Champions Oncology Inc (CSBR) 2026 Q3 法說會逐字稿

Greetings. Welcome to the Champions Oncology third quarter fiscal year 2026 earnings call. (Operator Instructions) Please note, this conference is being recorded.

各位好。歡迎參加 Champions Oncology 2026 財政年度第三季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to your host, Rob Brainin, CEO at Champions Oncology. You may begin.

現在我將把會議交給本次主持人 Champions Oncology 執行長 Rob Brainin。您可以開始了。

Good afternoon, and thank you for joining us for our third quarter fiscal 2026 earnings call. I'm Rob Brainin, CEO of Champions Oncology, and I'm joined today by our CFO, David Miller. Before we begin, I'll remind everyone that today's remarks may include forward-looking statements. Actual results may differ materially, and additional information can be found in our filings with the SEC. Before I walk through the quarter, let me briefly highlight three key takeaways.

各位下午好，感謝各位參加我們 2026 財政年度第三季財報電話會議。我是 Champions Oncology 執行長 Rob Brainin，今天與我一同出席的是我們的財務長 David Miller。在開始之前，我要提醒各位，今天的發言可能包含前瞻性陳述。實際結果可能存在重大差異，更多資訊請參閱我們向美國證券交易委員會（SEC）提交的文件。在我帶各位回顧本季之前，先簡要強調三項關鍵重點。

First, we delivered another quarter of strong operational performance, including record services revenue and our third consecutive quarter of positive adjusted EBITDA. Second, while quarterly revenue can fluctuate in our business, we remain on track for full year revenue growth and full year positive adjusted EBITDA while continuing to invest in both our data platform and our discovery therapeutics subsidiary. And third, we're beginning to see early momentum in our data business, including new deals closed during the quarter and additional revenue expected in the fourth quarter.

第一，我們再度交出強勁的營運表現，包括服務營收創新高，以及連續第三季達成正向的調整後 EBITDA。第二，雖然我們的業務季度營收可能波動，但我們仍按計畫達成全年營收成長與全年正向調整後 EBITDA，同時持續投資於資料平台與我們的藥物探索治療子公司。第三，我們開始在資料業務看到初步動能，包括本季完成的新交易，以及預期在第四季認列的額外營收。

Overall, we're pleased with the progress we're making as we scale the core services business while booting the longer-term growth opportunities in data and drug discovery. Turning to the quarter in more detail. We delivered another quarter of record services revenue, underscoring the strength of our core translational oncology services platform and the resilience of our customer relationships. Our PDX Bank remains a true differentiator in the market. And as customer budgets stabilize, we continue to see bookings convert into revenue.

整體而言，我們對於在擴大核心服務業務規模的同時，推進資料與藥物研發這些長期成長機會所取得的進展感到滿意。接著更詳細說明本季表現。我們再度創下服務營收新高，凸顯我們核心轉譯腫瘤學服務平台的實力，以及客戶關係的韌性。我們的 PDX Bank 仍是市場上真正的差異化優勢。隨著客戶預算趨於穩定，我們持續看到訂單轉化為營收。

I also want to thank our operations team who delivered this growth without material additions to headcount. That reflects the operating leverage in our model and our ability to expand margins as we scale. As we've said repeatedly, this is a somewhat lumpy business. Quarterly revenue can fluctuate depending on the timing of study progression and completion. During the quarter, we saw strong conversion of previously booked work, including some backlog from prior quarters, which benefited revenue in the period.

我也要感謝我們的營運團隊，在未大幅增加人力的情況下實現這項成長。這反映了我們模式中的營運槓桿，以及隨著規模擴大而提升利潤率的能力。正如我們一再提到的，這是一門相對「不平滑」的業務。季度營收可能會因研究進度與完成時點而波動。本季我們看到先前已簽訂工作的強勁轉換，包括部分前幾季的積壓訂單，帶動了本期營收。

Looking ahead, we would expect revenue to normalize somewhat as studies move through their various stages. That said, the underlying demand for our services remains healthy, and our focus continues to be on expanding the pipeline of future work through increased commercial engagement. This quarter, despite strong services performance, our year over year revenue showed a slight decline due to the large data deal we closed in the third quarter last year. Importantly, our services revenue came close to fully offsetting that comparison.

展望未來，隨著研究在不同階段推進，我們預期營收將在一定程度上回歸常態。即便如此，對我們服務的基本需求仍然健康，我們的重點仍是透過加強商務拓展，擴大未來工作的管線。本季儘管服務表現強勁，但由於去年第三季我們完成了一筆大型資料交易，使得今年同比營收略有下滑。重要的是，我們的服務營收幾乎完全抵銷了該比較基期的影響。

Stepping back from the quarter to quarter noise, which is why we manage the business on an annual basis, we remain on track for full year revenue growth and full year positive adjusted EBITDA all while continuing to invest in both our data business and Corellia without dilution of Champions' shares. That balance, growth and investment, coupled with disciplined focus on the bottom line is central to how we're managing the company.

從季度間的雜訊拉回來看（這也是我們以年度為基礎管理業務的原因），我們仍按計畫達成全年營收成長與全年正向調整後 EBITDA，同時持續投資於資料業務與 Corellia，且不稀釋 Champions 的股份。在成長與投資之間取得平衡，並以紀律性聚焦於最終獲利，是我們管理公司的核心。

While EBITDA remains somewhat suppressed in the near term as we continue investing in these growth drivers, we expect the payoff from those investments to begin showing up in fiscal 2027 with more meaningful acceleration in fiscal 2028, which brings me to an update on our data business. Although we did not recognize data revenue in the third quarter, we are beginning to see tangible signs of momentum in our data business.

由於我們持續投資這些成長驅動因素，短期內 EBITDA 仍會受到一定程度的壓抑；但我們預期投資回報將在 2027 財政年度開始顯現，並在 2028 財政年度出現更具意義的加速成長。接下來我將更新我們的資料業務。雖然我們在第三季未認列資料營收，但我們開始在資料業務看到具體的動能跡象。

During the quarter, we closed a six figure data deal that we expect to recognize in Q4. We're beginning to see traction with smaller transactions, which is important in building a broader and more diversified data business customer base with the potential to lead to larger deals in the future with those customers. And we continue to progress the large data deal we originally announced in Q3 of fiscal '25 with incremental revenue expected from that deal in the fourth quarter. While I need to reiterate that this is still early, these developments are encouraging.

本季我們完成了一筆六位數的資料交易，預期將在第四季認列。我們開始在較小型交易上看到進展，這對於建立更廣泛且更多元的資料業務客戶基礎非常重要，並有機會在未來與這些客戶促成更大型的交易。同時，我們也持續推進原先在 2025 財政年度第三季宣布的那筆大型資料交易，預期第四季將有該交易的增量營收。我需要再次強調，這仍處於早期階段，但這些進展令人鼓舞。

Customer engagement remains strong, and we are spending significant time and strategic discussions with partners who recognize the value of combining deep biological annotation with clinically relevant tumor models. The opportunity here remains substantial, and we are building it deliberately and thoughtfully. Turning to Corellia, our wholly owned target discovery subsidiary. We continue to generate attractive data that is being well received by potential venture capital funding partners and licensing counterparts. The feedback we're receiving is positive, and we believe the science is compelling.

客戶互動仍然強勁，我們也投入大量時間，與認同「深度生物註釋」結合「具臨床相關性的腫瘤模型」價值的合作夥伴進行策略性討論。此處的機會仍然相當可觀，我們正以審慎且有計畫的方式逐步建立。接著談 Corellia，我們全資持有的標的探索子公司。我們持續產出具吸引力的數據，並獲得潛在創投資金合作夥伴與授權對象的良好回饋。我們收到的回饋是正面的，也相信其科學基礎具有說服力。

As we've communicated previously, we have included the funding of Corellia in our initial fiscal 2027 budgeting assumptions. However, if we're successful in closing an external funding round, the EBITDA currently being invested in that business would be redeployed toward other growth initiatives, particularly in data and/or flow through to the bottom line.

如同我們先前所溝通的，我們已在 2027 財政年度的初步預算假設中納入對 Corellia 的資金投入。然而，若我們成功完成一輪外部募資，目前投入該業務的 EBITDA 將會重新配置至其他成長計畫，特別是資料業務，及／或直接反映到最終獲利。

I know a common question is the expected timing of funding for Corellia. At this point, I do not have a specific estimate as to when an external financing may occur. These processes take time, particularly in the current biotech funding environment. What I can say is that the discussions are ongoing, engagement remains quite active and the underlying data being generated on an ongoing basis continues to strengthen the investment case. Stepping back, Champions today is a stronger, more diversified company than it was two years ago.

我知道大家常問的一個問題是 Corellia 募資的預期時程。目前我無法對外部融資可能發生的時間點提供具體估計。這些流程需要時間，尤其在目前的生技募資環境下更是如此。我能說的是，相關討論仍在進行中，互動相當活躍，而持續產出的基礎數據也不斷強化投資論點。回過頭來看，今天的 Champions 相較兩年前已是一家更強大、更多元的公司。

We have a differentiated and deeply characterized tumor bank that anchors our services platform, a growing radiopharmaceutical capability that enhances our competitive positioning, a data platform that is beginning to generate commercial traction and has significant long-term potential and a therapeutic subsidiary with scientific validation and external interest, where we believe we will soon be positioned to capture some of the return for the investments we have made.

我們擁有具差異化且高度表徵的腫瘤庫，作為我們服務平台的核心支柱；不斷成長的放射性藥物能力，強化我們的競爭定位；一個開始產生商業牽引力且具顯著長期潛力的資料平台；以及一個已獲科學驗證並受到外部關注的治療子公司。我們相信，我們很快將具備條件，開始收穫先前投資所帶來的部分回報。

These growth vectors are separate but interrelated and our objective remains to maximize shareholder value across all three while maintaining disciplined capital allocation. Importantly, we are demonstrating that we can invest in the future while maintaining positive adjusted EBITDA today. That combination is critical. As we move through the fourth quarter, our focus remains on execution, delivering strong service performance, advancing data opportunities, progressing Corellia discussions and finishing the fiscal year with positive adjusted EBITDA and annual growth. Looking ahead, we believe the investments we are making today in these value drivers position Champions to deliver stronger growth and expanding profitability in the years ahead.

這些成長向量彼此獨立但相互關聯，而我們的目標仍是在維持嚴謹資本配置的同時，於這三者之間全面最大化股東價值。重要的是，我們正展現出我們能在今日維持正向調整後 EBITDA 的同時，投資於未來。這樣的組合至關重要。隨著我們進入第四季，我們的重點仍在於執行力：提供強勁的服務績效、推進數據機會、推動 Corellia 的討論，並以正向調整後 EBITDA 與年度成長完成本財政年度。展望未來，我們相信今日在這些價值驅動因素上的投資，將使 Champions 在未來數年實現更強勁的成長並擴大利潤率。

With that, I'll turn the call over to David to walk through the financial results in more detail.

接下來，我把電話交給 David，請他更詳細地說明財務結果。

Thank you, Rob, and good afternoon, everyone. Before I dive in, just a quick reminder that our full results will be filed on Form 10-Q with the SEC before March 17. And as always, I'll reference certain non-GAAP metrics with reconciliations to GAAP included in our earnings release. Total revenue for the quarter was $16.6 million compared to $17 million in the prior year period, a decrease of approximately 3%. However, the mix of revenue this quarter is important to understand.

謝謝你，Rob，各位下午好。在我開始之前，先快速提醒一下：我們的完整結果將在 3 月 17 日之前以 10-Q 表格向美國證券交易委員會（SEC）提交。一如往常，我將引用若干非 GAAP 指標，並在我們的財報新聞稿中提供與 GAAP 的調節。本季總營收為 1,660 萬美元，較去年同期的 1,700 萬美元下降約 3%。不過，本季營收組合很重要，值得理解。

Our core study revenue reached a record $16.6 million compared to $12.6 million in the year ago period, representing growth of approximately 32%. This performance reflects strong study execution and conversion of previously booked work during the quarter. We did not recognize any data revenue from our nascent data platform this quarter compared to $4.5 million in the prior year period, which accounts for the overall year over year revenue decline. As we have discussed previously, data revenue will vary from quarter to quarter at this stage of the platform development.

我們的核心研究（study）營收創下 1,660 萬美元的紀錄，較去年同期的 1,260 萬美元成長約 32%。此表現反映了強勁的研究執行，以及本季將先前已簽約/已預訂的工作轉化為收入。本季我們未從仍在起步階段的數據平台認列任何數據營收，而去年同期為 450 萬美元，這也解釋了整體年對年營收下滑。如我們先前所討論，在平台開發的此階段，數據營收將會隨季度而波動。

We anticipate it will become a more meaningful and regular contributor to our results over time. It is also worth noting that study revenue in the quarter benefited in part from strong study completion timing, which will normalize in the near term before continuing to grow as bookings expand. As a result, quarterly revenue can fluctuate as studies move through different phases of execution. Taken together, this revenue performance and continued operating discipline supported our third consecutive quarter of positive adjusted EBITDA coming in at $575,000, while our GAAP loss from operations for the quarter was approximately $275,000. Importantly, on a year-to-date basis, we remain on track to achieve full year positive adjusted EBITDA.

我們預期隨著時間推進，它將逐步成為對我們業績更具意義且更為穩定的貢獻來源。同時也值得注意的是，本季研究營收部分受惠於研究完成時點強勁，短期內將先行正常化，之後隨著訂單（bookings）擴大而持續成長。因此，隨著研究進入不同的執行階段，季度營收可能出現波動。綜合而言，這樣的營收表現與持續的營運紀律，支持我們連續第三季達成正向調整後 EBITDA，金額為 57.5 萬美元；而本季 GAAP 營運損失約為 27.5 萬美元。重要的是，以年初至今的基礎來看，我們仍按計畫達成全年正向調整後 EBITDA。

Turning to margins. Cost of sales for the quarter was $8.8 million compared to $6.6 million in the prior year period, resulting in a gross margin of 47% compared to 61% last year. It's important to highlight that more than $2 million of cost of sales in the quarter was attributable to outsourced laboratory work primarily related to radiolabeling workflows. As we continue bringing this work in-house, we expect these costs to decline and margins to improve. At current revenue levels, had this work been performed internally, our gross margin would have been in excess of 50%.

接著談毛利率。本季銷貨成本為 880 萬美元，較去年同期的 660 萬美元增加，使毛利率為 47%，去年為 61%。需要特別強調的是，本季超過 200 萬美元的銷貨成本來自外包實驗室工作，主要與放射性標記（radiolabeling）流程相關。隨著我們持續將這些工作內製，我們預期相關成本將下降、毛利率將改善。以目前的營收水準來看，若這些工作由內部執行，我們的毛利率將超過 50%。

It is also worth noting that prior year margins benefited from the data license transaction recognized in that period. Operating expenses for the quarter were $7.2 million compared to $5.3 million in the prior year period. The increase reflects investments aligned with our strategic priorities. Research and development expenses increased as we invested in sequencing and related activities to support the continued development of our data platform. Sales and marketing expenses increased as we expanded both our data business development team and our commercial POS team supporting both platforms. And G&A expense increased primarily due to leadership transitions and investments in IT infrastructure.

同時也值得注意的是，去年同期的毛利率受惠於當期認列的一筆數據授權交易。本季營業費用為 720 萬美元，較去年同期的 530 萬美元增加。此增幅反映了與我們策略優先事項一致的投資。研發費用增加，因我們投資於定序（sequencing）及相關活動，以支持數據平台的持續開發。銷售與行銷費用增加，因我們擴編了數據業務開發團隊以及支援兩個平台的商業 POS 團隊。一般與行政（G&A）費用增加，主要由於領導階層交接以及對 IT 基礎設施的投資。

While these investments increased operating expenses in the near term, they are intended to support future revenue growth and operating leverage. Turning to cash flows. Net cash used in operating activities for the quarter was $1.4 million, primarily driven by changes in working capital, including a decrease in deferred revenue related to the timing of billings during the quarter. We ended the quarter with $7.1 million in cash and no debt, and our cash balance remains within our projected range for the quarter. Looking ahead, our focus remains on consistent execution, driving revenue growth, improving both gross and operating margins and continuing to invest in the strategic capabilities that support our long-term growth.

雖然這些投資在短期內推升了營業費用，但其目的在於支撐未來營收成長與營運槓桿。接著談現金流。本季營運活動使用的淨現金為 140 萬美元，主要由營運資金變動所致，包括遞延收入下降，與本季開立帳單（billings）時點相關。本季末我們持有 710 萬美元現金且無負債，現金餘額仍落在我們對本季的預估區間內。展望未來，我們的重點仍是穩定執行、推動營收成長、改善毛利率與營業利益率，並持續投資於支援長期成長的策略能力。

As we are now in our fourth and final quarter of fiscal year 2026, our next earnings call will be in July. With that, we'll open the call for questions.

由於我們目前已進入 2026 財政年度的第四季也是最後一季，我們下一次財報電話會議將於 7 月舉行。接下來，我們開放提問。

(Operator Instructions)

（接線員指示）

And there were no questions currently from the lines. I will now hand the call back to Rob Brainin for closing remarks.

目前線上沒有提問。我現在把電話交回給 Rob Brainin 作結語。

Yeah. Thank you all for listening in today. Like we said, we're pleased with the progress we're making. Look forward to sharing with you another update in July to give you an update on that continued progress. Have a wonderful day.

好的。感謝各位今天收聽。如同我們所說，我們對目前取得的進展感到滿意。期待在 7 月與各位分享下一次更新，向各位說明這些持續的進展。祝各位有美好的一天。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與。