Teleconferência de Resultados da Champions Oncology (CSBR) do 1º Trimestre Fiscal de 2027: Receita Sobe 9%, Margem de Serviços Atinge 51%

Principais Destaques

• A receita no primeiro trimestre do ano fiscal de 2027 aumentou aproximadamente 9% em relação ao mesmo período do ano anterior, passando de US$ 14,0 milhões para US$ 15,2 milhões.
• O EBITDA ajustado subiu de US$ 59.000 para US$ 671.000, marcando o quinto trimestre consecutivo de EBITDA ajustado positivo.
• O prejuízo líquido GAAP foi de aproximadamente US$ 426.000, incluindo US$ 1,1 milhão em despesas não caixa, em comparação com um prejuízo de US$ 527.000 no ano anterior.
• Os serviços de oncologia translacional geraram US$ 14,3 milhões em receita. A margem do segmento melhorou de 43% para 51%, impulsionada por menores custos de radiomarcação de terceiros e pela alavancagem operacional.
• A receita com licenciamento de dados atingiu US$ 893.000, superando o total gerado em todo o ano fiscal de 2026. A administração atribuiu o aumento a uma base de clientes mais ampla.
• A Champions Oncology encerrou o trimestre com aproximadamente US$ 4,4 milhões em caixa e sem dívidas, após utilizar cerca de US$ 500.000 em caixa, principalmente devido a movimentações no capital de giro.

Principais Dados Financeiros

Desempenho Operacional e dos Negócios

O segmento de serviços de oncologia translacional beneficiou-se de uma conversão mais forte do valor dos estudos contratados em receita. A administração afirmou que a qualidade das vendas recentes melhorou, enquanto as expectativas de conversão para contratos assinados durante o trimestre permaneceram sólidas.

A rentabilidade dos serviços também melhorou. O custo da receita de oncologia caiu apesar do aumento das receitas, principalmente porque a Champions Oncology internalizou mais capacidades de radiomarcação e reduziu custos com terceiros. A receita mais elevada proporcionou alavancagem operacional adicional.

O segmento de dados gerou US$ 893.000 em receita de licenciamento no trimestre. A administração declarou que a demanda é sustentada pela escassez de dados derivados de pacientes, profundamente caracterizados e com anotações clínicas, usados em decisões de desenvolvimento de IA e aprendizado de máquina. A empresa busca expandir o uso de seus dados de previsões de estudos individuais para descoberta de biomarcadores, seleção de pacientes e planejamento de ensaios clínicos.

A Corellia, subsidiária terapêutica de propriedade integral da empresa, continuou as conversas com grupos de venture capital e potenciais parceiros farmacêuticos. A administração afirmou que os dados de suporte continuam a fortalecer a tese do programa.

Projeções da Administração

A Champions Oncology não forneceu uma estimativa numérica para o ano fiscal de 2027. A administração informou que seu foco permanece no crescimento da receita, na disciplina de despesas e na conversão do crescimento em maior rentabilidade.

A empresa avalia o negócio de licenciamento de dados principalmente em uma base anual, porque o fechamento de contratos ocorre em cronogramas variáveis e a receita trimestral deve continuar oscilando.

Caso a Champions Oncology obtenha financiamento externo ou uma parceria de licenciamento para a Corellia, a administração afirmou que o capital atualmente investido nesse negócio poderá ser redirecionado para iniciativas de dados, outras prioridades de crescimento e para o lucro líquido. Nenhum prazo foi fornecido para um acordo.

Riscos e Pontos de Atenção

• A receita com licenciamento de dados pode oscilar significativamente entre os trimestres devido ao cronograma irregular de contratos.
• O prazo e o resultado das discussões sobre o financiamento ou parceria da Corellia permanecem incertos.
• As despesas com vendas e marketing aumentaram de US$ 1,8 milhão para US$ 3,0 milhões após a expansão comercial, aumentando a exigência para converter esse investimento em crescimento de receita e lucro.
• O uso trimestral de caixa foi de aproximadamente US$ 500.000, impulsionado principalmente por menores contas a pagar e maiores contas a receber.

Transcrição Completa da Teleconferência de Resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

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.