, up from a loss of $0.19 per share.
Cash flow also showed improvement, with net cash provided by operating activities amounting to $311,000, a turnaround from cash used of $3.99 million in the prior year. However, cash on hand at the end of the period was $2.9 million, a decrease from $4.9 million at the end of July 2023.
On the balance sheet, total current assets decreased to $13.2 million from $13.6 million, while total assets fell to $24.9 million from $26.1 million. Total current liabilities also decreased to $19.2 million from $21.5 million. The accumulated deficit improved to $(83.3 million) from $(84.6 million), and total stockholders’ equity deficiency improved to $(332,000) from $(1.9 million).
In terms of strategic developments, the company continued its share repurchase program, having purchased 120,333 shares at an average price of $5.73 per share, totaling approximately $708,000, with a remaining balance of about $4.3 million available for further repurchases. Management assessed the effectiveness of internal controls over financial reporting and concluded that they were effective as of July 31, 2024, ensuring compliance with GAAP.
About CHAMPIONS ONCOLOGY, INC.
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