Champions Oncology, Inc.

Greetings and welcome to Champions Oncology First Quarter Fiscal Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Dr. Ronnie Morris, President and CEO of the company. Thank you. You may begin.

Good afternoon.

I am Ronnie Morris, the CEO of Champions Oncology. Joining me today is David Miller, our Chief Financial Officer. Thank you for joining us for our quarterly earnings call. Before I begin, I will remind you that we will be making forward-looking statements during today's call and that actual results could differ materially from what is described in those statements. Additional information on factors that could cause results to differ is available in our Forms 10-Q and Forms 10-K. A reconciliation of non-GAAP financial measures that may be discussed during the call to GAAP financial measures is available in the earnings release. I will start by pointing out that our prepared comments for today will be relatively brief as we just recently provided our fiscal 2020 year-end results and company update six weeks ago. While continued progress and successes have been achieved since the last update, the fundamental vision and strategies for the coming quarters remain unchanged. Revenue for the first quarter of fiscal 2021 jumped to a record $9.5 million compared to $6.7 million in the year-ago period. Our bookings and pipeline remain strong, which will continue to drive further revenue expansion. During the quarter, we completed our move to new lab space, consolidating all our work under one roof. The additional space and increased capacity will enable us to meet the growing demands of our business. Despite the continued pandemic and uncertain economic environment, to date our overall business and operations have been minimally affected. The active measures we took in early February to mitigate the risks of COVID remain in effect. As of now, all indications point to continued robust oncology R&D budgets and a demand for our services. As we have mentioned many times before, our platform was based on our unique PDX bank and data and that has led to our growth in in vivo services over the last several years. Recently, we have capitalized on our unique bank to introduce our ex vivo services as well. Our ex vivo platform continues to grow rapidly and contribute meaningfully to our total revenue. As discussed previously, we are investing to expand our ex vivo offering and plan to have a comprehensive internal offering by the end of this fiscal year. We continue to look for ways to capitalize on our unique platform, data, and experience in working with the pharmaceutical companies in their drug development efforts. Regarding our biomarker assays and in specific regulatory flow cytometry, we booked our first clinical flow cytometry study this quarter. As we mentioned on our year-end call, we have signed several regulatory flow validation studies. As a reminder, the validation study is often the initial step prior to signing the full regulatory flow statement of work. I will caution that the signing of these studies does not change the revenue guidance and expectations for the current fiscal year. However, we are cautiously optimistic that these recent signings are an indication that this offering, which has taken longer than expected to generate the desired results, has turned the corner and the product's future will be more in line with our initial expectations. On the R&D front, we continue to invest on expanding our service offerings and enriching the data contained in our models. Specifically, over the coming quarters, we anticipate additional spend to obtain additional characterization on our models. We believe the additional data will be valuable to our pharmaceutical customers and will fuel continued usage of our models in PDX and endpoint analysis studies. In summary, overall, we kicked off fiscal year 2021 with a strong first quarter. We had both strong revenue and bookings while we continued to progress on expanding our offerings. The combination of strong bookings and expanded services lays the foundation for sustained revenue growth over the coming quarters. We look forward to providing further updates over the course of the year. Now let me turn the call over to David Miller for a more detailed review of our financial results.