Champions Oncology Inc (NASDAQ: CSBR) rose Friday after the company reported better-than-expected results for its first quarter.
The company, out of Hackensack, New Jersey, engaged in an end-to-end range of research and development technology solutions and services to improve the development and use of oncology drugs, today announced record quarterly revenue of $6.2 million, an increase of 23.7% year-over-year.
The company also trumpeted record net income of $482,000, including stock-based compensation and depreciation
Champion also won Granted Full Accreditation by the Association for Assessment and Accreditation of Laboratory Animal Care International for its new facility located in Rockville, Md. The company also reiterated its forecast of at least 20% revenue growth in fiscal 2019 and sustained, quarterly operational profitability
Ronnie Morris, CEO of Champions, commented, "As we expected, our upward revenue trajectory continued in the first quarter of fiscal 2019 with year-over-year growth above 20% as we build upon existing customer relationships and bring on new customers. Accordingly, we are increasingly optimistic about our fiscal 2019 outlook for annual revenue growth in excess of 20%."
Cost of oncology solutions was $3.1 million for the three months ended July 31, 2018, an increase of $441,000, or 16.7% compared to $2.6 million for the three months ended July 31, 2017.
The increase in cost of sales was due to an increase in TOS studies. For the three months ended July 31, 2018, gross margin was 50.5% compared to 47.5% for the three months ended July 31, 2017.
Shares began Friday better $1.47, or 17.3% to $9.95
