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.