챔피언스 온콜로지(CSBR) 2027 회계연도 1분기 실적 발표 콘퍼런스 콜: 매출 9% 증가, 서비스 마진 51% 기록

핵심 요약

• 2027 회계연도 1분기 매출은 전년 동기 1,400만 달러에서 약 9% 증가한 1,520만 달러를 기록했습니다.
• 조정 EBITDA는 전년 동기 5만 9,000달러에서 67만 1,000달러로 증가해 5분기 연속 흑자를 기록했습니다.
• GAAP 기준 순손실은 110만 달러의 비현금성 비용을 포함해 약 42만 6,000달러를 기록했으며, 전년 동기 순손실은 52만 7,000달러였습니다.
• 중개 종양학 서비스 매출은 1,430만 달러를 기록했습니다. 외주 방사성 표지 비용 절감과 영업 레버리지 효과에 힘입어 해당 부문의 마진율은 43%에서 51%로 개선되었습니다.
• 데이터 라이선싱 매출은 89만 3,000달러에 달해 2026 회계연도 전체 매출을 상회했습니다. 경영진은 고객층 확대에 힘입은 결과라고 설명했습니다.
• 챔피언스 온콜로지(Champions Oncology)는 주로 운전자본 변동으로 인해 약 50만 달러의 현금을 사용한 후, 약 440만 달러의 현금을 보유하고 부채가 없는 상태로 이번 분기를 마감했습니다.

주요 재무 데이터

사업 및 영업 실적

중개 종양학 서비스 사업은 계약된 연구 가치가 매출로 실현되는 전환율이 높아지면서 수혜를 입었습니다. 경영진은 최근 매출의 질이 개선되었으며, 이번 분기에 체결된 계약의 매출 전환 전망도 견조하게 유지되고 있다고 밝혔습니다.

서비스 수익성도 향상되었습니다. 매출이 증가했음에도 종양학 매출원가는 감소했는데, 이는 챔피언스 온콜로지가 방사성 표지 역량을 내재화하여 외주 비용을 줄였기 때문입니다. 매출 증가로 추가적인 영업 레버리지 효과도 발생했습니다.

데이터 사업 부문은 분기 라이선싱 매출 89만 3,000달러를 기록했습니다. 경영진은 인공지능(AI) 및 머신러닝 개발 결정에 사용되는 정밀 특성 분석 및 임상 주석이 달린 환자 유래 데이터의 희소성이 수요를 뒷받침하고 있다고 설명했습니다. 회사는 개별 연구 예측을 넘어 바이오마커 발굴, 환자 선별, 임상시험 설계 등으로 데이터 활용 범위를 넓히는 것을 목표로 하고 있습니다.

회사의 100% 자회사인 치료제 전문 법인 코렐리아(Corellia)는 벤처 투자 그룹 및 잠재적 제약 파트너사들과 논의를 이어갔습니다. 경영진은 뒷받침하는 데이터가 해당 프로그램의 당위성을 지속적으로 강화하고 있다고 밝혔습니다.

경영진 가이던스

챔피언스 온콜로지는 2027 회계연도 수치 전망치를 제시하지 않았습니다. 경영진은 매출 성장, 비용 통제, 성장의 수익성 연결에 집중하고 있다고 밝혔습니다.

계약 체결 시점이 다양하고 분기별 매출 변동성이 유지될 것으로 예상됨에 따라, 회사는 데이터 라이선싱 사업을 주로 연간 기준으로 평가합니다.

챔피언스 온콜로지가 코렐리아를 위한 외부 자금 조달이나 라이선싱 파트너십을 확보할 경우, 현재 해당 사업에 투자되고 있는 자금을 데이터 프로젝트, 기타 성장을 위한 우선 과제, 그리고 수익성 개선으로 재배치할 수 있다고 경영진은 밝혔습니다. 계약 체결에 대한 구체적인 일정은 제시되지 않았습니다.

리스크 및 관전 포인트

• 계약 체결 시점이 불균일하여 분기 간 데이터 라이선싱 매출 변동성이 클 수 있습니다.
• 코렐리아의 자금 조달 및 파트너십 논의의 시기와 결과는 여전히 불확실합니다.
• 영업 조직 확장에 따라 영업 및 마케팅비가 180만 달러에서 300만 달러로 증가하면서, 해당 투자를 매출 및 이익 성장으로 전환하는 것이 더욱 중요해졌습니다.
• 분기 현금 사용액은 약 50만 달러였으며, 이는 주로 매입채무 감소와 매출채권 증가에 기인했습니다.

실적 발표 전화회의 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.