By Kailyn Rhone
Shares of Champions Oncology jumped after the company swung to a profit and reported higher revenue in the latest quarter due to bookings growth and operational improvements.
The company's stock rose 13% to $6.62 in after-hours trading Wednesday. Shares were up almost 4% for the year through the day's close.
The technology-enabled research company on Wednesday posted a profit of $728,000, or 5 cents a share, up from a loss of $2 million, or 15 cents a share, in the same quarter a year ago.
Sales grew 17% to $13.5 million from $11.6 million a year earlier, driven by growth in bookings and operational improvements and efficiencies implemented in the quarter.
Cost of oncology services rose 12.2% to $7.4 million from $6.6 million a year ago, due to an increase in mice and lab costs to help revenue growth.
"We remain cautiously optimistic that the pharma and biotech environment is improving which will continue to contribute to our long-term growth," Chief Executive Ronnie Morris said.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
December 11, 2024 17:32 ET (22:32 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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