Conferencia de resultados del T1 del ejercicio fiscal 2027 de Champions Oncology (CSBR): Los ingresos aumentan un 9 % y el margen de servicios alcanza el 51 %

Puntos clave

• Los ingresos del primer trimestre del año fiscal 2027 aumentaron aproximadamente un 9% interanual, pasando de 14,0 millones a 15,2 millones de dólares.
• El EBITDA ajustado aumentó de 59.000 a 671.000 dólares, lo que supone el quinto trimestre consecutivo con un EBITDA ajustado positivo.
• La pérdida neta según GAAP fue de aproximadamente 426.000 dólares, lo que incluye 1,1 millones de dólares en gastos no monetarios, en comparación con la pérdida de 527.000 dólares del mismo periodo del año anterior.
• Los servicios de oncología traslacional generaron 14,3 millones de dólares en ingresos. El margen del segmento mejoró del 43% al 51%, impulsado por menores costes de marcado radiactivo por terceros y apalancamiento operativo.
• Los ingresos por licencias de datos alcanzaron los 893.000 dólares, superando el total generado en todo el año fiscal 2026. La dirección atribuyó este incremento a una base de clientes más amplia.
• Champions Oncology cerró el trimestre con aproximadamente 4,4 millones de dólares en efectivo y sin deuda, tras utilizar unos 500.000 dólares en efectivo, principalmente debido a variaciones en el capital de trabajo.

Datos financieros clave

Rendimiento empresarial y operativo

El negocio de servicios de oncología traslacional se benefició de una mayor conversión del valor de los estudios contratados en ingresos. La dirección afirmó que la calidad de las ventas recientes mejoró, mientras que las expectativas de conversión para los contratos firmados durante el trimestre se mantuvieron sólidas.

La rentabilidad de los servicios también mejoró. El coste de los ingresos de oncología disminuyó a pesar del aumento de los ingresos, principalmente porque Champions Oncology internalizó más capacidades de marcado radiactivo y redujo los costes de terceros. Los mayores ingresos proporcionaron un apalancamiento operativo adicional.

El negocio de datos aportó 893.000 dólares en ingresos trimestrales por licencias. La dirección señaló que la demanda se ve respaldada por la escasez de datos derivados de pacientes altamente caracterizados y con anotaciones clínicas, utilizados en decisiones de desarrollo de IA y aprendizaje automático. La empresa tiene como objetivo ampliar el uso de sus datos, pasando de las predicciones de estudios individuales al descubrimiento de biomarcadores, la selección de pacientes y el diseño de ensayos clínicos.

Corellia, la filial terapéutica de propiedad absoluta de la empresa, continuó las conversaciones con grupos de capital de riesgo y posibles socios farmacéuticos. La dirección afirmó que los datos de respaldo siguen reforzando los argumentos a favor del programa.

Orientación de la dirección

Champions Oncology no proporcionó una previsión numérica para el año fiscal 2027. La dirección afirmó que su objetivo sigue siendo el crecimiento de los ingresos, la disciplina en los gastos y la conversión del crecimiento en una mayor rentabilidad.

La empresa evalúa el negocio de licencias de datos principalmente de forma anual, ya que los contratos se cierran en plazos variables y se prevé que los ingresos trimestrales se mantengan irregulares.

Si Champions Oncology consigue financiación externa o una alianza de licencias para Corellia, la dirección indicó que el capital invertido actualmente en ese negocio podría redirigirse hacia iniciativas de datos, otras prioridades de crecimiento y al beneficio neto. No se facilitó un plazo para alcanzar un acuerdo.

Riesgos y factores a vigilar

• Los ingresos por licencias de datos pueden fluctuar significativamente entre trimestres debido a que la sincronización de los contratos es irregular.
• El plazo y el resultado de las conversaciones sobre la financiación o las alianzas de Corellia siguen siendo inciertos.
• Los gastos de ventas y marketing aumentaron de 1,8 millones a 3,0 millones de dólares tras la expansión comercial, lo que pone un mayor énfasis en convertir esa inversión en un crecimiento de los ingresos y los beneficios.
• El uso trimestral de efectivo fue de aproximadamente 500.000 dólares, debido principalmente a la reducción de las cuentas por pagar y al aumento de las cuentas por cobrar.

Transcripción completa de la conferencia de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

Operator

Greetings. Welcome to the Champions Oncology First Quarter Fiscal Year 2027 Earnings Call. [Operator Instructions]

Please note, this conference is being recorded.

I will now turn the conference over to your host, Rob Brainin, Chief Executive Officer. You may begin.

Robert Brainin

Good afternoon, and thank you for joining our first quarter fiscal 2027 earnings call. I'm Rob Brainin, CEO of Champions Oncology, and I'm joined today by our CFO, David Miller.

Before we begin, I'll remind everyone that today's remarks may include forward-looking statements. Actual results may differ materially, and you can find more information in our filings with the SEC. When we spoke in July, I said fiscal '26 was an investment year and that the onus was on us to deliver in fiscal 2027.

The first quarter was a strong data point that we're moving in the right direction. Revenue was $15.2 million, compared to $14 million in the first quarter of fiscal '26. Gross margin was 15%, up from 43% in Q1 fiscal '26. Adjusted EBITDA was approximately $700,000 and on a GAAP basis, we reported a net loss of $0.4 million. That included $1.1 million of noncash expense. This represents our fifth consecutive quarter of positive adjusted EBITDA. Both our services business and our data business contributed to that improvement, and I'll touch on them in turn.

Our translational oncology services business generated $14.3 million of revenue in the quarter. And margins in that business held where we want today and the operating discipline we described in July showed up again this quarter. This is the part of Champions that has always been a predictive modeling business. A customer brings us to therapy, we run it through the most clinically relevant models in the industry, and we predict how the drug is likely to behave in patients. The demand environment for that work is healthy, and the quality of our tuber bank continues to be a core reason customers come to us.

We feel good about how we're showing up in the market and look forward to continuing to share updates over the coming quarters as the year goes on. Data licensing revenue was $893,000 in the first quarter. To put that in context, we generated more data revenue in this 1 quarter than in all of fiscal 2026, reflecting the broader base of customers we spent the last year building. Let's look at TOS business, we look at this on an annual basis rather than a quarterly one, though. Contracts closed on their own time lines and what we're very pleased with the progress, revenue will remain lumpy.

Pipeline continues to be robust and the strategic case keeps strengthening. As sponsors lean harder on AI and machine learning to make development decisions, the constraint isn't the model. It's the data underneath it. Deeply characterized clinically annotated, patient-derived data is scarce, and we have it. That's what will let us move from predicting the outcome of one study at a time toward helping sponsors find signatures, select the right patients and design better trials.

On Corellia, our wholly-owned therapeutic subsidiary, we remain encouraged. The external conversations continue with both venture groups and potential pharmaceutical partners and the data we're generating continues to strengthen the case. I'm not going to put a date on any outcome for the same reason I came in July. If we're successful in securing outside funding or licensing partnership, the investment currently flowing into that business would be redeployed toward our other growth initiatives, particularly data and to the bottom line.

In conclusion, fiscal 2026 was an investment year. The first quarter of fiscal 2027 is evidence that those investments are paying off in revenue, in margin and in data as well as progress in our discussions related to Corellia's pipeline. We have 3 more quarters to prove it out in fiscal '27 and we'll be reporting against it in the same way each time.

With that, I'll turn the call over to David to walk through the financials in more detail.

David Miller

Thanks, Rob, and good afternoon, everyone. Our full financial results for the quarter will be filed with the SEC on Form 10-Q on or before September 14. As Rob highlighted, revenue for the first quarter was $15.2 million, an increase of approximately 9% from $14 million in the prior year quarter.

On a GAAP basis, we reported a net loss of approximately $426,000 compared with a net loss from operations of $527,000 a year ago.

Turning to the cash-based operating results as we typically discuss them. Adjusted EBITDA increased to $671,000 from $59,000 in the prior year quarter. This is our fifth consecutive quarter of positive adjusted EBITDA and our focus is on continuing to grow revenue while expanding profitability.

Let me provide a little more detail on the drivers of the quarter, starting with revenue. The improved quality of our sales over the last several quarters resulted in a higher percentage of contracted study value converting to revenue in Q1. Importantly, that trend continued with sales made during the first quarter with expected conversion percentages remaining strong. And as Rob discussed, data license revenue also contributed to the year-over-year growth, reflecting the broader customer base we built last year.

Another meaningful development was the improvement in oncology services margin, which increased to 51% from 43%. The improvement was driven by a few factors. Cost of oncology revenue declined by approximately $500,000 to $7.5 million from $8 million a year ago despite the increase in revenue. The reduction was driven primarily by lower third-party radio labeling costs. As we've discussed over the past year, we've been working to bring those capabilities in-house, resulting in a lower cost structure. Increased revenue also contributed to the margin improvement, reflecting the leverage we have in the business.

Turning to operating expenses. R&D expense was $1.9 million compared with $2.1 million in the prior year quarter. We were able to reduce spending in our core services business, while redirecting resources towards Corellia and our data initiatives.

Sales and marketing expense was $3 million compared with $1.8 million a year ago. As we've discussed previously, we made a deliberate investment last year to expand our commercial organization across both our research services and data businesses. That investment is now reflected in our expense base and our focus is on generating greater revenue and profitability from it.

G&A expense was essentially flat at approximately $2.1 million in both periods.

Turning to cash. We used approximately $500,000 of cash during the quarter, primarily reflecting working capital movements in the ordinary course of business, including a reduction in accounts payable and higher accounts receivable. We ended the quarter with approximately $4.4 million of cash and no debt.

Overall, the quarter demonstrates the operating leverage we've been working towards. Revenue grew, oncology services margin improved significantly and adjusted EBITDA expanded while we continue to support the investments we've made for future growth. We are continuing to build on the foundation established last year with a focus on maintaining expense discipline and converting revenue growth into improved profitability.

With that, I'll turn the call back over to Rob and ask for any questions.

Operator

[Operator Instructions]

We currently have no questions in the queue. I'd like to turn the floor back to Rob Brainin, for any closing remarks.

Robert Brainin

Great. Thank you. Really appreciate. I appreciate everyone dialing in or listening to the recording. As you can tell, we're really encouraged and excited about the progress we've been making and the trajectory of the business. And look forward to in the coming quarters, sharing more about that progress and how we're doing. We'll speak to you then. Have a great afternoon. Thanks.

Operator

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.