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Champions Oncology Reports Financial Results for the Year Ended April 30, 2012
Date:7/18/2012

or 38%.  The increase in costs was due to the increased volume of the TOS business.  Gross margin for TOS was 47% for the years ended April 30, 2012 and 2011.

POS revenues were $2.3 million and $3.4 million for the years ended April 30, 2012 and 2011, respectively, a decrease of $1.1 million, or 31%.  Panel revenue, a component of POS revenue, decreased $1.2 million from the prior year, which is primarily attributable to a decrease in pricing per panel.  Excluding panel revenue, POS revenue was $1.8 million and $1.7 million for the years ended April 30, 2012 and 2011, respectively, an increase of $0.1 million.  During fiscal 2012, the Company experienced significantly higher volumes of implants and drug studies compared to fiscal 2011.  For the year ended April 30, 2012, the Company performed 97 TumorGraft implants, compared to 12 in the prior year.  For the year ended April 30, 2012, the Company completed 19 drug studies, compared to 5 in the prior year.  The increase in volume was offset by decreased pricing for both the TumorGraft implants and drug studies, as part of our strategic decision to accelerate the growth of our Tumorbank.

Cost of POS was $2.4 million and $1.7 million for the years ended April 30, 2012 and 2011, respectively, an increase of $0.7 million, or 42%.  Gross margin for POS was -1% and 51% for the years ended April 30, 2012 and 2011, respectively.  Gross margins declined due to the strategic decision to decrease prices to drive increased volumes.  Additionally, during the second half of fiscal 2012, the Company transitioned its laboratory work in-house from a third-party CRO.  While this has resulted in increased costs during the transition, it is expected to yield future savings.  Finally, costs related to POS studies are expensed as incurred, so expenses include ongoing costs related to 11 drug studies in progress at April 30, 2012.

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SOURCE Champions Oncology, Inc.
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