チャンピオンズ・オンコロジー（CSBR）2027年度第1四半期決算説明会：売上高は9%増、サービス利益率は51%に到達

主なポイント

• 2027年度第1四半期の売上高は、前年同期の1,400万ドルから約9%増加し、1,520万ドルとなりました。
• 調整後EBITDAは前年同期の5万9,000ドルから67万1,000ドルに拡大し、5四半期連続での黒字を達成しました。
• GAAPに基づく純損失は約42万6,000ドル（非現金費用110万ドルを含む）となり、前年同期の52万7,000ドルの純損失から縮小しました。
• トランスレーショナル・オンコロジー・サービス部門の売上高は1,430万ドルとなりました。外部委託した放射性標識コストの削減と営業レバレッジの効果により、同部門の利益率は前年同期の43%から51%に向上しました。
• データライセンス売上高は89万3,000ドルに達し、2026年度通期の総売上高を上回りました。経営陣は、顧客基盤の拡大がこの増加の要因であるとしています。
• チャンピオンズ・オンコロジー（Champions Oncology）の当四半期末時点の現金同等物は約440万ドル、無負債経営を維持しました。当四半期中には主に運転資金の変動により約50万ドルの現金を使用しました。

主要財務データ

事業および営業業績

トランスレーショナル・オンコロジー・サービス事業は、契約済みの研究案件から売上高への変換が進んだことが追い風となりました。経営陣によると、足元の受注品質が向上したほか、当四半期に締結された契約の売上変換に対する見通しも堅調を維持しているとのことです。

サービス事業の収益性も向上しました。チャンピオンズ・オンコロジーが放射性標識機能を内製化し、外部委託コストを削減したことにより、売上高が増加したにもかかわらず、オンコロジー事業の売上原価は減少しました。また、売上高の拡大がさらなる営業レバレッジをもたらしました。

データ事業の当四半期のライセンス売上高は89万3,000ドルとなりました。経営陣は、AIや機械学習の開発意思決定に使用される、詳細な特徴付けと臨床注記が施された患者由来データの希少性が需要を支えていると説明しています。同社は、自社データの用途を単一の研究予測にとどめず、バイオマーカー探索、患者選定、治験デザインへと拡大することを目指しています。

同社が全額出資する創薬子会社Corelliaは、ベンチャーキャピタルや潜在的な製薬パートナーとの協議を継続しました。経営陣によると、裏付けデータの蓄積により同プログラムの有用性が一段と強まっているとのことです。

経営陣による見通し

チャンピオンズ・オンコロジーは、2027年度の数値による業績予想を示しませんでした。経営陣は、売上高の成長、規律ある費用管理、そして成長を収益性の向上につなげることに引き続き注力していくとしています。

契約締結のタイミングが多様であり、四半期ごとの売上高には偏りが生じると予想されることから、同社はデータライセンス事業の評価を主に通期ベースで行っています。

チャンピオンズ・オンコロジーがCorelliaに対する外部資金の調達やライセンスパートナーシップを獲得した場合、現在同事業に投じられている資金をデータ関連イニシアチブやその他の成長の優先事項、そして最終利益へ再配分できると経営陣は述べています。なお、合意に至る具体的なスケジュールは示されていません。

リスクと注視すべき事項

• 契約締結のタイミングが不均等であるため、データライセンス売上高は四半期ごとに大きく変動する可能性があります。
• Corelliaの資金調達またはパートナーシップに関する協議の時期および結果には、引き続き不確実性が伴います。
• 商業展開の拡大に伴い販売・マーケティング費用が180万ドルから300万ドルに増加したため、この投資を売上および利益の成長へと確実に結びつけることが一層重視されています。
• 当四半期の現金使用額は約50万ドルであり、主な要因は買掛金の減少および売掛金の増加でした。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

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.