Good day, ladies and gentlemen. And welcome to Champions Oncology First Quarter Fiscal Year 2018 Earnings Call. All lines have been placed on a listen-only mode and the floor will be open for questions and comments following the presentation. [Operator Instructions]. At this time, it is my pleasure to turn the floor over to your host, Ronnie Morris. Sir the floor is yours.

Good afternoon. I'm Ronnie Morris, the CEO of Champions Oncology. I'm joined today by David Miller, our CFO. Thank you for joining us for our quarterly earnings call. Before I start, I will remind you that we will make forward-looking statements during the call and 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 Form 10-K. Reconciliation of non-GAAP financial measures that may be discussed during the call to GAAP financial measures is available in the earnings release. As you know our last call was only six weeks ago, because we reported our year end results, which is also reported 90 days after the close instead of the usual 45 days after a quarter. As a result, this call maybe a little shorter than usual but we still have exciting news to report. Overall, we had another quarter of considerable progress for Champions Oncology. Highlights by quarterly revenue of more than $5 million, continued strong quarterly booking and bottom line of result that excluding stock-based compensation were very close to breakeven. While strong performance in near term visibility give us the confidence to reiterate our expectations for year-over-year revenue growth in excess of 20% achieving operational profitability and generating positive cash flow by the end of the current fiscal year. We had another solid booking quarter with growth only 25% over the same period last year another proof point that reinforces our confidence in a solid growth here. Subsequent to the end of the first quarter we announced a multi-year strategic collaboration with AstraZeneca to develop new PDX models for their oncology R&D programs. These breast and lung cancer models melted [ph] in actual tumor bank are currently unavailable and…

Thanks Ronnie. Our full results on Form 10-Q will be filed with the SEC this afternoon. Overall, revenue for the first quarter was a record $5 million, a 37% increase year-over-year driven primarily by a 25% increase in revenue in our TOS segment. The year-over-year increase in our first quarter is the realization of revenue on the sustained strong quarterly bookings in prior quarters which we have discussed on all of our recent quarterly calls. Turning to the results for each of our amount business segment, TOS revenue was $4.6 million for the three months ended July 31, 2017, a 45% over the $3.2 million revenue recognized in the first quarter of last year. TOS gross margin was 51% for the quarter compared to 35% in the same period last year. The core study completions and the resulting revenue recognition occurred after the expenses are recognized which is as incurred margins can fluctuate quarter-to-quarter. As our revenue continues to grow, we expect our gross margins to improve as we leverage our fixed cost to get a higher revenue base. This is evidenced by the quarter-over-quarter improvement we've achieved in Q1. In addition, we continue to expect gross margins to trend upward as we increase the operational efficiencies and transition our studies to the new lab and realize a reduction in our uptick and variable per study cost of sale. TOS revenue was $439,000 for the first quarter compared to $511,000 in the same period last year. The decrease is primarily due to a decline in TOS implant for the quarter. This decline was expected as we shift our strategic efforts primarily to our TOS business. As we have said before, we do not expect POS to drive revenue growth. However, the segment provides strategic value in our proforma, research and…

Okay. Thank you so much everybody.