Champions Oncology Reports Revenue of $16.6 Million
Rhea-AI Summary
Champions Oncology (Nasdaq:CSBR) reported Q3 fiscal 2026 total revenue of $16.6 million (record study service revenue, +32% year-over-year excluding a prior $4.5M data license). Adjusted EBITDA was $574,000 and GAAP loss from operations was about $276,000. Cash was approximately $7.1 million with no debt.
Costs and operating expenses rose 34.3% year-over-year, driven by outsourced lab services and investments in the data platform and commercial team; management expects margin improvement as radiolabeling moves in-house.
Positive
- Study service revenue +32% YoY (ex-data license)
- Adjusted EBITDA positive at $574,000 for Q3
- $7.1M cash on hand with no debt
Negative
- Total costs and operating expenses +34.3% YoY
- Oncology services margin declined from 61% to 47%
- Nine-month adjusted EBITDA fell from $8.3M to $1.5M
News Market Reaction – CSBR
In the Mar 13 session, CSBR gained 6.27%, reflecting a notable positive market reaction. Argus tracked a peak move of +13.3% during that session. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. Trading volume was very high at 3.4x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Dec 15 | Quarterly earnings | Positive | -13.7% | Record Q2 FY2026 service revenue and positive net income with strong margins. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent earnings-tagged news showed negative price reaction (-13.72%) despite record service revenue, indicating a tendency for the stock to sell off on strong fundamental updates.
Over the past few quarters, Champions Oncology has emphasized oncology service growth and its data platform. Q1 FY2026 revenue was $14.0M with sharply lower margins and Adjusted EBITDA, followed by Q2 FY2026 record service revenue of $15.0M and Adjusted EBITDA of $843K. That earnings release saw a -13.72% move. Today’s Q3 FY2026 update continues the focus on study services growth, data licensing and investments in R&D and commercial infrastructure.
Key Terms
adjusted EBITDA financial
GAAP financial
Non-GAAP financial measures financial
Form 10-Q regulatory
stock-based compensation financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Company remains on track to deliver year-over-year revenue growth and positive adjusted EBITDA for the fiscal year
HACKENSACK, NJ / ACCESS Newswire / March 12, 2026 / Champions Oncology, Inc. (Nasdaq:CSBR), a leading translational oncology research organization, today announced its financial results for its third quarter of fiscal 2026, ended January 31, 2026.
Third Quarter and Recent Highlights:
Record study service revenue of
$16.6 million , up approximately32% year over yearTotal revenue of
$16.6 million , compared to$17.0 million in the prior-year periodAdjusted EBITDA of
$574,000 ; GAAP loss from operations of approximately$276,000
The Company's third quarter reflected record service revenue driven by strong study execution and the conversion of previously booked work. As is typical in the Company's business, quarterly revenue can fluctuate depending on study timing and completion milestones. The strong third quarter reflects, in part, the conversion of backlog that had been delayed earlier in the year and may normalize somewhat in the near term before continuing to grow as bookings expand.
Robert Brainin, CEO of Champions, commented, "We delivered strong operational performance in the third quarter, including another quarter of record study services revenue and our third consecutive quarter of positive adjusted EBITDA. While quarterly results can fluctuate in our business, we remain on track for annual growth and full-year positive adjusted EBIDTA while continuing to invest in our data platform and discovery therapeutics initiatives. We are also encouraged by the early momentum we are beginning to see in our data business and remain confident that our differentiated tumor bank, expanding capabilities, and growing customer engagement position Champions well for long-term growth."
David Miller, CFO of Champions, added, "Study service revenue grew
"Cost of sales during the quarter included more than
Third Fiscal Quarter Financial Results
Total oncology revenue for the third quarter of fiscal 2026 was
Total costs and operating expenses for the third quarter of fiscal 2026 were
For the third quarter of fiscal 2026, Champions reported a net loss of
Cost of oncology revenue was
Research and development expense for the three months ended January 31, 2026 was
Net cash used in operating activities was approximately
The Company ended the quarter with cash on hand of approximately
Year-to-date Financial Results
Total revenue for the nine months ending January 31, 2026 was
For the nine months ending January 31, 2026, Champions reported a net loss of
Cost of oncology services was
Research and development expense for the nine months ended January 31, 2026 was
Conference Call Information:
The Company will host a conference call today at 4:30 p.m. EDT (1:30 p.m. PDT) to discuss its third quarter financial results. To participate in the call, please call 888-506-0062 (Domestic) or 973-528-0011 (International) and enter the access code 957548, or provide the verbal reference "Champions Oncology".
Full details of the Company's financial results will be available on or before March 16, 2026 in the Company's Form 10-Q at www.championsoncology.com.
* Non-GAAP Financial Information
This press release contains "Non-GAAP financial measures," which are measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP").
A further explanation and reconciliation and/or calculation of these Non-GAAP financial measures is included below and in the financial tables in this release.
The Company believes that the Non-GAAP financial measures presented facilitate an understanding of operating performance and provide a meaningful comparison of its results between periods. The Company's management uses Non-GAAP financial measures to, among other things, evaluate its ongoing operations in relation to historical results and for internal planning and forecasting purposes. Adjusted EBITDA and Adjusted EPS represent measures that we believe are customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that these measures are useful in evaluating our core operating results. However, Adjusted EBITDA and Adjusted EPS are not measures of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to net income, operating income, or EPS as indicators of our operating performance or to net cash provided by operating activities as a measure of our liquidity. We believe the Company's Adjusted EBITDA and Adjusted EPS measures provide information that is directly comparable to that provided by other peer companies in our industry, but other companies may calculate Non-GAAP financial results differently, particularly related to nonrecurring, unusual items.
Adjusted EBITDA
Adjusted EBITDA represents net income (loss) excluding the effect of stock-based compensation and depreciation and amortization and may also exclude other items not indicative of our ongoing operating performance, when defined.
Adjusted Net Income (Loss) and Adjusted Earnings Per Share (EPS)
Adjusted net income (loss) (if denoted) and adjusted EPS exclude the effect of stock-based compensation and depreciation and amortization and may also exclude other items not indicative of our ongoing operating performance, when defined.
Oncology Services Profit and Oncology Services Margin
Oncology Services Profit is a Non-GAAP measure calculated as oncology revenue less cost of oncology revenue. Cost of oncology revenue is comprised primarily of expenses for mice, laboratory supplies, compensation, and outsourced lab services. Oncology Services margin is a Non-GAAP measure calculated as oncology services profit divided by oncology revenue.
Management believes that Oncology Services Profit and Oncology Services margin are metrics which provide a clear view of direct profitability before research and development, sales and marketing, and administrative expenses are factored into our results. Management monitors these metrics closely as an indicator of pricing strategy effectiveness and resource utilization. These non-GAAP measures should not be considered in isolation or as a substitute for GAAP measures such as operating income (loss) and net income (loss). A reconciliation to the most directly comparable GAAP measure is provided in the accompanying tables.
About Champions Oncology, Inc.
Champions Oncology is a global preclinical and clinical research services provider that offers end-to-end oncology R&D solutions and innovative data platforms to biopharma organizations. With the largest and most annotated bank of clinically relevant patient-derived xenograft (PDX) and primary hematological malignancy models, Champions delivers innovative highest-quality data through proprietary in vivo and ex vivo platforms. Through its large portfolio of cutting-edge bioanalytical platforms, groundbreaking data platform and analytics, and scientific excellence, Champions enables the advancement of preclinical and clinical oncology drug discovery and development programs worldwide. For more information, please visit www.ChampionsOncology.com.
Media Inquiries:
Gavin Cooper
Vice President, Global Marketing
gcooper@championsoncology.com
Website: https://www.championsoncology.com/
Facebook: https://www.facebook.com/championsoncology/
LinkedIn: https://www.linkedin.com/company/champions-oncology-inc-/
Twitter: @ChampionsOncol1
Instagram: https://www.instagram.com/championsoncology/
This press release may contain "forward-looking statements" (within the meaning of the Private Securities Litigation Act of 1995) that inherently involve risk and uncertainties. Champions Oncology generally uses words such as "believe," "may," "could," "will," "intend," "expect," "anticipate," "plan," and similar expressions to identify forward-looking statements. One should not place undue reliance on these forward-looking statements. The Company's actual results could differ materially from those anticipated in the forward-looking statements for many unforeseen factors. See Champions Oncology's Form 10-K for the fiscal year ended April 30, 2025 for a discussion of such risks, uncertainties and other factors. Although the Company believes the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and Champions Oncology's future results, levels of activity, performance or achievements may not meet these expectations. The Company does not intend to update any of the forward-looking statements after the date of this press release to conform these statements to actual results or to changes in Champions Oncology's expectations, except as required by law.
Champions Oncology, Inc.
(Dollars in thousands)
Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA - (Non-GAAP) (Unaudited)
Three Months Ended January 31, | Nine Months Ended January 31, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Net income (loss) - GAAP | $ | (279 | ) | $ | 4,495 | $ | (508 | ) | $ | 6,536 | ||||||
Less: | ||||||||||||||||
Stock-based compensation | 423 | 256 | 880 | 523 | ||||||||||||
Depreciation and amortization | 341 | 398 | 1,056 | 1,246 | ||||||||||||
Loss on equipment sale and disposal | 89 | - | 110 | - | ||||||||||||
Adjusted EBITDA - Non-GAAP | $ | 574 | $ | 5,149 | $ | 1,538 | $ | 8,305 | ||||||||
Reconciliation of GAAP EPS to Non-GAAP EPS (Unaudited)
Three Months Ended January 31, | Nine Months Ended January 31, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
EPS - basic, GAAP | $ | (0.02 | ) | $ | 0.33 | $ | (0.04 | ) | $ | 0.48 | ||||||
Less: | ||||||||||||||||
Effect of stock-based compensation on EPS | 0.03 | 0.02 | 0.06 | 0.04 | ||||||||||||
Effect of depreciation and amortization on EPS | 0.02 | 0.03 | 0.08 | 0.09 | ||||||||||||
Effect of loss on equipment sale and disposal on EPS | 0.01 | - | 0.01 | - | ||||||||||||
Adjusted EPS - basic, Non-GAAP | $ | 0.04 | $ | 0.38 | $ | 0.11 | $ | 0.61 | ||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
EPS - diluted, GAAP | $ | (0.02 | ) | $ | 0.31 | $ | (0.04 | ) | $ | 0.46 | ||||||
Less: | ||||||||||||||||
Effect of stock-based compensation on EPS | 0.03 | 0.02 | 0.06 | 0.04 | ||||||||||||
Effect of depreciation and amortization on EPS | 0.02 | 0.03 | 0.08 | 0.09 | ||||||||||||
Effect of loss on equipment sale and disposal on EPS | 0.01 | - | 0.01 | - | ||||||||||||
Adjusted EPS - diluted, Non-GAAP | $ | 0.04 | $ | 0.36 | $ | 0.11 | $ | 0.59 | ||||||||
Reconciliation of GAAP Income (Loss) from Operations to Oncology Services Profit and Oncology Services Margin - (Non-GAAP) (Unaudited)
Three Months Ended January 31, | Nine Months Ended January 31, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Income (loss) from operations - GAAP | $ | (276 | ) | $ | 4,499 | $ | (618 | ) | $ | 6,560 | ||||||
Add: | ||||||||||||||||
Research and Development, Sales and Marketing, General and Administrative, and Loss on sale and disposal of equipment | 8,001 | 5,923 | 22,118 | 16,911 | ||||||||||||
Oncology services profit - Non-GAAP | 7,725 | 10,422 | 21,500 | 23,471 | ||||||||||||
Add: Cost of oncology revenue | 8,834 | 6,617 | 24,090 | 21,118 | ||||||||||||
Oncology revenue - GAAP | $ | 16,559 | $ | 17,039 | $ | 45,590 | $ | 44,589 | ||||||||
Oncology services margin - Non-GAAP | 47 | % | 61 | % | 47 | % | 53 | % | ||||||||
Unaudited Condensed Consolidated Statements of Operations (unaudited)
Three Months Ended January 31, | Nine Months Ended January 31, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Oncology revenue | $ | 16,559 | $ | 17,039 | $ | 45,590 | $ | 44,589 | ||||||||
Cost of oncology revenue | 8,834 | 6,617 | 24,090 | 21,118 | ||||||||||||
Research and development | 2,271 | 1,719 | 6,969 | 4,862 | ||||||||||||
Sales and marketing | 2,666 | 1,806 | 6,520 | 5,236 | ||||||||||||
General and administrative | 2,975 | 2,398 | 8,519 | 6,813 | ||||||||||||
Loss on disposal of equipment | 89 | - | 110 | - | ||||||||||||
Income (loss) from operations | (276 | ) | 4,499 | (618 | ) | 6,560 | ||||||||||
Other income, net | 39 | 19 | 184 | 30 | ||||||||||||
Income (loss) before provision for income taxes | (237 | ) | 4,518 | (434 | ) | 6,590 | ||||||||||
Provision for income taxes | 42 | 23 | 74 | 54 | ||||||||||||
Net income (loss) | $ | (279 | ) | $ | 4,495 | $ | (508 | ) | $ | 6,536 | ||||||
Net income (loss) per common share outstanding | ||||||||||||||||
basic | $ | (0.02 | ) | $ | 0.33 | $ | (0.04 | ) | $ | 0.48 | ||||||
and diluted | $ | (0.02 | ) | $ | 0.31 | $ | (0.04 | ) | $ | 0.46 | ||||||
Weighted average common shares outstanding | ||||||||||||||||
basic | 13,886,797 | 13,700,627 | 13,805,647 | 13,620,686 | ||||||||||||
and diluted | 13,886,797 | 14,364,904 | 13,805,647 | 14,132,712 | ||||||||||||
Condensed Consolidated Balance Sheets
January 31, 2026 | April 30, 2025 | |||||||
(unaudited) | ||||||||
Cash and cash equivalents | $ | 7,127 | $ | 9,785 | ||||
Accounts receivable, net | 12,067 | 11,204 | ||||||
Other current assets | 991 | 1,369 | ||||||
Total current assets | 20,185 | 22,358 | ||||||
Operating lease right-of-use assets, net | 4,026 | 5,080 | ||||||
Property and equipment, net | 3,705 | 4,375 | ||||||
Other long term assets | 196 | 196 | ||||||
Goodwill | 335 | 335 | ||||||
Total assets | $ | 28,447 | $ | 32,344 | ||||
Accounts payable and accrued liabilities | $ | 9,072 | $ | 6,804 | ||||
Current portion of operating lease liabilities | 1,529 | 1,471 | ||||||
Other current liabilities | 78 | 135 | ||||||
Deferred revenue | 9,998 | 15,443 | ||||||
Total current liabilities | 20,677 | 23,853 | ||||||
Non-current operating lease liabilities | 3,365 | 4,634 | ||||||
Other Non-current Liability | 27 | 85 | ||||||
Total liabilities | 24,069 | 28,572 | ||||||
Total stockholders' equity attributable to Champions Oncology, Inc. | 4,283 | 3,772 | ||||||
Noncontrolling interest | 95 | - | ||||||
Total stockholders' equity | 4,378 | 3,772 | ||||||
Total liabilities and stockholders' equity | $ | 28,447 | $ | 32,344 | ||||
Unaudited Condensed Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended January 31, | ||||||||
2026 | 2025 | |||||||
Cash flows from operating activities: | ||||||||
Net (loss) income | $ | (508 | ) | $ | 6,536 | |||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operations: | ||||||||
Stock-based compensation expense | 880 | 523 | ||||||
Operating lease right-of use assets | 1,055 | 881 | ||||||
Depreciation and amortization expense | 1,056 | 1,246 | ||||||
Gain on termination of operating lease | (9 | ) | - | |||||
Loss on sale and disposal of equipment | 110 | - | ||||||
Allowance and estimated credit losses | (46 | ) | (320 | ) | ||||
Changes in operating assets and liabilities | (5,012 | ) | (8,348 | ) | ||||
Net cash (used in) provided by operating activities | (2,474 | ) | 518 | |||||
Cash flows from investing activities: | ||||||||
Proceeds from sale of equipment | 23 | - | ||||||
Purchases of property and equipment | (325 | ) | (136 | ) | ||||
Net cash used in investing activities: | (302 | ) | (136 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from the exercise of stock options | 234 | 314 | ||||||
Finance lease payments | (116 | ) | (112 | ) | ||||
Net cash provided by financing activities: | 118 | 202 | ||||||
Net (decrease) increase in cash | (2,658 | ) | 584 | |||||
Cash at beginning of period | 9,785 | 2,618 | ||||||
Cash at the end of period | $ | 7,127 | $ | 3,202 | ||||
SOURCE: Champions Oncology, Inc.
View the original press release on ACCESS Newswire