Finance

Burning Rock Reports Fourth Quarter and Full Year 2023 Financial Results


Burning Rock Biotech Limited

Burning Rock Biotech Limited

GUANGZHOU, China, March 28, 2024 (GLOBE NEWSWIRE) — Burning Rock Biotech Limited (NASDAQ: BNR and LSE: BNR, the “Company” or “Burning Rock”), a company focused on the application of next generation sequencing (NGS) technology in the field of precision oncology, today reported financial results for the three months and the year ended December 31, 2023.

2023 Business Overview and Recent Updates

Fourth Quarter 2023 Financial Results

Revenues were RMB121.1 million (US$17.1 million) for the three months ended December 31, 2023, representing a 14.9% decrease from RMB142.2 million for the same period in 2022.

  • Revenue generated from central laboratory business was RMB51.3 million (US$7.2 million) for the three months ended December 31, 2023, representing a 28.7% decrease from RMB72.0 million for the same period in 2022, primarily attributable to a decrease in the number of tests, as we continued to focus on our in-hospital business.

  • Revenue generated from in-hospital business was RMB28.8 million (US$4.1 million) for the three months ended December 31, 2023, representing a 32.3% decrease from RMB42.5 million for the same period in 2022, primarily attributable to one-off adjustment with two hospitals. Exclude such two, revenue generated from in-hospital business for the three months ended December 31, 2023 would have remained relatively stable (decreasing by 1%) year-over-year.

  • Revenue generated from pharma research and development services was RMB41.0 million (US$5.8 million) for the three months ended December 31, 2023, representing a 47.8% increase from RMB27.7 million for the same period in 2022, primarily attributable to increased development and testing services performed for our pharma customers.

Cost of revenues remained relatively stable at RMB43.0 million (US$6.1 million) for the three months ended December 31, 2023, compared to RMB41.0 million for the same period in 2022.

Gross profit was RMB78.1 million (US$11.0 million) for the three months ended December 31, 2023, representing a 22.9% decrease from RMB101.3 million for the same period in 2022. Gross margin was 64.5% for the three months ended December 31, 2023, compared to 71.2% for the same period in 2022. By channel, gross margin of central laboratory business was 81.7% for the three months ended December 31, 2023, compared to 75.7% during the same period in 2022, primarily due to a decrease in inventory write down; gross margin of in-hospital business was 44.8% for the three months ended December 31, 2023, compared to 63.5% during the same period in 2022, primarily due to a decrease in revenue generated from two hospitals due to one-off adjustment. Exclude such two, gross margin of in-hospital business was 65.0% for the three months ended December 31, 2023, compared to 66.6% during the same period in 2022; gross margin of pharma research and development services was 56.9% for the three months ended December 31, 2023, compared to 71.2% during the same period of 2022, primarily due to a decrease in test volume of higher margin projects.

Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB87.1 million (US$12.3 million) for the three months ended December 31, 2023, representing a 21.1% decrease from RMB110.4 million for the same period in 2022. Non-GAAP gross margin was 71.9% for the three months ended December 31, 2023, compared to 77.6% for the same period in 2022.

Operating expenses were RMB244.4 million (US$34.4 million) for the three months ended December 31, 2023, representing a 23.3% decrease from RMB318.7 million for the same period in 2022. The decrease was primarily driven by budget control measures, including headcount reduction, to improve our operating efficiency.

  • Research and development expenses were RMB73.1 million (US$10.3 million) for the three months ended December 31, 2023, representing an 27.5% decrease from RMB100.8 million for the same period in 2022, primarily due to (i) a decrease in the expenditure for detection research, and (ii) a decrease in staff cost resulted from the reorganization of our research and development department to improve operating efficiency.

  • Selling and marketing expenses were RMB49.8 million (US$7.0 million) for the three months ended December 31, 2023, representing a 41.5% decrease from RMB85.2 million for the same period in 2022, primarily due to (i) a decrease in staff cost resulted from the reorganization of our sales department to improve operating efficiency, and (ii) a decrease in marketing and conference fee.

  • General and administrative expenses were RMB121.5 million (US$17.1 million) for the three months ended December 31, 2023, representing a 8.4% decrease from RMB132.7 million for the same period in 2022, primarily due to a decrease in professional service fee.

Net loss was RMB162.2 million (US$22.8 million) for the three months ended December 31, 2023, compared to RMB216.2 million for the same period in 2022.

Cash, cash equivalents, restricted cash were RMB615.2 million (US$86.7 million) as of December 31, 2023.

Full Year 2023 Financial Results

Revenues were RMB537.4 million (US$75.7 million) for 2023, representing a 4.6% decrease from RMB563.2 million for 2022.

  • Revenue generated from central laboratory business was RMB232.8 million (US$32.8 million) for 2023, representing a 26.0% decrease from RMB314.8 million for 2022, primarily attributable to a decrease in the number of tests, as we continued to focus on our in-hospital business.

  • Revenue generated from in-hospital business was RMB188.7 million (US$26.6 million) for 2023, representing a 7.6% increase from RMB175.3 million for 2022, primarily due to demand from ten new contracted partner hospitals added to the Company’s in-hospital channel in 2023.

  • Revenue generated from pharma research and development services was RMB115.9 million (US$16.3 million) for 2023, representing a 58.4% increase from RMB73.2 million for 2022, primarily attributable to increased development and testing services performed for our pharma customers.

Cost of revenues was RMB174.2 million (US$24.5 million) for 2023, representing a 4.9% decrease from RMB183.2 million for 2022, primarily due to a decrease in cost of revenues for our central lab business, as we continued to focus on our in-hospital business.

Gross profit was RMB363.2 million (US$51.2 million) for 2023, representing a 4.4% decrease from RMB380.0 million for 2022. Gross margin increased to 67.6% for 2023 from 67.5% for 2022.

Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB399.4 million (US$56.3 million) for 2023, representing a 2.8% decrease from RMB411.0 million for 2022. Non-GAAP gross margin was 74.3% for 2023, compared to 73.0% for 2022.

Operating expenses were RMB1,032.5 million (US$145.4 million) for 2023, representing a 24.1% decrease from RMB1,360.4 million for 2022.

  • Research and development expenses were RMB347.0 million (US$48.9 million) for 2023, representing a 17.7% decrease from RMB421.9 million for 2022, primarily due to (i) a decrease in the expenditure for detection research, (ii) a decrease in royalty and license fee, and (iii) a decrease in staff cost resulted from the reorganization of our research and development department to improve operating efficiency.

  • Selling and marketing expenses were RMB247.7 million (US$34.9 million) for 2023, representing a 33.1% decrease from RMB370.3 million for 2022, primarily due to (i) a decrease in staff cost resulted from the reorganization of our sales department to improve operating efficiency, (ii) a decrease in marketing and conference fee; and (iii) a decrease in entertainment fee.

  • General and administrative expenses were RMB437.8 million (US$61.7 million) for 2023, representing a 23.0% decrease from RMB568.3 million for 2022, primarily due to (i) a decrease in professional service fee; (ii) a decrease in allowance for doubtful accounts resulting from accelerated settlement with customers with long aging accounts receivable; and (iii) a decrease in staff cost resulted from the reorganization of our general and administrative department to improve operating efficiency.

Net loss was RMB653.7 million (US$92.1 million) for 2023, compared to RMB971.2 million for 2022.

2024 Financial Guidance

We currently expect to achieve breakeven (measured by non-GAAP gross profit minus non-GAAP SG&A) in the first half of 2024.

Non-GAAP gross profit refers to gross profit excluding depreciation and amortization. Non-GAAP SG&A refers to selling and marketing expenses and general and administrative expenses, both excluding their respective share-based compensation and depreciation and amortization.

Conference Call Information

Burning Rock will host a conference call to discuss the fourth quarter and full year 2023 financial results at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Hong Kong time) on March 29, 2024.

Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers and unique registrant ID which would be provided upon registering.

PRE-REGISTER LINK: https://register.vevent.com/register/BIa8b469b65e8e428e942decdf0c4c6687.

Additionally, a live and archived webcast of the conference call will also be available on the company’s investor relations website at http://ir.brbiotech.com or through link https://edge.media-server.com/mmc/p/hrphgr99.

A replay of the webcast will be available for 12 months via the same link above.

About Burning Rock

Burning Rock Biotech Limited (NASDAQ: BNR and LSE: BNR), whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, and ii) cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage.

For more information about Burning Rock, please visit: ir.brbiotech.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Burning Rock may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Burning Rock’s beliefs and expectations, are forward-looking statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Burning Rock’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. All information provided in this press release is as of the date of this press release, and Burning Rock does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Non-GAAP Measures

In evaluating the business, the company considers and uses non-GAAP measures, such as non-GAAP gross profit and non-GAAP gross margin, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The company defines non-GAAP gross profit as gross profit excluding depreciation and amortization. The company defines non-GAAP gross margin as gross margin excluding depreciation and amortization.

The company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The company believe non-GAAP gross profit and non-GAAP gross margin excluding non-cash impact of depreciation and amortization reflect the company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons.

Contact: [email protected]

Selected Operating Data

 

 

 

 

 

 

 

 

 

As of

 

March
31, 2022

 

June
30, 
2022

 

September
30, 2022

 

December
31, 2022

 

March
31, 2023

 

June
30, 2023

 

September
30, 2023

 

December
31, 2023

 

In-hospital Channel:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pipeline partner hospitals(1)

24

 

25

 

22

 

28

 

29

 

30

 

29

 

28

 

Contracted partner hospitals(2)

41

 

43

 

47

 

49

 

49

 

50

 

55

 

59

 

Total number of partner hospitals

65

 

68

 

69

 

77

 

78

 

80

 

84

 

87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Refers to hospitals that are in the process of establishing in-hospital laboratories, laboratory equipment procurement or installation, staff training or pilot testing using the Company’s products.

(2) Refers to hospitals that have entered into contracts to purchase the Company’s products for use on a recurring basis in their respective in-hospital laboratories the Company helped them establish. Kit revenue is generated from contracted hospitals.

 

Selected Financial Data

 

 

 

 

 

 

 

 

 

For the three months ended

Revenues

March
31, 
2022

 

June
30, 
2022

 

September
30, 2022

 

December
31, 2022

 

March
31, 2023

 

June
30, 2023

 

September
30, 2023

 

December
31, 2023

 

 

(RMB in thousands)

Central laboratory channel

74,211

 

78,597

 

89,992

 

71,970

 

61,804

 

66,239

 

53,481

 

51,288

 

In-hospital channel

48,957

 

34,177

 

49,636

 

42,526

 

51,561

 

53,835

 

54,496

 

28,809

 

Pharma research and development channel

12,356

 

18,072

 

15,003

 

27,741

 

29,151

 

26,194

 

19,589

 

40,988

 

Total revenues

135,524

 

130,846

 

154,631

 

142,237

 

142,516

 

146,268

 

127,566

 

121,085

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

Gross profit

March
31, 
2022

 

June
30, 
2022

 

September
30, 2022

 

December
31, 
2022

 

March
31, 2023

 

June
30, 2023

 

September
30, 2023

 

December
31, 2023

 

 

(RMB in thousands)

 

 

Central laboratory channel

50,574

 

57,575

 

69,991

 

54,507

 

48,090

 

51,876

 

41,487

 

41,886

 

In-hospital channel

33,396

 

20,012

 

31,593

 

26,999

 

34,409

 

33,353

 

35,459

 

12,910

 

Pharma research and development channel

3,610

 

5,015

 

7,010

 

19,757

 

16,273

 

15,193

 

8,974

 

23,317

 

Total gross profit

87,580

 

82,602

 

108,594

 

101,263

 

98,772

 

100,422

 

85,920

 

78,113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

Share-based compensation expenses

March
31, 
2022

 

June
30, 
2022

 

September
30, 2022

 

December
31, 
2022

 

March
31, 2023

 

June
30, 2023

 

September
30, 2023

 

December
31, 2023

 

 

(RMB in thousands)

Cost of revenues

365

 

441

 

481

 

496

 

353

 

627

 

680

 

654

 

Research and development expenses

12,299

 

11,923

 

13,978

 

14,673

 

13,612

 

15,301

 

12,161

 

12,401

 

Selling and marketing expenses

1,774

 

2,158

 

2,346

 

2,247

 

1,606

 

3,389

 

2,848

 

1,816

 

General and administrative expenses

65,715

 

62,615

 

61,041

 

74,232

 

62,595

 

18,502

 

57,704

 

56,472

 

Total share-based compensation expenses

80,153

 

77,137

 

77,846

 

91,648

 

78,166

 

37,819

 

73,393

 

71,343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Burning Rock Biotech Limited
Unaudited Condensed Statements of Comprehensive Loss
(in thousands, except for number of shares and per share data)

 

 

For the three months ended

 

 

 

March 31,
2022

 

June 30,
2022

 

September 30, 2022

 

December 31,
2022

 

March 31, 2023

 

June 30, 2023

 

September 30, 2023

 

December 31, 2023

 

December 31, 2023

 

 

RMB

RMB

RMB

RMB

RMB

RMB

RMB

RMB

US$

Revenues

135,524

 

130,846

 

154,631

 

142,237

 

142,516

 

146,268

 

127,566

 

121,085

 

17,054

 

Cost of revenues

(47,944)

 

(48,244)

 

(46,037)

 

(40,974)

 

(43,744)

 

(45,846)

 

(41,646)

 

(42,972)

 

(6,052)

 

Gross profit

87,580

 

82,602

 

108,594

 

101,263

 

98,772

 

100,422

 

85,920

 

78,113

 

11,002

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development expenses

(119,496)

 

(92,112)

 

(109,433)

 

(100,827)

 

(94,417)

 

(95,779)

 

(83,701)

 

(73,119)

 

(10,299)

 

Selling and marketing expenses

(89,211)

 

(105,634)

 

(90,275)

 

(85,174)

 

(64,774)

 

(70,842)

 

(62,310)

 

(49,785)

 

(7,012)

 

General and administrative expenses

(141,733)

 

(150,316)

 

(143,530)

 

(132,705)

 

(128,039)

 

(69,525)

 

(118,724)

 

(121,533)

 

(17,118)

 

Total operating expenses

(350,440)

 

(348,062)

 

(343,238)

 

(318,706)

 

(287,230)

 

(236,146 )

 

(264,735)

 

(244,437)

 

(34,429)

 

Loss from operations 

(262,860)

 

(265,460)

 

(234,644)

 

(217,443)

 

(188,458)

 

(135,724)

 

(178,815)

 

(166,324)

 

(23,427)

 

Interest income

1,932

 

2,656

 

2,013

 

2,838

 

3,144

 

5,255

 

4,018

 

5,539

 

780

 

Other income (expense), net

298

 

127

 

(189)

 

(84)

 

599

 

(118)

 

(157)

 

160

 

23

 

Foreign exchange (loss) gain, net

(777)

 

624

 

1,337

 

365

 

(116)

 

(210

423

 

(517)

 

(73)

 

Loss before income tax

(261,388)

 

(262,053)

 

(231,483)

 

(214,324)

 

(184,831)

 

(130,797)

 

(174,531)

 

(161,142)

 

(22,697)

 

Income tax expenses

 

(84)

 

 

(1,901)

 

(422)

 

(445)

 

(450)

 

(1,071)

 

(151)

 

Net loss

(261,388)

 

(262,137)

 

(231,483)

 

(216,225)

 

(185,253)

 

(131,242 )

 

(174,981)

 

(162,213)

 

(22,848)

 

Net loss attributable to Burning Rock Biotech Limited’s shareholders

(261,388)

 

(262,137)

 

(231,483)

 

(216,225)

 

(185,253)

 

(131,242)

 

(174,981)

 

(162,213)

 

(22,848)

 

Net loss attributable to ordinary shareholders

(261,388)

 

(262,137)

 

(231,483)

 

(216,225)

 

(185,253)

 

(131,242)

 

(174,981)

 

(162,213)

 

(22,848)

 

Loss per share for class A and class B ordinary shares:

 

 

 

 

 

 

 

 

 

Class A ordinary shares – basic and diluted

(2.50)

 

(2.50)

 

(2.23)

 

(2.11

(1.81)

 

(1.28)

 

(1.71)

 

(1.58)

 

(0.22)

 

Class B ordinary shares – basic and diluted

(2.50)

 

(2.50)

 

(2.23)

 

(2.11

(1.81)

 

(1.28)

 

(1.71)

 

(1.58)

 

(0.22)

 

Weighted average shares outstanding used in loss per share computation:

 

 

 

 

 

 

 

 

 

Class A ordinary shares – basic and diluted

87,179,752

 

87,532,539

 

86,585,322

 

85,051,882

 

85,065,585

 

85,151,052

 

85,000,869

 

85,071,360

 

85,071,360

 

Class B ordinary shares – basic and diluted

17,324,848

 

17,324,848

 

17,324,848

 

17,324,848

 

17,324,848

 

17,324,848

 

17,324,848

 

17,324,848

 

17,324,848

 

Other comprehensive (loss) income, net of tax of nil:

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

(3,065)

 

29,715

 

20,646

 

(5,950)

 

(5,659)

 

14,829

 

(1,955)

 

(3,026)

 

(426)

 

Total comprehensive loss

(264,453)

 

(232,422)

 

(210,837)

 

(222,175)

 

(190,912)

 

(116,413)

 

(176,936 )

 

(165,239)

 

(23,274)

 

Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders

(264,453)

 

(232,422)

 

(210,837)

 

(222,175)

 

(190,912)

 

(116,413)

 

(176,936)

 

(165,239)

 

(23,274)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Burning Rock Biotech Limited
Unaudited Condensed Statements of Comprehensive Loss
(in thousands, except for number of shares and per share data)

 

 

 

For the year ended

 

December 31,
2022

 

December 31,
2023

 

December 31,
2023

 

 

RMB

RMB

US$

Revenues

563,238

 

537,435

 

75,696

 

Cost of revenues

(183,199)

 

(174,208)

 

(24,536)

 

Gross profit

380,039

 

363,227

 

51,160

 

Operating expenses:

 

 

 

Research and development expenses

(421,868)

 

(347,016)

 

(48,876)

 

Selling and marketing expenses

(370,294)

 

(247,711)

 

(34,889)

 

General and administrative expenses

(568,284)

 

(437,821)

 

(61,666)

 

Total operating expenses

(1,360,446)

 

(1,032,548)

 

(145,431)

 

Loss from operations 

(980,407)

 

(669,321)

 

(94,271)

 

Interest income

9,356

 

17,956

 

2,529

 

Interest expenses

102

 

 

 

Other income, net

152

 

484

 

68

 

Foreign exchange gain (loss), net

1,549

 

(420)

 

(59)

 

Loss before income tax

(969,248)

 

(651,301)

 

(91,733)

 

Income tax expenses

(1,985)

 

(2,388)

 

(336)

 

Net loss

(971,233)

 

(653,689)

 

(92,069)

 

Net loss attributable to Burning Rock Biotech Limited’s shareholders

(971,233)

 

(653,689)

 

(92,069)

 

Net loss attributable to ordinary shareholders

(971,233)

 

(653,689)

 

(92,069)

 

Loss per share for class A and class B ordinary shares:

 

 

 

Class A ordinary shares – basic and diluted

(9.35)

 

(6.38)

 

(0.90)

 

Class B ordinary shares – basic and diluted

(9.35)

 

(6.38)

 

(0.90)

 

Weighted average shares outstanding used in loss per share computation:

 

 

 

Class A ordinary shares – basic and diluted

86,584,100

 

85,071,691

 

85,071,691

 

Class B ordinary shares – basic and diluted

17,324,848

 

17,324,848

 

17,324,848

 

Other comprehensive income, net of tax of nil:

 

 

 

Foreign currency translation adjustments

41,346

 

4,189

 

590

 

Total comprehensive loss

(929,887)

 

(649,500)

 

(91,479)

 

Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders

(929,887)

 

(649,500)

 

(91,479)

 

 

 

 

 

 

 

 

Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets
(In thousands)

 

 

 

As of

 

December 31,
2022

 

December 31,
2023

 

December 31,
2023

 

 

RMB

 

RMB

 

US$

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

905,451

 

615,096

 

86,634

 

Restricted cash

19,817

 

120

 

17

 

Accounts receivable, net

109,954

 

126,858

 

17,868

 

Contract assets, net

41,757

 

22,748

 

3,204

 

Inventories, net

130,321

 

69,020

 

9,721

 

Prepayments and other current assets

51,462

 

50,254

 

7,078

 

Total current assets

1,258,762

 

884,096

 

124,522

 

Non-current assets:

 

 

 

 

 

 

Equity method investment

690

 

337

 

47

 

Convertible note receivable

5,105

 

5,320

 

749

 

Property and equipment, net

251,829

 

131,912

 

18,579

 

Operating right-of-use assets

48,205

 

12,284

 

1,730

 

Intangible assets, net

1,986

 

964

 

136

 

Other non-current assets

20,890

 

5,088

 

717

 

Total non-current assets

328,705

 

155,905

 

21,958

 

TOTAL ASSETS

1,587,467

 

1,040,001

 

146,480

 

 

 

 

 

 

 

 

Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets (Continued)
(in thousands)

 

As of

 

December 31,
2022

 

December 31,
2023

 

December 31,
2023

 

 

RMB

RMB

US$

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

50,947

 

18,061

 

2,544

 

Deferred revenue

147,633

 

130,537

 

18,386

 

Accrued liabilities and other current liabilities

173,832

 

104,935

 

14,780

 

Customer deposits

1,803

 

1,197

 

169

 

Current portion of operating lease liabilities

37,236

 

8,634

 

1,216

 

Total current liabilities

411,451

 

263,364

 

37,095

 

Non-current liabilities:

 

 

 

Non-current portion of operating lease liabilities

13,551

 

3,690

 

520

 

Other non-current liabilities

4,124

 

4,537

 

636

 

Total non-current liabilities

17,675

 

8,227

 

1,156

 

TOTAL LIABILITIES

429,126

 

271,591

 

38,251

 

Shareholders’ equity:

 

 

 

Class A ordinary shares

117

 

116

 

16

 

Class B ordinary shares

21

 

21

 

3

 

Additional paid-in capital

4,582,790

 

4,849,337

 

683,015

 

Treasury stock

(58,919)

 

(65,896)

 

(9,281)

 

Accumulated deficits

(3,199,946)

 

(3,853,635)

 

(542,773)

 

Accumulated other comprehensive loss

(165,722)

 

(161,533)

 

(22,751)

 

Total shareholders’ equity

1,158,341

 

768,410

 

108,229

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

1,587,467

 

1,040,001

 

146,480

 

 

 

 

 

 

 

 

Burning Rock Biotech Limited
Unaudited Condensed Statements of Cash Flows
(in thousands)

 

 

 

For the three months ended

 

December 31,
2022

 

December 31,
2023

 

December 31,
2023

 

 

RMB

RMB

US$

Net cash used in operating activities

(67,707)

 

(16,019)

 

(2,256)

 

Net cash used in investing activities

(5,033)

 

(328)

 

(46)

 

Net cash used in financing activities

(10,074)

 

(1,909)

 

(269)

 

Effect of exchange rate on cash, cash equivalents and restricted cash

(5,924)

 

(3,277)

 

(462)

 

Net decrease in cash, cash equivalents and restricted cash

(88,738)

 

(21,533)

 

(3,033)

 

Cash, cash equivalents and restricted cash at the beginning of period

1,014,006

 

636,749

 

89,684

 

Cash, cash equivalents and restricted cash at the end of period

925,268

 

615,216

 

86,651

 

 

For the year ended

 

December 31, 2022

December 31, 2023

December 31, 2023

 

RMB

RMB

US$

Net cash used in operating activities

(456,808

)

(255,783

)

(36,026

)

Net cash used in investing activities

(7,463

)

(9,300

)

(1,310

)

Net cash used in financing activities

(86,238

)

(48,832

)

(6,878

)

Effect of exchange rate on cash, cash equivalents and restricted cash

36,665

 

3,863

 

544

 

Net decrease in cash, cash equivalents and restricted cash

(513,844

)

(310,052

)

(43,670

)

Cash, cash equivalents and restricted cash at the beginning of period

1,439,112

 

925,268

 

130,321

 

Cash, cash equivalents and restricted cash at the end of period

925,268

 

615,216

 

86,651

 

 

 

 

 

 

 

 

Burning Rock Biotech Limited
Reconciliations of GAAP and Non-GAAP Results

 

 

For the three months ended

 

March 31,
2022

 

June 30,
2022

 

September 30, 2022

 

December 31,
2022

 

March 31,
2023

 

June 30, 2023

 

September 30, 2023

 

December 31, 2023

 

 

 

(RMB in thousands)

 

Gross profit:

 

 

 

Central laboratory channel

50,574

 

57,575

 

69,991

 

54,507

 

48,090

 

51,876

 

41,487

 

41,886

 

In-hospital channel

33,396

 

20,012

 

31,593

 

26,999

 

34,409

 

33,353

 

35,459

 

12,910

 

Pharma research and development channel

3,610

 

5,015

 

7,010

 

19,757

 

16,273

 

15,193

 

8,974

 

23,317

 

Total gross profit

87,580

 

82,602

 

108,594

 

101,263

 

98,772

 

100,422

 

85,920

 

78,113

 

Add: depreciation and amortization:

 

 

 

 

 

 

 

 

Central laboratory channel

2,553

 

2,545

 

3,138

 

3,609

 

2,567

 

2,645

 

2,550

 

2,414

 

In-hospital channel

93

 

1,428

 

2,479

 

2,449

 

2,582

 

2,637

 

2,751

 

2,728

 

Pharma research and development channel

2,493

 

4,327

 

2,805

 

3,065

 

3,974

 

3,665

 

3,863

 

3,808

 

Total depreciation and amortization included in cost of revenues

5,139

 

8,300

 

8,422

 

9,123

 

9,123

 

8,947

 

9,164

 

8,950

 

Non-GAAP gross profit:

 

 

 

 

 

 

 

 

Central laboratory channel

53,127

 

60,120

 

73,129

 

58,116

 

50,657

 

54,521

 

44,037

 

44,300

 

In-hospital channel

33,489

 

21,440

 

34,072

 

29,448

 

36,991

 

35,990

 

38,210

 

15,638

 

Pharma research and development channel

6,103

 

9,342

 

9,815

 

22,822

 

20,247

 

18,858

 

12,837

 

27,125

 

Total non-GAAP gross profit

92,719

 

90,902

 

117,016

 

110,386

 

107,895

 

109,369

 

95,084

 

87,063

 

Non-GAAP gross margin:

 

 

 

 

 

 

 

 

Central laboratory channel

71.6%

 

76.5%

 

81.3%

 

80.8%

 

82.0%

 

82.3%

 

82.3%

 

86.4%

 

In-hospital channel

68.4%

 

62.7%

 

68.6%

 

69.2%

 

71.7%

 

66.9%

 

70.1%

 

54.3%

 

Pharma research and development channel

49.4%

 

51.7%

 

65.4%

 

82.3%

 

69.5%

 

72.0%

 

65.5%

 

66.2%

 

Total non-GAAP gross margin

68.4%

 

69.5%

 

75.7%

 

77.6%

 

75.7%

 

74.8%

 

74.5%

 

71.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Burning Rock Biotech Limited
Reconciliations of GAAP and Non-GAAP Results

 

 

For the year ended

 

December 31,
2022

 

 

December 31,
2023

 

 

(RMB in thousands)
RMB

Gross profit:

 

 

Central laboratory channel

232,647

 

 

183,339

 

In-hospital channel

112,000

 

 

116,131

 

Pharma research and development channel

35,392

 

 

63,757

 

Total gross profit

380,039

 

 

363,227

 

Add: depreciation and amortization:

 

 

Central laboratory channel

11,845

 

 

10,176

 

In-hospital channel

6,449

 

 

10,699

 

Pharma research and development channel

12,690

 

 

15,310

 

Total depreciation and amortization included in cost of revenues

30,984

 

 

36,185

 

Non-GAAP gross profit:

 

 

Central laboratory channel

244,492

 

 

193,515

 

In-hospital channel

118,449

 

 

126,830

 

Pharma research and development channel

48,082

 

 

79,067

 

Total non-GAAP gross profit

411,023

 

 

399,412

 

Non-GAAP gross margin:

 

 

Central laboratory channel

77.7

%

 

83.1

%

In-hospital channel

67.6

%

 

67.2

%

Pharma research and development channel

65.7

%

 

68.2

%

Total non-GAAP gross margin

73.0

%

 

74.3

%

 

 

 

 

 

 



Source link

Leave a Reply