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Champions Oncology, Inc.(CSBR), a leading company in the fie ld of oncology services, has released its consolidated financial statements for the year ended April 30. The company reported a net loss of $5.3 million during the fiscal year, and its oncology services revenue reached $53.9 million.
Net Income/Loss Analysis
The consolidated financial statements for the year ended April 30, 2023, revealed that Champions Oncology, Inc. faced a net loss of $5.3 million. This loss is in stark contrast to the previous year's net income of $548,000. The significant difference can be attributed to various factors affecting the company's operations and financial performance during the reporting period.
Revenue Analysis
Champions Oncology, Inc. witnessed strong revenue growth in the fiscal year 2023. The oncology services revenue surged to $53.9 million, compared to $49.1 million in the previous year. This increase can be attributed to the company's continued dedication to providing high-quality oncology services and expanding its customer base.
The breakdown of revenue indicates that Champions Oncology, Inc. experienced a positive trajectory in its core business operations, which played a vital role in boosting overall revenue for the fiscal year.With this substantial growth in revenue, Champions Oncology, Inc. is well-positioned to continue its strategic expansion and investment in the field of oncology services.
Consolidated Balance Sheets
The consolidated balance sheets of Champions Oncology, Inc. as of April 30, 2023, and 2022, showcase the company's financial position.
Assets
Champions Oncology, Inc. reported total assets amounting to $34.3 million as of April 30, 2023, compared to $35.4 million in the previous year.
The current assets for the company included cash amounting to $10.1 million, accounts receivable netting to $8.0 million, and prepaid expenses and other current assets totaling $1.3 million. The current assets slightly decreased from the previous year, indicating efficient utilization of available resources.
The company also held operating lease right-of-use assets netting to $7.3 million and property and equipment netting to $7.2 million, which remained relatively stable compared to the prior year.
Champions Oncology, Inc. reported total liabilities of $29.7 million as of April 30, 2023, compared to $26.3 million in the previous year.
The current liabilities included accounts payable of $5.3 million, accrued liabilities of $2.3 million, and deferred revenue amounting to $12.8 million. These current liabilities increased compared to the previous year, reflecting the company's ongoing operational commitments.
The non-current portion of operating lease liabilities amounted to $7.4 million, and other non-current liabilities stood at $0.6 million.
The stockholders' equity of the company amounted to $4.6 million, compared to $9.1 million in the previous year. This decrease in stockholders' equity is primarily attributed to the net loss incurred during the fiscal year 2023.
Champions Oncology, Inc. experienced a challenging year with a net loss of $5.3 million, offset by robust revenue growth of $53.9 million from its oncology services. The company's strong revenue figures demonstrate its ability to navigate through market dynamics successfully.
As the company moves forward, Champions Oncology, Inc. will likely continue to focus on optimizing its operations and expanding its oncology services to capitalize on emerging opportunities in the healthcare sector.