Champions Oncology, Inc (CSBR) saw its loss narrow to $1.41 million, or $0.11 a share for the quarter ended Jan. 31, 2017. In the previous year period, the company reported a loss of $2.41 million, or $0.21 a share. On the other hand, adjusted net loss for the quarter narrowed to $1.17 million, or $0.11 a share from a loss of $1.84 million or $0.21 a share, a year ago. Revenue during the quarter surged 39.69 percent to $3.56 million from $2.55 million in the previous year period. Gross margin for the quarter expanded 1503 basis points over the previous year period to 32.51 percent. Operating margin for the quarter stood at negative 39.30 percent as compared to a negative 92.99 percent for the previous year period.
Operating loss for the quarter was $1.40 million, compared with an operating loss of $2.37 million in the previous year period.
Ronnie Morris, Chief executive officer of Champions, commented, “This was a solid quarter of execution for Champions, with our strongest-ever quarterly bookings reinforcing management’s long-term confidence in the business. Year-over-year revenue growth continued at a 40% pace, even while timing-related issues tied to individual customers impacted our top line. The acceleration of our bookings, combined with our ongoing efforts to reduce expenses, reinforces our expectations for near-term profitability. In a few quarters, we believe we will reach sustainable profitability, even as we experience normal revenue volatility, while continuing our level of investment in research and development.
Operating cash flow remains negative
Champions Oncology, Inc has spent $3.24 million cash to meet operating activities during the nine month period as against cash outgo of $5.85 million in the last year period. The company has spent $0.18 million cash to meet investing activities during the nine month period as against cash outgo of $0.18 million in the last year period.
Cash flow from financing activities was $4.32 million for the nine month period as against cash outgo of $0.04 million in the last year period.
Cash and cash equivalents stood at $3.49 million as on Jan. 31, 2017, up 5.92 percent or $0.19 million from $3.29 million on Jan. 31, 2016.
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