CHAMPIONS ONCOLOGY, INC.
| Revenue | $60.7M |
|---|---|
| Operating income | $-409,000 |
| Net income | $-426,000 |
| Free cash flow | $-547,000 |
| Operating margin | -0.7% |
| Net margin | -0.7% |
| Return on equity | -10.9% |
| Period | TTM 2026-07-31 |
OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Improving margins and EBITDA are offset by liquidity, revenue lumpiness, and unresolved Corellia funding.
Hold: Q1 revenue rose 8.8% to $15.2 million, oncology-services margin expanded to 51% from 43%, and adjusted EBITDA reached $671,000 versus $59,000, but cash was only $4.4 million and operating cash flow was negative. The operating turnaround is credible, yet lumpy data licensing, a $426,000 net loss, and an unquantified Corellia funding outcome make this an execution story rather than a clean buy.
- Revenue Growth
- Adjusted Ebitda
- Oncology Services Margin
- Data Licensing
- Corellia Funding
- Cash Conversion
Near term
The next two quarters must show that the expanded commercial organization converts its higher expense base into sustained revenue growth.
Data licensing revenue of $893,000 exceeded all fiscal 2026 data revenue, but management explicitly expects quarterly results to remain lumpy.
Cash conversion bears watching: the company used approximately $492,000 in operations as accounts receivable rose to $13.6 million.
Longer term
Deeply characterized, clinically annotated patient data could support a higher-value licensing business if the broader customer base produces repeatable annual revenue.
Bringing radiolabeling in-house reduced oncology revenue costs by approximately $500,000 and may provide durable margin leverage.
External funding or licensing for Corellia could redirect investment toward data and the bottom line, but the timing and terms remain unknown.
Red flags
Management provided no quantified outlook for revenue, margins, cash use, or Corellia funding.
The $4.4 million cash balance is modest relative to $13.6 million of accounts receivable and the company's ongoing investment needs.
The quarter's profitability still included a $1.1 million noncash expense add-back, while stock-based compensation increased to $766,000 from $208,000.
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-07-27
- Cash Burn
- Customer Concentration
- Pd X Platform
- Data Licensing
- Radiopharmacology Inhouse
- Operating Loss
- Dilution
Red flags
- Cash fell to $4.9 million from $9.8 million while operating cash use was $4.5 million; the company also had negative working capital of $703,000 and an accumulated deficit of $81.1 million.
- One customer represented 24% of fiscal 2026 revenue, up from 13% in fiscal 2025, and 25% of net accounts receivable at April 30, 2026.
- Net accounts receivable and unbilled services totaled $13.2 million, including $7.5 million of unbilled services and a $1.1 million credit-loss allowance, substantially exceeding cash on hand.
- Potential dilution increased materially: antidilutive stock options outstanding rose to 2.64 million from 126,353 shares year over year.
- Royalty expense on licensed tumor samples rose to $594,000 from $462,000, with contractual royalties ranging from 2% to 20% of qualifying contract prices.
Earnings transcripts
- Motley Fool
Champions Oncology (CSBR) Q1 2027 Earnings Call Transcript
CHAMPIONS ONCOLOGY, INC.
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CHAMPIONS ONCOLOGY, INC.