Burning Rock Reports Fourth Quarter and Full Year 2021 Financial Results

Rhea-AI Summary

Burning Rock Biotech Limited (NASDAQ: BNR) reported its financial results for Q4 and full-year 2021, showing a revenue increase of 11.9% year-on-year to RMB147.3 million (US$23.1 million) for Q4 and 18.1% to RMB507.9 million (US$79.7 million) for 2021. The in-hospital business saw a significant 40.1% growth, while pharma services surged 59.3% year-on-year. Operating expenses rose 59.9% for the year, leading to a net loss of RMB796.7 million (US$125 million). The company projects 2022 revenues to reach approximately RMB620 million (US$97.3 million), a 22% increase.

Positive

• Q4 revenue grew 11.9% year-on-year to RMB147.3 million.
• Full-year 2021 revenue increased 18.1% to RMB507.9 million.
• In-hospital business revenue rose by 40.1% to RMB165.1 million for 2021.
• Pharma services revenue surged 59.3% year-on-year.

Negative

• Net loss of RMB796.7 million (US$125 million) in 2021, up from RMB407.2 million in 2020.
• Operating expenses increased 59.9% year-on-year, placing pressure on profitability.
• Gross margin decreased to 71.7% in 2021 from 73.0% in 2020.

GUANGZHOU, China, March 21, 2022 (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 the year ended December 31, 2021.

2021 Business Overview and Recent Updates

• Therapy Selection  
  • Achieved 38% overall testing volume growth year-on-year during 2021 full-year, with accelerated transition towards the in-hospital segment, our strategic focus. 2021 fourth quarter testing volume growth accelerated to 33% year-on-year, from 14% year-on-year in the third quarter of 2021.
  • Obtained the National Medical Products Administration (NMPA) approval for our second NGS-based companion diagnostics (CDx) kit and software.
• Minimal Residual Disease (MRD)
  • Completed product development, based on a personalized approach.
  • Clinical datasets (non-small cell lung cancer and colorectal cancer post-operative prognosis) reading out at American Association for Cancer Research (AACR) Annual Meeting 2022.
  • Commercially launched in March 2022.
• Pharma Services
  • Fast build-up of project backlog. The total value of new contracts we entered into during 2021 amounted to RMB183 million, approximately 5.7 times of the new contract value signed in 2020.
  • Notable new projects entered during the fourth quarter of 2021 include a CDx development collaboration with Merck for the MET inhibitor tepotinib for the mainland China market, based on our liquid biopsy OncoCompass™ Target panel.  
• Early Detection  
  • 9-cancer test development on track: first clinical study (the PROMISE study, NCT04972201, with c. 2,000 patients) completed enrollment and is expected to read out in 2022.

Fourth Quarter 2021 Financial Results

Revenues were RMB147.3 million (US$23.1 million) for the three months ended December 31, 2021, representing a 11.9% increase from RMB131.7 million for the same period in 2020, or a 16.4% sequential increase from RMB126.6 million for the three months ended September 30, 2021.

• Revenue generated from central laboratory business was RMB86.0 million (US$13.5 million) for the three months ended December 31, 2021, representing a 0.8% decrease from RMB86.7 million for the same period in 2020, narrowing from a year-on-year decrease of 12.3% during the third quarter of 2021.
• Revenue generated from in-hospital business was RMB51.9 million (US$8.1 million) for the three months ended December 31, 2021, representing a 25.2% increase from RMB41.5 million for the same period in 2020, driven by in-hospital testing volume growth. Both volume and revenue metrics reached a new quarterly high.
• Revenue generated from pharma research and development services was RMB9.5 million (US$1.5 million) for the three months ended December 31, 2021, representing a 165.1% increase from RMB3.6 million for the same period in 2020, primarily attributable to increased testing performed for our pharma customers and growth in companion diagnostics development services.
  

Cost of revenues was RMB42.0 million (US$6.6 million) for the three months ended December 31, 2021, representing a 28.9% increase from RMB32.6 million for the same period in 2020, which was broadly in line with the Company’s continued business growth.

Gross profit was RMB105.4 million (US$16.5 million) for the three months ended December 31, 2021. Gross margin was 71.5% for the three months ended December 31, 2021, compared to 75.3% for the same period in 2020. By channel, gross margin of central laboratory business was 76.7% during the fourth quarter of 2021, compared to 76.8% during the same period in 2020; gross margin of in-hospital business was 65.9% during the fourth quarter of 2021, compared to 72.9% during the same period in 2020.

Operating expenses were RMB357.5 million (US$56.1 million) for the three months ended December 31, 2021, representing a 40.5% increase from RMB254.5 million for the same period in 2020. The increase was primarily driven by headcount growth to support our business expansion.

• Research and development expenses were RMB112.7 million (US$17.7 million) for the three months ended December 31, 2021, representing a 35.1% increase from RMB83.4 million for the same period in 2020, primarily due to (i) an increase in expenditure for early cancer detection related research, and (ii) an increase in research and development personnel’s staff cost.
• Selling and marketing expenses were RMB103.2 million (US$16.2 million) for the three months ended December 31, 2021, representing an 82.3% increase from RMB56.6 million for the same period in 2020, primarily due to an increase in staff cost resulted from an increase in headcount to strengthen our commercial presence in the therapy selection business and build-up our early detection commercialization team.
• General and administrative expenses were RMB141.6 million (US$22.2 million) for the three months ended December 31, 2021, representing a 23.6% increase from RMB114.5 million for the same period in 2020, primarily due to an increase in general and administrative personnel’s staff cost resulted from an increase in headcount and an increase in share-based compensation expenses.
  

Net loss was RMB251.1 million (US$39.4 million) for the three months ended December 31, 2021, compared to RMB156.5 million for the same period in 2020.

Cash, cash equivalents, restricted cash and short-term investments were RMB1,502.9 million (US$235.8 million) as of December 31, 2021.

Full Year 2021 Financial Results

Revenues were RMB507.9 million (US$79.7 million) for 2021, representing an 18.1% increase from RMB429.9 million for 2020.

• Revenue generated from central laboratory business was RMB319.4 million (US$50.1 million) for 2021, representing a 7.4% increase from RMB297.3 million for 2020.
• Revenue generated from in-hospital business was RMB165.1 million (US$25.9 million) for 2021, representing a 40.1% increase from RMB117.9 million for 2020. Number of contracted partner hospitals in the in-hospital channel increased to 41 as of December 31, 2021 from 29 as of December 31, 2020.
• Revenue generated from pharma research and development services was RMB23.4 million (US$3.7 million) for 2021, representing a 59.3% increase from RMB14.7 million for 2020, primarily attributable to increased testing performed for our pharma customers and growth in companion diagnostics development services.
  

Cost of revenues was RMB143.7 million (US$22.6 million) for 2021, representing a 23.9% increase from RMB116.0 million for 2020, which was in line with the Company’s continued business growth.

Gross profit was RMB364.1 million (US$57.1 million) for 2021, representing a 16.0% increase from RMB313.9 million for 2020. Gross margin was 71.7% for 2021, compared to 73.0% for 2020.

Operating expenses were RMB1,161.2 million (US$182.2 million) for 2021, representing a 59.9% increase from RMB726.3 million for 2020.

• Research and development expenses were RMB367.9 million (US$57.7 million) for 2021, representing a 39.4% increase from RMB263.9 million for 2020, primarily due to (i) an increase in expenditure for early cancer detection related research, and (ii) an increase in staff cost of research and development personnel.
• Selling and marketing expenses were RMB303.1 million (US$47.6 million) for 2021, representing a 79.8% increase from RMB168.6 million for 2020, primarily due to an increase in staff cost of selling and marketing personnel.
• General and administrative expenses were RMB490.3 million (US$76.9 million) for 2021, representing a 66.9% increase from RMB293.8 million for 2020, 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 RMB796.7 million (US$125.0 million) for 2021, compared to RMB 407.2 million for 2020.

2022 Financial Guidance

We currently expect our full year 2022 revenues to be approximately RMB620 million (US$97.3 million), implying a 22% growth over full year 2021.

Conference Call Information

Burning Rock will host a conference call to discuss the fourth quarter 2021 financial results at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Hong Kong time) on March 22, 2022.

Details of the conference call are as follows:

International:	+65 67135590
U.S.:	+1 3322089468
U.K.:	+44 2036928125
Hong Kong:	+852 30186771
China Mobile:	4008205286
China Landline:	8008208659
Conference ID:	8596728

A replay of the conference call will be available for one week (dial-in number: +61 2 9003 4211); 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, 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.

Contact: IR@brbiotech.com

Selected Operating Data
	For the three months ended
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Central Laboratory Channel:
Number of patients tested	4,680		7,252		8,644		7,989		7,716		8,155		7,808		8,235
Number of ordering physicians(1)	810		1,175		1,194		1,114		1,082		1,013		920		917
Number of ordering hospitals(2)	232		284		289		294		303		300		287		306

(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.

	For the three months ended
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
In-hospital Channel:
Pipeline partner hospitals(1)	23		23		22		23		22		22		24		23
Contracted partner hospitals(2)	21		24		25		29		32		34		34		41
Total number of partner hospitals	44		47		47		52		54		56		58		64

(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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
	(RMB in thousands)
Central laboratory channel	46,141		74,607		89,899		86,695		74,561		79,999		78,817		85,976
In-hospital channel	17,123		27,588		31,704		41,457		28,994		40,502		43,714		51,906
Pharma research and development channel	4,065		4,776		2,278		3,570		3,068		6,778		4,084		9,463
Total revenues	67,329		106,971		123,881		131,722		106,623		127,279		126,615		147,345

	For the three months ended
Gross profit	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
	(RMB in thousands)
Central laboratory channel	32,434		56,556		67,804		66,588		55,212		58,681		58,387		65,985
In-hospital channel	10,126		19,269		22,410		30,218		20,070		29,426		31,111		34,194
Pharma research and development channel	2,224		2,573		1,373		2,347		1,658		2,124		2,098		5,200
Total gross profit	44,784		78,398		91,587		99,153		76,940		90,231		91,596		105,379

	For the three months ended
Share-based compensation	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021			December 31, 2021
	(RMB in thousands)
Cost of revenues	176		183		160		277		339		406		267			492
Research and development expenses	2,072		25,314		10,572		11,843		22,404		20,825		(9,559	)		(4,033		)
Selling and marketing expenses	253		491		341		2,372		2,633		2,809		2,044			2,126
General and administrative expenses	1,665		1,639		57,805		58,057		59,382		59,369		60,803			62,126
Total share-based compensation expenses	4,166		27,627		68,878		72,549		84,758		83,409		53,555			60,711

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, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021			December 31, 2021
	RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB			US$
Revenues	67,329			106,971			123,881			131,722			106,623			127,279			126,615			147,345			23,122
Cost of revenues	(22,545	)		(28,573	)		(32,294	)		(32,569	)		(29,683	)		(37,048	)		(35,019	)		(41,966	)		(6,585		)
Gross profit	44,784			78,398			91,587			99,153			76,940			90,231			91,596			105,379			16,537
Operating expenses:
Research and development expenses	(40,016	)		(71,176	)		(69,330	)		(83,418	)		(77,414	)		(108,071	)		(69,649	)		(112,724	)		(17,689		)
Selling and marketing expenses	(29,815	)		(37,992	)		(44,174	)		(56,606	)		(55,130	)		(68,058	)		(76,687	)		(103,221	)		(16,198		)
General and administrative expenses	(34,295	)		(42,272	)		(102,731	)		(114,502	)		(116,259	)		(116,130	)		(116,304	)		(141,563	)		(22,214		)
Total operating expenses	(104,126	)		(151,440	)		(216,235	)		(254,526	)		(248,803	)		(292,259	)		(262,640	)		(357,508	)		(56,101		)
Loss from operations	(59,342	)		(73,042	)		(124,648	)		(155,373	)		(171,863	)		(202,028	)		(171,044	)		(252,129	)		(39,564		)
Interest income	3,985			44			698			1,341			787			681			958			1,031			162
Interest expense	(1,178	)		1,939			(776	)		(652	)		(510	)		(565	)		(367	)		(94	)		(15		)
Other (expense) income, net	(151	)		122			(176	)		(682	)		118			433			20			(372	)		(58		)
Foreign exchange gain (loss), net	611			(118	)		(2,228	)		(1,112	)		57			(560	)		380			(731	)		(115		)
Change in fair value of warrant liability	3,503			-			-			-			-			-			-			-			-
Loss before income tax	(52,572	)		(71,055	)		(127,130	)		(156,478	)		(171,411	)		(202,039	)		(170,053	)		(252,295	)		(39,590		)
Income tax (expenses) benefit	-			-			-			-			-			(1,626	)		(424	)		1,151			181
Net loss	(52,572	)		(71,055	)		(127,130	)		(156,478	)		(171,411	)		(203,665	)		(170,477	)		(251,144	)		(39,409		)
Net loss attributable to Burning Rock Biotech Limited’s shareholders	(52,572	)		(71,055	)		(127,130	)		(156,478	)		(171,411	)		(203,665	)		(170,477	)		(251,144	)		(39,409		)
Accretion of convertible preferred shares	(26,288	)		(38,400	)		-			-			-			-			-			-			-
Net loss attributable to ordinary shareholders	(78,860	)		(109,455	)		(127,130	)		(156,478	)		(171,411	)		(203,665	)		(170,477	)		(251,144	)		(39,409		)
Loss per share:
Ordinary shares - basic and diluted	(3.15	)		-			-			-			-			-			-
Class A ordinary shares - basic and diluted	-			(2.68	)		(1.22	)		(1.51	)		(1.65	)		(1.96	)		(1.64	)		(2.40	)		(0.38		)
Class B ordinary shares - basic and diluted	-			(2.68	)		(1.22	)		(1.51	)		(1.65	)		(1.96	)		(1.64	)		(2.40	)		(0.38		)
Weighted average shares outstanding used in loss per share computation:
Ordinary shares - basic and diluted	25,031,575			-			-			-			-			-			-			-			-
Class A ordinary shares - basic and diluted	-			23,461,319			86,479,686			86,511,799			86,721,263			86,764,260			86,908,975			87,128,297			87,128,297
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
Other comprehensive (loss) income, net of tax of nil:
Foreign currency translation adjustments	11,422			(2,336	)		(91,093	)		(94,881	)		14,080			(34,980	)		6,146			(24,726	)		(3,880		)
Total comprehensive loss	(41,150	)		(73,391	)		(218,223	)		(251,359	)		(157,331	)		(238,645	)		(164,331	)		(275,870	)		(43,289		)
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders	(41,150	)		(73,391	)		(218,223	)		(251,359	)		(157,331	)		(238,645	)		(164,331	)		(275,870	)		(43,289		)

Burning Rock Biotech Limited
Unaudited Condensed Statements of Comprehensive Loss
(in thousands, except for share and per share data)
	For the year ended
	December 31, 2020			December 31, 2021			December 31, 2021
	RMB			RMB			USD
Revenues	429,903			507,862			79,694
Cost of revenues	(115,981	)		(143,716	)		(22,553	)
Gross profit	313,922			364,146			57,141
Operating expenses:
Research and development expenses	(263,940	)		(367,858	)		(57,725	)
Selling and marketing expenses	(168,587	)		(303,096	)		(47,562	)
General and administrative expenses	(293,800	)		(490,256	)		(76,932	)
Total operating expenses	(726,327	)		(1,161,210	)		(182,219	)
Loss from operations	(412,405	)		(797,064	)		(125,078	)
Interest income	6,068			3,457			542
Interest expense	(667	)		(1,536	)		(241	)
Other (expense) income, net	(887	)		199			31
Foreign exchange loss, net	(2,847	)		(854	)		(134	)
Change in fair value of warrant liability	3,503			-			-
Loss before income tax	(407,235	)		(795,798	)		(124,880	)
Income tax expenses	-			(899	)		(141	)
Net loss	(407,235	)		(796,697	)		(125,021	)
Net loss attributable to Burning Rock Biotech Limited’s shareholders	(407,235	)		(796,697	)		(125,021	)
Accretion of convertible preferred shares	(64,688	)		-			-
Net loss attributable to ordinary shareholders	(471,923	)		(796,697	)		(125,021	)
Loss per share:
Class A ordinary shares - basic and diluted	(6.88	)		(7.65	)		(1.20	)
Class B ordinary shares - basic and diluted	(6.88	)		(7.65	)		(1.20	)
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted	51,309,631			86,883,011			86,883,011
Class B ordinary shares - basic and diluted	17,324,848			17,324,848			17,324,848
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustments Foreign currency translation adjustments	(176,888	)		(39,480	)		(6,195	)
Total comprehensive loss	(584,123	)		(836,177	)		(131,216	)
Total comprehensivelossattributable to Burning Rock Biotech Limited’s shareholders	(584,123	)		(836,177	)		(131,216	)

Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
	As of
	December 31, 2020		December 31, 2021		December 31, 2021
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents	1,895,308		1,431,317		224,605
Restricted cash	29,898		7,795		1,223
Short-term investments	362,132		63,757		10,005
Accounts receivable, net	88,218		92,197		14,468
Contract assets, net	22,534		42,391		6,652
Amounts due from related parties	212		-		-
Inventories	68,021		123,210		19,335
Prepayments and other current assets, net	57,329		60,279		9,460
Total current assets	2,523,652		1,820,946		285,748
Non-current assets:
Equity method investment	1,417		910		143
Property and equipment, net	111,481		325,438		51,068
Operating right-of-use assets	-		81,007		12,712
Intangible assets, net	3,457		5,150		808
Other non-current assets	23,021		45,136		7,083
Total non-current assets	139,376		457,641		71,814
TOTAL ASSETS	2,663,028		2,278,587		357,562

Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets (Continued)
(in thousands)
	As of
	December 31, 2020			December 31, 2021			December 31, 2021
	RMB			RMB			US$
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	35,482			63,080			9,899
Deferred revenue	74,402			142,871			22,420
Capital lease obligations, current	4,816			-			-
Accrued liabilities and other current liabilities	83,648			127,892			20,070
Customer deposits	1,120			972			153
Short-term borrowings	7,370			2,370			372
Current portion of long-term borrowings	34,695			-			-
Current portion of operating lease liabilities	-			34,999			5,492
Total current liabilities	241,533			372,184			58,406
Non-current liabilities:
Deferred government grants	263			-			-
Non-current portion of operating lease liabilities	-			49,316			7,739
Other non-current liabilities	228			11,776			1,848
Total non-current liabilities	491			61,092			9,587
TOTAL LIABILITIES	242,024			433,276			67,993
Shareholders’ equity:
Class A ordinary shares	116			116			18
Class B ordinary shares	21			21			3
Additional paid-in capital	4,006,616			4,280,956			671,775
Accumulated deficits	(1,418,160	)		(2,228,713	)		(349,733	)
Accumulated other comprehensive loss	(167,589	)		(207,069	)		(32,494	)
Total shareholders’ equity	2,421,004			1,845,311			289,569
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,663,028			2,278,587			357,562

Burning Rock Biotech Limited
Unaudited Condensed Statements of Cash Flows
(in thousands)
	For the three months ended
	December 31, 2020			December 31, 2021			December 31, 2021
	RMB			RMB			US$
Net cash used in operating activities	(90,659	)		(112,349	)		(17,628	)
Net cash used in investing activities	(36,428	)		(66,970	)		(10,508	)
Net cash generated from (used in) financing activities	68,477			(6,781	)		(1,065	)
Effect of exchange rate on cash, cash equivalents and restricted cash	(78,013	)		(24,498	)		(3,844	)
Net decrease cash, cash equivalents and restricted cash	(136,623	)		(210,598	)		(33,045	)
Cash, cash equivalents and restricted cash at the beginning of period	2,061,829			1,649,710			258,873
Cash, cash equivalents and restricted cash at the end of period	1,925,206			1,439,112			225,828

	For the year ended
	December 31, 2020			December 31, 2021			December 31, 2021
	RMB			RMB			US$
Net cash used in operating activities	(73,543	)		(477,886	)		(74,993	)
Net cash generated from (used in) investing activities	(109,312	)		81,697			12,823
Net cash generated from (used in) financing activities	2,165,719			(52,899	)		(8,301	)
Effect of exchange rate on cash, cash equivalents and restricted cash	(155,902	)		(37,006	)		(5,808	)
Net increase (decrease) cash, cash equivalents and restricted cash	1,826,962			(486,094	)		(76,279	)
Cash, cash equivalents and restricted cash at the beginning of period	98,244			1,925,206			302,107
Cash, cash equivalents and restricted cash at the end of period	1,925,206			1,439,112			225,828

FAQ

What were Burning Rock's revenue figures for Q4 2021?

Burning Rock reported revenues of RMB147.3 million (US$23.1 million) for Q4 2021, an 11.9% increase year-on-year.

How much did Burning Rock lose in 2021?

Burning Rock reported a net loss of RMB796.7 million (US$125 million) for the full year 2021.

What is the revenue guidance for Burning Rock in 2022?

Burning Rock expects revenues for 2022 to be approximately RMB620 million (US$97.3 million), implying a 22% growth over 2021.

What growth did Burning Rock's in-hospital business experience in 2021?

The in-hospital business revenue grew 40.1% to RMB165.1 million for 2021.

How much did the operating expenses increase for Burning Rock in 2021?

Operating expenses for Burning Rock increased by 59.9% year-on-year in 2021.