Burning Rock Reports Fourth Quarter and Full Year 2020 Financial Results

Rhea-AI Summary

Burning Rock Biotech Limited (NASDAQ: BNR) reported its financial results for Q4 and full year 2020, highlighting a 48.5% revenue increase to RMB131.7 million (US$20.2 million) despite COVID-19 impacts. Full year revenues reached RMB429.9 million (US$65.9 million), a 12.6% rise from 2019. The central laboratory business grew by 22.5% year-over-year. However, the company reported a net loss of RMB156.5 million (US$24.0 million) for Q4 and a total loss of RMB407.2 million (US$62.4 million) for 2020. For 2021, Burning Rock anticipates revenues of approximately RMB610 million (US$93.5 million), indicating 41.9% growth.

Positive

• Q4 2020 revenues increased by 48.5% to RMB131.7 million (US$20.2 million).
• Full year 2020 revenues reached RMB429.9 million (US$65.9 million), a 12.6% increase.
• Gross profit for Q4 2020 was RMB99.2 million (US$15.2 million), up 80.4% year-over-year.
• Expecting 41.9% revenue growth in 2021 with a target of RMB610 million (US$93.5 million).

Negative

• Net loss for Q4 2020 was RMB156.5 million (US$24.0 million), increased from RMB95.1 million in Q4 2019.
• Total net loss for 2020 reached RMB407.2 million (US$62.4 million), compared to RMB169.2 million in 2019.
• Operating expenses for Q4 2020 rose by 69.2% to RMB254.5 million (US$39.0 million).

GUANGZHOU, China, March 10, 2021 (GLOBE NEWSWIRE) -- Burning Rock Biotech Limited (NASDAQ: 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 year ended December 31, 2020.

Recent Business Highlights

• Early Detection  
  • Completed product development of the 6-cancer test (training and validation data released in November 2020 at the ESMO Asia Virtual Congress). Capacity ramp-up under way for volume production.
  • Early access programs initiated to gather real-world feedback, with preparation in progress for commercialization (targeted for 2022).
• Therapy Selection  
  • Achieved strong performance in the FDA-led SEQC2 (sequencing quality control) consortium study on tissue-based and liquid-based targeted sequencing assays, with full results pending publication (manuscript for liquid-based study accepted by Nature Biotechnology).
  • OncoCompass^TM Target (Burning Rock's top selling liquid-based ctDNA assay, 101-gene panel including bMSI) passed typing test in Oct 2020. This places OncoCompass^TM Target in a leading position for the multi-gene ctDNA NMPA¹ 4-stage approval process, which comprises (i) analytical validation, (ii) typing test, (iii) clinical validation, and (iv) review and approval.

Fourth Quarter 2020 Financial Results

Revenues were RMB131.7 million (US$20.2 million) for the three months ended December 31, 2020, representing a 48.5% increase from RMB88.7 million for the same period in 2019, or a 6.3% sequential increase from RMB123.9 million for the three months ended September 30, 2020. The growth in revenues was achievable despite Covid-19 related restrictions, which negatively impacted growth of testing volumes in the fourth quarter, especially in December.

• Revenue generated from central laboratory business was RMB86.7 million (US$13.3 million) for the three months ended December 31, 2020, representing a 22.5% increase from RMB70.7 million for the same period in 2019, primarily attributable to (i) an increase in average sales price per patient, and (ii) volume growth of the central laboratory business. Number of patients tested in the central laboratory channel was 7,989 for the three months ended December 31, 2020, representing a 5.5% increase from 7,576 for the same period in 2019.
• Revenue generated from in-hospital business was RMB41.5 million (US$6.4 million) for the three months ended December 31, 2020, representing a 194.3% increase from RMB14.1 million for the same period in 2019. Number of contracted partner hospitals in the in-hospital channel increased to 29 as of December 31, 2020 from 25 as of September 30, 2020 and 19 as of December 31, 2019.
• Revenue generated from pharma research and development services was RMB3.6 million (US$0.5 million) for the three months ended December 31, 2020, representing a 7.0% decrease from RMB3.8 million for the same period in 2019, due to declined pharmaceutical testing volumes.

Cost of revenues was RMB32.6 million (US$5.0 million) for the three months ended December 31, 2020, representing a 3.4% decrease from RMB33.7 million for the same period in 2019, primarily due to economies of scale and reduced unit cost of certain reagents.

Gross profit was RMB99.2 million (US$15.2 million) for the three months ended December 31, 2020, representing an 80.4% increase from RMB55.0 million for the same period in 2019. Gross margin was 75.3% for the three months ended December 31, 2020, compared to 62.0% for the same period in 2019.

Operating expenses were RMB254.5 million (US$39.0 million) for the three months ended December 31, 2020, representing a 69.2% increase from RMB150.5 million for the same period in 2019.

• Research and development expenses were RMB83.4 million (US$12.8 million) for the three months ended December 31, 2020, representing an 59.7% increase from RMB52.2 million for the same period in 2019, primarily due to (i) an increase in staff cost of research and development personnel, and (ii) an increase in share-based compensation expenses for options granted to research and development personnel.
• Selling and marketing expenses were RMB56.6 million (US$8.7 million) for the three months ended December 31, 2020, representing a 15.3% increase from RMB49.1 million for the same period in 2019, primarily due to an increase in staff cost of selling and marketing personnel as we continued the build-out of the sales organization.
• General and administrative expenses increased significantly to RMB114.5 million (US$17.5 million) for the three months ended December 31, 2020 from RMB49.1 million for the same period in 2019, primarily due to (i) an increase in share-based compensation expenses for options granted to general and administrative personnel, and (ii) an increase in staff cost of general and administrative personnel.

Net loss was RMB156.5 million (US$24.0 million) for the three months ended December 31, 2020, compared to RMB95.1 million for the same period in 2019.

Cash, cash equivalents, restricted cash and short-term investments were RMB2.3 billion (US$350.6 million) as of December 31, 2020.

Full Year 2020 Financial Results

Revenues were RMB429.9 million (US$65.9 million) for 2020, representing a 12.6% increase from RMB381.7 million for 2019.

• Revenue generated from central laboratory business was RMB297.3 million (US$45.6 million) for 2020, representing a 7.6% increase from RMB276.3 million for 2019. Number of patients tested in the central laboratory channel was 25,262 for 2020, representing a 9.5% increase from 23,075 for 2019.
• Revenue generated from in-hospital business was RMB117.9 million (US$18.1 million) for 2020, representing a 34.4% increase from RMB87.7 million for 2019. Number of contracted partner hospitals in the in-hospital channel increased to 29 as of December 31, 2020 from 19 as of December 31, 2019.
• Revenue generated from pharma research and development services was RMB14.7 million (US$2.2 million) for 2020, representing a 17.2% decrease from RMB17.7 million for 2019, due to declined pharmaceutical testing volumes.

Cost of revenues was RMB116.0 million (US$17.8 million) for 2020, representing a 7.0% increase from RMB108.3 million for 2019, which was in line with the Company’s continued business growth.

Gross profit was RMB313.9 million (US$48.1 million) for 2020, representing a 14.8% increase from RMB273.3 million for 2019. Gross margin was 73.0% for 2020, compared to 71.6% for 2019.

Operating expenses were RMB726.3 million (US$111.3 million) for 2020, representing a 64.2% increase from RMB442.4 million for 2019.

• Research and development expenses were RMB263.9 million (US$40.5 million) for 2020, representing an 68.2% increase from RMB156.9 million for 2019, primarily due to (i) an increase in staff cost of research and development personnel, and (ii) an increase in share-based compensation expenses for options granted to research and development personnel.
• Selling and marketing expenses were RMB168.6 million (US$25.8 million) for 2020, representing a 9.9% increase from RMB153.3 million for 2019, primarily due to an increase in staff cost of selling and marketing personnel.
• General and administrative expenses increased significantly to RMB293.8 million (US$45.0 million) for 2020 from RMB132.2 million for 2019, primarily due to (i) an increase in share-based compensation expenses for options granted to general and administrative personnel, and (ii) an increase in staff cost of general and administrative personnel.

Net loss was RMB407.2 million (US$62.4 million) for 2020, compared to RMB169.2 million for 2019.

2021 Financial Guidance

Assuming there are no additional Covid-19 related restrictions imposed in China, which may negatively affect patient volumes and cancer testing, Burning Rock expects its full year 2021 revenues to be approximately RMB610 million (US$93.5 million), implying a 41.9% growth over full year 2020.

Conference Call Information

Burning Rock will host a conference call to discuss the fourth quarter 2020 financial results at 8:00 a.m. U.S. Eastern Time (9:00 p.m. Hong Kong time) on March 11, 2021.

Details of the conference call are as follows:

International:	+65 67135090
U.S.:	+1 8456750437
U.K.:	+44 2036214779
Hong Kong:	+852 30186771
China Mobile:	4006208038
China Landline:	8008190121
Conference ID:	5266945

A replay of the conference call will be available for one week (dial-in number: +61 2 8199 0299; same conference ID as shown above).

About Burning Rock

Burning Rock Biotech Limited (NASDAQ: 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, with the leading market share in China and over 273,000 tissue and liquid-based tests completed cumulatively, 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.

Selected Operating Data

			For the three months ended
	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Central Laboratory Channel:
Number of patients tested	5,336		6,047		6,769		7,576		4,680		7,252		8,644		7,989
Number of ordering physicians(1)	984		1,059		1,155		1,222		810		1,175		1,194		1,114
Number of ordering hospitals(2)	249		265		281		304		232		284		289		294

_____________________________

(1)	Represents physicians who on average order at least one test from us every month during a relevant period in the central laboratory channel.
(2)	Represents hospitals whose residing physicians who on average order at least one test from us every month during a relevant period in the central laboratory channel.

			As of
	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
In-hospital Channel:
Pipeline partner hospitals(1)	17		20		21		21		23		23		22		23
Contracted partner hospitals(2)	14		15		19		19		21		24		25		29
Total number of partner hospitals	31		35		40		40		44		47		47		52

_____________________________

(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, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
	(RMB in thousands)
Central laboratory channel	72,807		63,394		69,304		70,749		46,141		74,607		89,899		86,695
In-hospital channel	26,557		16,329		30,704		14,088		17,123		27,588		31,704		41,457
Pharma research and development channel	5,101		5,090		3,716		3,838		4,065		4,776		2,278		3,570
Total revenues	104,465		84,813		103,724		88,675		67,329		106,971		123,881		131,722

			For the three months ended
Gross profit	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
	(RMB in thousands)
Central laboratory channel	54,910		46,122		50,113		51,420		32,434		56,556		67,804		66,588
In-hospital channel	19,870		12,571		25,412		319		10,126		19,269		22,410		30,218
Pharma research and development channel	3,332		3,366		2,662		3,237		2,224		2,573		1,373		2,347
Total gross profit	78,112		62,059		78,187		54,976		44,784		78,398		91,587		99,153

			For the three months ended
Share-based compensation expenses	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
	(RMB in thousands)
Cost of revenues	143		177		180		178		176		183		160		277
Research and development expenses	722		708		1,486		6,461		2,072		25,314		10,572		11,843
Selling and marketing expenses	364		517		485		(131)		253		491		341		2,372
General and administrative expenses	429		537		1,149		9,387		1,665		1,639		57,805		58,057
Total share-based compensation expenses	1,658		1,939		3,300		15,895		4,166		27,627		68,878		72,549

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

	For the three months ended
	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			December 31, 2020
	RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB			US$
Revenues	104,465			84,813			103,724			88,675			67,329			106,971			123,881			131,722			20,187
Cost of revenues	(26,353	)		(22,754	)		(25,537	)		(33,699	)		(22,545	)		(28,573	)		(32,294	)		(32,569	)		(4,991	)
Gross profit	78,112			62,059			78,187			54,976			44,784			78,398			91,587			99,153			15,196
Operating expenses:
Research and development expenses	(31,427	)		(34,992	)		(38,278	)		(52,238	)		(40,016	)		(71,176	)		(69,330	)		(83,418	)		(12,784	)
Selling and marketing expenses	(26,690	)		(34,929	)		(42,606	)		(49,109	)		(29,815	)		(37,992	)		(44,174	)		(56,606	)		(8,675	)
General and administrative expenses	(31,565	)		(20,614	)		(30,866	)		(49,112	)		(34,295	)		(42,272	)		(102,731	)		(114,502	)		(17,548	)
Total operating expenses	(89,682	)		(90,535	)		(111,750	)		(150,459	)		(104,126	)		(151,440	)		(216,235	)		(254,526	)		(39,007	)
Loss from operations	(11,570	)		(28,476	)		(33,563	)		(95,483	)		(59,342	)		(73,042	)		(124,648	)		(155,373	)		(23,811	)
Interest income	128			3,806			3,686			3,541			3,985			44			698			1,341			206
Interest expense	(4,210	)		(1,826	)		(1,650	)		(1,303	)		(1,178	)		1,939			(776	)		(652	)		(100	)
Other (expense) income, net	(176	)		(329	)		(37	)		(341	)		(151	)		122			(176	)		(682	)		(105	)
Foreign exchange (loss) gain, net	(101	)		1,142			800			(355	)		611			(118	)		(2,228	)		(1,112	)		(170	)
Change in fair value of warrant liability	64			(347	)		(1,403	)		(1,153	)		3,503			-			-			-			-
Loss before income tax	(15,865	)		(26,030	)		(32,167	)		(95,094	)		(52,572	)		(71,055	)		(127,130	)		(156,478	)		(23,980	)
Income tax expenses	-			-			-			-			-			-			-			-			-
Net loss	(15,865	)		(26,030	)		(32,167	)		(95,094	)		(52,572	)		(71,055	)		(127,130	)		(156,478	)		(23,980	)
Net loss attributable to Burning Rock Biotech Limited’s shareholders	(15,865	)		(26,030	)		(32,167	)		(95,094	)		(52,572	)		(71,055	)		(127,130	)		(156,478	)		(23,980	)
Accretion of convertible preferred shares	(50,296	)		(41,770	)		(33,772	)		(39,173	)		(26,288	)		(38,400	)		-			-			-
Net loss attributable to ordinary shareholders	(66,161	)		(67,800	)		(65,939	)		(134,267	)		(78,860	)		(109,455	)		(127,130	)		(156,478	)		(23,980	)
Loss per share:
Ordinary shares - basic and diluted	(2.86	)		(2.93	)		(2.85	)		(5.49	)		(3.15	)		(2.68	)		-			-			-
Class A ordinary shares - basic and diluted	-			-			-			-			-			-			(1.22	)		(1.51	)		(0.23	)
Class B ordinary shares - basic and diluted	-			-			-			-			-			-			(1.22	)		(1.51	)		(0.23	)
Weighted average shares outstanding used in loss per share computation:
Ordinary shares - basic and diluted	23,167,232			23,167,232			23,167,232			24,437,444			25,031,575			40,786,167			-			-			-
Class A ordinary shares - basic and diluted	-			-			-			-			-			-			86,479,686			86,511,799			86,511,799
Class B ordinary shares - basic and diluted	-			-			-			-			-			-			17,324,848			17,324,848			17,324,848
Other comprehensive (loss) income, net of tax of nil:
Foreign currency translation adjustments	(278	)		(14,288	)		45,317			(6,647	)		11,422			(2,336	)		(91,093	)		(94,881	)		(14,541	)
Total comprehensive (loss) income	(16,143	)		(40,318	)		13,150			(101,741	)		(41,150	)		(73,391	)		(218,223	)		(251,359	)		(38,521	)
Total comprehensive (loss) income attributable to Burning Rock Biotech Limited’s shareholders	(16,143	)		(40,318	)		13,150			(101,741	)		(41,150	)		(73,391	)		(218,223	)		(251,359	)		(38,521	)

Burning Rock Biotech Limited

Unaudited Condensed Statements of Comprehensive (Loss) Income

 (in thousands, except for number of shares and per share data)

	For the year ended
	December 31, 2019			December 31, 2020			December 31, 2020
	RMB			RMB			US$
Revenues	381,677			429,903			65,885
Cost of revenues	(108,343	)		(115,981	)		(17,775	)
Gross profit	273,334			313,922			48,110
Operating expenses:
Research and development expenses	(156,935	)		(263,940	)		(40,451	)
Selling and marketing expenses	(153,334	)		(168,587	)		(25,837	)
General and administrative expenses	(132,157	)		(293,800	)		(45,027	)
Total operating expenses	(442,426	)		(726,327	)		(111,315	)
Loss from operations	(169,092	)		(412,405	)		(63,205	)
Interest income	11,161			6,068			930
Interest expense	(8,989	)		(667	)		(102	)
Other expense, net	(883	)		(887	)		(136	)
Foreign exchange gain (loss), net	1,486			(2,847	)		(436	)
Change in fair value of warrant liability	(2,839	)		3,503			537
Loss before income tax	(169,156	)		(407,235	)		(62,412	)
Income tax expenses	-			-			-
Net loss	(169,156	)		(407,235	)		(62,412	)
Net loss attributable to Burning Rock Biotech Limited’s shareholders	(169,156	)		(407,235	)		(62,412	)
Accretion of convertible preferred shares	(165,011	)		(64,688	)		(9,914	)
Net loss attributable to ordinary shareholders	(334,167	)		(471,923	)		(72,326	)
Loss per share for class A and class B ordinary shares: Ordinary shares - basic and diluted	(14.23	)		-			-
Class A ordinary shares - basic and diluted	-			(6.88	)		(1.05	)
Class B ordinary shares - basic and diluted	-			(6.88	)		(1.05	)
Weighted average shares outstanding used in loss per share computation: Ordinary shares - basic and diluted	23,483,915			-			-
Class A ordinary shares - basic and diluted	-			51,309,631			51,309,631
Class B ordinary shares - basic and diluted	-			17,324,848			17,324,848
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustments	24,104			(176,888	)		(27,109	)
Total comprehensive loss	(145,052	)		(584,123	)		(89,521	)
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders	(145,052	)		(584,123	)		(89,521	)

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

	As of
	December 31, 2019			December 31, 2020			December 31, 2020
	RMB			RMB			US$
ASSETS
Current assets:
Cash and cash equivalents	94,235			1,895,308			290,469
Restricted cash	4,009			29,898			4,582
Short-term investment	313,988			362,132			55,499
Accounts receivable	88,822			88,218			13,520
Contract assets	909			22,534			3,453
Amounts due from related parties	74,368			212			32
Inventories	58,116			68,021			10,425
Prepayments and other current assets	72,340			57,329			8,789
Total current assets	706,787			2,523,652			386,769
Non-current assets:
Equity method investment	1,790			1,417			217
Long-term investment	38,369			-			-
Property and equipment, net	89,314			111,481			17,085
Intangible assets, net	343			3,457			530
Other non-current assets	10,954			23,021			3,528
Total non-current assets	140,770			139,376			21,360
TOTAL ASSETS	847,557			2,663,028			408,129

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets (Continued)

(in thousands)

	As of
	December 31, 2019			December 31, 2020			December 31, 2020
	RMB			RMB			US$
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT) EQUITY
Current liabilities:
Accounts payable	12,348			35,482			5,438
Deferred revenue	49,539			74,402			11,403
Capital lease obligations, current	4,893			4,816			738
Accrued liabilities and other current liabilities	54,059			83,648			12,820
Customer deposits	4,104			1,120			172
Short-term borrowing	2,370			7,370			1,130
Current portion of long-term borrowings	37,129			34,695			5,317
Total current liabilities	164,442			241,533			37,018
Non-current liabilities:
Deferred government grants	991			263			40
Capital lease obligations	4,816			-			-
Long-term borrowings	18,266			-			-
Warrant liability	23,503			-			-
Other non-current liabilities	-			228			35
Total non-current liabilities	47,576			491			75
TOTAL LIABILITIES	212,018			242,024			37,093
Mezzanine equity:
Series A convertible preferred shares	186,991			-			-
Series B convertible preferred shares	466,983			-			-
Series C convertible preferred shares	873,059			-			-
Total mezzanine equity	1,527,033			-			-
Shareholders’ (deficit) equity:
Ordinary shares	31			-			-
Class A ordinary shares	-			116			18
Class B ordinary shares	-			21			3
Additional paid-in capital	45,640			4,006,616			614,041
Accumulated deficits	(946,464	)		(1,418,160	)		(217,343	)
Accumulated other comprehensive income (loss)	9,299			(167,589	)		(25,683	)
Total shareholders’ (deficit) equity	(891,494	)		2,421,004			371,036
TOTAL LIABILITIES, MEZZANIE EQUITY AND SHAREHOLDERS’ (DEFICIT) EQUITY	847,557			2,663,028			408,129

Burning Rock Biotech Limited

Unaudited Condensed Statements of Cash Flows

(in thousands)

	For the three months ended
	December 31, 2019			December 31, 2020			December 31, 2020
	RMB			RMB			US$
Net cash used in operating activities	(50,136	)		(90,659	)		(13,890	)
Net cash generated from (used in) investing activities	22,262			(36,428	)		(5,583	)
Net cash generated from financing activities	1,092			68,477			10,494
Effect of exchange rate on cash, cash equivalents and restricted cash	(258	)		(78,013	)		(11,959	)
Net decrease cash, cash equivalents and restricted cash	(27,040	)		(136,623	)		(20,938	)
Cash, cash equivalents and restricted cash at the beginning of period	125,284			2,061,829			315,989
Cash, cash equivalents and restricted cash at the end of period	98,244			1,925,206			295,051

	For the year ended
	December 31, 2019			December 31, 2020			December 31, 2020
	RMB			RMB			US$
Net cash used in operating activities	(228,041	)		(73,543	)		(11,271	)
Net cash used in investing activities	(346,660	)		(109,312	)		(16,752	)
Net cash generated from financing activities	571,735			2,165,719			331,910
Effect of exchange rate on cash, cash equivalents and restricted cash	5,876			(155,902	)		(23,893	)
Net increase cash, cash equivalents and restricted cash	2,910			1,826,962			279,994
Cash, cash equivalents and restricted cash at the beginning of period	95,334			98,244			15,057
Cash, cash equivalents and restricted cash at the end of period	98,244			1,925,206			295,051

^{_____________________________
1} National Medical Products Administration of China

FAQ

What are the Q4 2020 financial results for Burning Rock (BNR)?

Burning Rock reported Q4 2020 revenues of RMB131.7 million (US$20.2 million), a 48.5% increase year-over-year.

What is Burning Rock's revenue guidance for 2021?

Burning Rock expects 2021 revenues to be approximately RMB610 million (US$93.5 million), implying a 41.9% growth over 2020.

What was Burning Rock's net loss for 2020?

Burning Rock reported a net loss of RMB407.2 million (US$62.4 million) for the full year 2020.

How did the COVID-19 pandemic affect Burning Rock's performance?

COVID-19 restrictions impacted testing volumes, particularly in December 2020, yet revenues still increased.