Champions Oncology Shares Jump After Swinging to Profit, Posting Higher Revenue in 1Q

Dow Jones09-12

By Connor Hart

Shares of Champions Oncology surged after the company swung to a profit and posted higher revenue in its fiscal first quarter.

The stock rose 30% to $5.30 in after-hours trading Wednesday. Shares ended the regular session up 3% to $4.07, putting them down 28% since the beginning of the year.

The Hackensack, N.J., biotechnology company, which provides end-to-end oncology solutions, posted net income of $1.3 million, or 9 cents a share, for its three months ended July 31, compared with a loss of $2.6 million, or 19 cents a share, in last year's quarter.

Adjusted per-share earnings were 11 cents.

Revenue rose 12% to $14.1 million, boosted by operational improvements and efficiencies that led to an increase in bookings-to-revenue conversion percentage.

Chief Executive Ronnie Morris said, "we're cautiously optimistic that we've weathered the worst of the business downturn, and we're poised to emerge leaner and stronger."

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

September 11, 2024 17:30 ET (21:30 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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