Champions Oncology, Inc. (CSBR) saw its loss narrow to $0.50 million, or $0.05 a share for the quarter ended Oct. 31, 2016. In the previous year period, the company reported a loss of $2.55 million, or $0.29 a share. On an adjusted basis, net profit for the quarter was $0.03 million, when compared with net loss $1.80 million in the last year period.
Revenue during the quarter surged 50.02 percent to $4.46 million from $2.97 million in the previous year period. Gross margin for the quarter expanded 1826 basis points over the previous year period to 50.57 percent. Operating margin for the quarter stood at negative 11.06 percent as compared to a negative 83.91 percent for the previous year period.
Operating loss for the quarter was $0.49 million, compared with an operating loss of $2.49 million in the previous year period.
Joel Ackerman, CEO of Champions, commented, "This was truly a milestone quarter for Champions. We have been focused over the last 2 years on achieving profitability while continuing to invest in expanding our technology and products. We reached this important step in the Company’s evolution by growing our customer base, delivering high quality studies and managing our costs. With 50% revenue growth and a lower cost base than last year, we have delivered on this ambitious objective ahead of schedule."
Champions Oncology expects revenue to be in the range of $16 million to $18 million for financial year 2017.
Operating cash flow remains negative
Champions Oncology has spent $2.59 million cash to meet operating activities during the first half as against cash outgo of $5.13 million in the last year period.
The company has spent $0.03 million cash to meet investing activities during the first six months as against cash outgo of $0.04 million in the last year period.
Cash flow from financing activities was $4.36 million for the first six months as against cash outgo of $0.03 million in the last year period.
Cash and cash equivalents stood at stood at $4.33 million as at Oct. 31, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
