HACKENSACK, N.J., July 24, 2014 /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, today announced its financial results for the year ended April 30, 2014.
Fourth Quarter and Recent Business Highlights:
- Procured a quarterly record high of more than 100 implants
- Quarterly revenue increased 38% over the same prior year period result
- Total annual revenues grew to a record high of $11.6 million, a 39% year over year increase
- Initiated clinical research collaboration with Mount Sinai Medical Center in New York
- Strategically expanded our TOS sales team
Joel Ackerman, Champions Oncology CEO, stated, "The end of fiscal 2014 is an opportune time to reflect on the achievements of the past year. It's rewarding to observe the incremental business progression from the proof of concept phase to a targeted focus on commercial growth and operational efficiencies. We have set the stage to execute our strategy and expect continued growth in the future."
For the fourth quarter of 2014, revenue was $2.5 million, as compared to $1.8 million for the three months ended April 30, 2013, an increase of 38%. For the twelve-month period ended April 30, 2014, revenue was $11.6 million, as compared to $8.3 million for the same period of the prior year, an increase of 39%. Total operating expenses for the fourth quarter 2014 were $4.8 million, as compared to $3.9 million for the three months ended April 30, 2013. For the twelve month period ended April 30, 2014, total operating expenses were $17.8 million, as compared to $14.5 million for the same period of 2013.
For the fourth quarter of 2014, Champions reported a loss from operations of $2.4 million as compared to a loss from operations of $2.1 million for the three months ended April 30, 2013. Excluding stock-based compensation of $0.84 million and $0.48 million for the three months ended April 30, 2014 and 2013, Champions recognized a loss from operations of $1.5 million and $1.6 million respectively. For the twelve months ended April 30, 2014,
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