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Champions Oncology Reports Financial Results for the Quarter Ended July 31, 2012
Date:9/12/2012

17% for the 2012 and 2011 periods, respectively.  The decline in gross margin can be attributed to increased costs related to transitioning our laboratory activities in-house from a third-party laboratory.  This transition, which is expected to yield future cost savings through higher utilization of capacity, began during the second half of fiscal 2012 and was substantially completed during the first quarter of fiscal 2013.

Translational Oncology Solutions (TOS) revenues were $1.2 million and $1.0 million for the three months ended July 31, 2012 and 2011, respectively, an increase of $0.2 million, or 20%.  The increase in TOS revenues was due primarily to higher numbers of models sold as a result of our increased investment in our Tumorbank.

TOS Cost of Sales were $0.7 million and $0.4 million for the 2012 and 2011 periods, respectively, an increase of $0.3 million, or 75%.  Gross margins for TOS were 42% and 60% for the 2012 and 2011 periods, respectively.  The decline in gross margin can be attributed to additional costs associated with transitioning laboratory activities in-house from a third-party laboratory.  Specifically, we have made additional investments in our infrastructure and our laboratory staff to increase productivity and to support current and expected volumes.

Research and development expenses were $0.4 million and $0.5 million for the three months ended July 31, 2012 and 2011, respectively.  This decrease was primarily related to decreased tumor procurement costs, resulting from our strategy to source models from our POS business.

Sales and marketing expenses for each of the periods were $0.7 million.  Employee-related costs associated with our sales force and marketing personnel increased $0.2 million, but this was offset by a decrease in marketing activities.

General and administrative expense was $1.1 million and $1.7 million for the respective 2012 and 2011 periods,
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SOURCE Champions Oncology, Inc.
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