Burning Rock Reports Third Quarter 2024 Financial Results
Burning Rock Biotech (NASDAQ: BNR) reported Q3 2024 financial results with total revenues of RMB128.6 million (US$18.3 million), a 0.8% increase year-over-year. The company saw a 17% growth in in-hospital business revenue to RMB63.8 million, while central laboratory revenue decreased 25.2% to RMB40.0 million. Pharma R&D services revenue increased 27.1% to RMB24.9 million.
The company's gross profit increased 6.9% to RMB91.8 million, with gross margin improving to 71.4% from 67.4%. Operating expenses decreased 50.7% to RMB130.4 million due to reduced share-based compensation and improved efficiency. Net loss narrowed to RMB35.7 million from RMB175.0 million in the previous year. Cash and equivalents stood at RMB498.2 million as of September 30, 2024.
Burning Rock Biotech (NASDAQ: BNR) ha riportato i risultati finanziari del terzo trimestre del 2024, con ricavi totali di RMB128,6 milioni (US$18,3 milioni), un aumento dello 0,8% rispetto allo stesso periodo dell'anno precedente. L'azienda ha registrato una crescita del 17% nei ricavi dell'attività ospedaliera, raggiungendo RMB63,8 milioni, mentre i ricavi del laboratorio centrale sono diminuiti del 25,2% a RMB40,0 milioni. I ricavi dei servizi di ricerca e sviluppo farmaceutico sono aumentati del 27,1% a RMB24,9 milioni.
Il profitto lordo dell'azienda è aumentato del 6,9% a RMB91,8 milioni, con un margine lordo migliorato al 71,4% rispetto al 67,4%. Le spese operative sono diminuite del 50,7% a RMB130,4 milioni grazie alla riduzione delle compensazioni basate sulle azioni e al miglioramento dell'efficienza. La perdita netta è stata ridotta a RMB35,7 milioni rispetto ai RMB175,0 milioni dell'anno precedente. Le disponibilità liquide e i mezzi equivalenti si attestavano a RMB498,2 milioni al 30 settembre 2024.
Burning Rock Biotech (NASDAQ: BNR) reportó los resultados financieros del tercer trimestre de 2024, con ingresos totales de RMB128,6 millones (US$18,3 millones), un aumento del 0,8% en comparación con el año anterior. La compañía vio un crecimiento del 17% en los ingresos del negocio hospitalario, alcanzando RMB63,8 millones, mientras que los ingresos del laboratorio central disminuyeron un 25,2% a RMB40,0 millones. Los ingresos de los servicios de I+D farmacéutica aumentaron un 27,1% a RMB24,9 millones.
El beneficio bruto de la compañía aumentó un 6,9% a RMB91,8 millones, con un margen bruto mejorado al 71,4% desde el 67,4%. Los gastos operativos disminuyeron un 50,7% a RMB130,4 millones debido a una reducción en la compensación basada en acciones y a una mejora en la eficiencia. La pérdida neta se redujo a RMB35,7 millones desde RMB175,0 millones el año anterior. El efectivo y equivalentes ascendían a RMB498,2 millones al 30 de septiembre de 2024.
버닝 록 바이오텍 (NASDAQ: BNR)는 2024년 3분기 재무 결과를 보고하며 전체 수익이 1억 2860만 위안(미화 1830만 달러)으로 전년 대비 0.8% 증가했다고 발표했습니다. 회사는 병원 사업 수익이 17% 증가하여 6천 380만 위안에 도달했으나 중앙 실험실 수익은 25.2% 감소하여 4천만 위안으로 집계되었습니다. 제약 연구개발 서비스 수익은 27.1% 증가하여 2천 490만 위안이 되었습니다.
회사의 총 이익은 6.9% 증가하여 9천 180만 위안에 달했으며, 총 이익률은 67.4%에서 71.4%로 개선되었습니다. 운영 비용은 주식 기반 보상이 감소하고 효율성이 개선됨에 따라 50.7% 감소하여 1억 304만 위안에 이릅니다. 순손실은 지난해 1억 7500만 위안에서 3천 570만 위안으로 줄었습니다. 2024년 9월 30일 기준 현금 및 현금성 자산은 4억 9820만 위안으로 집계되었습니다.
Burning Rock Biotech (NASDAQ: BNR) a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires total de 128,6 millions RMB (18,3 millions USD), soit une augmentation de 0,8 % par rapport à l'année précédente. L'entreprise a observé une croissance de 17 % de son chiffre d'affaires hospitalier pour atteindre 63,8 millions RMB, tandis que les revenus du laboratoire central ont baissé de 25,2 % pour atteindre 40,0 millions RMB. Les revenus des services de R&D pharmaceutiques ont augmenté de 27,1 % pour atteindre 24,9 millions RMB.
Le bénéfice brut de l'entreprise a augmenté de 6,9 % pour atteindre 91,8 millions RMB, avec une marge brute améliorée passant de 67,4 % à 71,4 %. Les dépenses opérationnelles ont diminué de 50,7 % pour s'établir à 130,4 millions RMB, grâce à une réduction de la rémunération fondée sur des actions et à une amélioration de l'efficacité. La perte nette a été réduite à 35,7 millions RMB par rapport à 175,0 millions RMB l'année précédente. Les liquidités et équivalents s'élevaient à 498,2 millions RMB au 30 septembre 2024.
Burning Rock Biotech (NASDAQ: BNR) berichtete über die Finanzergebnisse des dritten Quartals 2024 mit Gesamterlösen von 128,6 Millionen RMB (18,3 Millionen USD), was einem Anstieg von 0,8 % im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete ein Umsatzwachstum im stationären Geschäft von 17 % auf 63,8 Millionen RMB, während die Einnahmen aus dem zentralen Labor um 25,2 % auf 40 Millionen RMB sanken. Die Einnahmen aus Pharma-F&E-Dienstleistungen stiegen um 27,1 % auf 24,9 Millionen RMB.
Der Bruttogewinn des Unternehmens stieg um 6,9 % auf 91,8 Millionen RMB, während sich die Bruttomarge von 67,4 % auf 71,4 % verbesserte. Die Betriebsausgaben sanken um 50,7 % auf 130,4 Millionen RMB aufgrund reduzierter aktienbasierter Vergütungen und verbesserter Effizienz. Der Nettoverlust verringerte sich auf 35,7 Millionen RMB im Vergleich zu 175,0 Millionen RMB im Vorjahr. Die liquiden Mittel und Äquivalente beliefen sich zum 30. September 2024 auf 498,2 Millionen RMB.
- 17% growth in in-hospital business revenue to RMB63.8 million
- 27.1% increase in pharma R&D services revenue to RMB24.9 million
- Gross margin improved to 71.4% from 67.4%
- 50.7% reduction in operating expenses
- Net loss significantly reduced from RMB175.0 million to RMB35.7 million
- 25.2% decrease in central laboratory business revenue
- Overall revenue growth to 0.8% year-over-year
- Continued net loss position of RMB35.7 million
Insights
Burning Rock's Q3 2024 financials show mixed results with some encouraging trends. Total revenues increased marginally by
Notable improvements in operational efficiency include a substantial
The approval of the NGS-based companion diagnostic for EGFR exon20ins mutations in collaboration with Dizal represents a significant milestone. Being the first co-developed NGS-based CDx approved by NMPA since the release of their CDx guideline marks an important regulatory achievement. The strategic partnership with MGI Tech Co., could enhance the company's technological capabilities and global reach in precision oncology.
The company's research presentations at the World Conference on Lung Cancer, particularly regarding neoadjuvant sintilimab plus chemotherapy for EGFR-mutant NSCLC, demonstrate ongoing scientific contributions. The
GUANGZHOU, China, Dec. 03, 2024 (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 ended September 30, 2024.
Recent Business Updates
- Therapy Selection
- Presented study results at the 2024 World Conference on Lung Cancer in September 2024. “Neoadjuvant sintilimab plus chemotherapy could be an optional treatment modality in selected EGFR-mutant NSCLC” and “Distinct Genomic and Immune Microenvironment Features of Solid or Micropapillary Predominant Subtype in Stage I Lung Adenocarcinomas”.
- Signed a strategic cooperation agreement with MGI Tech Co., Ltd in October 2024, aiming to fully complement each other's platform and technological advantages to further promote the clinical application progress and global business of precision oncology.
- Pharma Services
- The companion diagnostic (CDx) for EGFR exon 20 insertion mutation (exon20ins) for sunvozertinib, developed through the collaboration of Burning Rock and Dizal, has been approved by the National Medical Products Administration (NMPA) of China, which marks the first co-developed NGS-based CDx for lung cancer approved by NMPA since the release of the CDx guideline in China.
- The companion diagnostic (CDx) for EGFR exon 20 insertion mutation (exon20ins) for sunvozertinib, developed through the collaboration of Burning Rock and Dizal, has been approved by the National Medical Products Administration (NMPA) of China, which marks the first co-developed NGS-based CDx for lung cancer approved by NMPA since the release of the CDx guideline in China.
Third Quarter 2024 Financial Results
Total revenues were RMB128.6 million (US
- Revenue generated from in-hospital business was RMB63.8 million (US
$9.1 million ) for the three months ended September 30, 2024, representing a17.0% increase from RMB54.5 million for the same period in 2023, driven by an increase in sales volume. - Revenue generated from central laboratory business was RMB40.0 million (US
$5.7 million ) for the three months ended September 30, 2024, representing a25.2% decrease from RMB53.5 million for the same period in 2023, primarily attributable to a decrease in the number of tests, as we continued our transition towards in-hospital testing. - Revenue generated from pharma research and development services was RMB24.9 million (US
$3.5 million ) for the three months ended September 30, 2024, representing a27.1% increase from RMB19.6 million for the same period in 2023, primarily attributable to an increased development and testing services performed for our pharma customers.
Cost of revenues was RMB36.8 million (US
Gross profit was RMB91.8 million (US
Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB97.8 million (US
Operating expenses were RMB130.4 million (US
- Research and development expenses were RMB49.2 million (US
$7.0 million ) for the three months ended September 30, 2024, representing a41.3% decrease from RMB83.7 million for the same period in 2023, primarily due to (i) a decrease in staff cost resulted from the reorganization of our research and development department to improve operating efficiency; (ii) a decrease in the expenditure for research projects; (iii) a decrease in amortized expense on share-based compensation; and (iv) a decrease in amortized expenses for office building decoration. - Selling and marketing expenses were RMB48.4 million (US
$6.9 million ) for the three months ended September 30, 2024, representing a22.3% decrease from RMB62.3 million for the same period in 2023, primarily due to (i) a decrease in staff cost resulted from the reorganization of the sales department and improvement in operating efficiency; (ii) a decrease in conference fee; and (iii) a decrease in entertainment expense. - General and administrative expenses were RMB32.9 million (US
$4.7 million ) for the three months ended September 30, 2024, representing a72.3% decrease from RMB118.7 million for the same period in 2023, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in amortized expenses for office building decoration; (iii) a decrease in operating lease; and (iv) a decrease in general and administrative personnel’s staff cost.
Net loss was RMB35.7 million (US
Cash, cash equivalents, restricted cash and short-term investments were RMB498.2 million (US
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.
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: IR@brbiotech.com
| Selected Operating Data | |||||
| As of | |||||
| September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |
| In-hospital Channel: | |||||
| Pipeline partner hospitals(1) | 29 | 28 | 28 | 29 | 30 |
| Contracted partner hospitals(2) | 55 | 59 | 59 | 59 | 61 |
| Total number of partner hospitals | 84 | 87 | 87 | 88 | 91 |
| (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 | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |
| (RMB in thousands) | ||||||
| Central laboratory channel | 53,481 | 51,288 | 47,614 | 48,773 | 39,984 | |
| In-hospital channel | 54,496 | 28,809 | 57,387 | 59,872 | 63,769 | |
| Pharma research and development channel | 19,589 | 40,988 | 20,622 | 26,888 | 24,891 | |
| Total revenues | 127,566 | 121,085 | 125,623 | 135,533 | 128,644 | |
| For the three months ended | ||||||
| Gross profit | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |
| (RMB in thousands) | ||||||
| Central laboratory channel | 41,487 | 41,886 | 37,002 | 38,424 | 33,262 | |
| In-hospital channel | 35,459 | 12,910 | 39,192 | 44,058 | 46,580 | |
| Pharma research and development channel | 8,974 | 23,317 | 9,500 | 12,956 | 12,004 | |
| Total gross profit | 85,920 | 78,113 | 85,694 | 95,438 | 91,846 | |
| For the three months ended | ||||||
| Share-based compensation expenses | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |
| (RMB in thousands) | ||||||
| Cost of revenues | 680 | 654 | 596 | 464 | 289 | |
| Research and development expenses | 12,161 | 12,401 | 12,287 | 12,008 | 3,180 | |
| Selling and marketing expenses | 2,848 | 1,816 | 508 | 1,232 | 1,917 | |
| General and administrative expenses | 57,704 | 56,472 | 55,990 | 54,407 | 4,732 | |
| Total share-based compensation expenses | 73,393 | 71,343 | 69,381 | 68,111 | 10,118 | |
| 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 | ||||||||||||||||
| September 30, 2023 | December 31,2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | September 30, 2024 | |||||||||||
| RMB | RMB | RMB | RMB | RMB | US$ | |||||||||||
| Revenues | 127,566 | 121,085 | 125,623 | 135,533 | 128,644 | 18,331 | ||||||||||
| Cost of revenues | (41,646 | ) | (42,972 | ) | (39,929 | ) | (40,095 | ) | (36,798 | ) | (5,243 | ) | ||||
| Gross profit | 85,920 | 78,113 | 85,694 | 95,438 | 91,846 | 13,088 | ||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development expenses | (83,701 | ) | (73,119 | ) | (65,985 | ) | (64,952 | ) | (49,150 | ) | (7,004 | ) | ||||
| Selling and marketing expenses | (62,310 | ) | (49,785 | ) | (46,856 | ) | (48,907 | ) | (48,411 | ) | (6,899 | ) | ||||
| General and administrative expenses | (118,724 | ) | (121,533 | ) | (98,681 | ) | (92,794 | ) | (32,874 | ) | (4,685 | ) | ||||
| Total operating expenses | (264,735 | ) | (244,437 | ) | (211,522 | ) | (206,653 | ) | (130,435 | ) | (18,588 | ) | ||||
| Loss from operations | (178,815 | ) | (166,324 | ) | (125,828 | ) | (111,215 | ) | (38,589 | ) | (5,500 | ) | ||||
| Interest income | 4,018 | 5,539 | 4,038 | 3,187 | 3,173 | 452 | ||||||||||
| Other income (expense), net | (157 | ) | 160 | 434 | (82 | ) | 1 | - | ||||||||
| Foreign exchange (loss) gain, net | 423 | (517 | ) | (13 | ) | 262 | (129 | ) | (18 | ) | ||||||
| Loss before income tax | (174,531 | ) | (161,142 | ) | (121,369 | ) | (107,848 | ) | (35,544 | ) | (5,066 | ) | ||||
| Income tax expenses | (450 | ) | (1,071 | ) | (180 | ) | (190 | ) | (201 | ) | (29 | ) | ||||
| Net loss | (174,981 | ) | (162,213 | ) | (121,549 | ) | (108,038 | ) | (35,745 | ) | (5,095 | ) | ||||
| Net loss attributable to Burning Rock Biotech Limited’s shareholders | (174,981 | ) | (162,213 | ) | (121,549 | ) | (108,038 | ) | (35,745 | ) | (5,095 | ) | ||||
| Net loss attributable to ordinary shareholders | (174,981 | ) | (162,213 | ) | (121,549 | ) | (108,038 | ) | (35,745 | ) | (5,095 | ) | ||||
| Loss per share for class A and class B ordinary shares: | ||||||||||||||||
| Class A ordinary shares - basic and diluted | (1.71 | ) | (1.58 | ) | (1.19 | ) | (1.05 | ) | (0.35 | ) | (0.05 | ) | ||||
| Class B ordinary shares - basic and diluted | (1.71 | ) | (1.58 | ) | (1.19 | ) | (1.05 | ) | (0.35 | ) | (0.05 | ) | ||||
| Weighted average shares outstanding used in loss per share computation: | ||||||||||||||||
| Class A ordinary shares - basic and diluted | 85,000,869 | 85,071,360 | 85,219,188 | 85,271,858 | 85,902,670 | 85,902,670 | ||||||||||
| 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 | ||||||||||
| Other comprehensive income (loss), net of tax of nil: | ||||||||||||||||
| Foreign currency translation adjustments | (1,955 | ) | (3,026 | ) | 590 | 940 | (4,054 | ) | (578 | ) | ||||||
| Total comprehensive loss | (176,936 | ) | (165,239 | ) | (120,959 | ) | (107,098 | ) | (39,799 | ) | (5,673 | ) | ||||
| Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders | (176,936 | ) | (165,239 | ) | (120,959 | ) | (107,098 | ) | (39,799 | ) | (5,673 | ) | ||||
| Burning Rock Biotech Limited Unaudited Condensed Statements of Comprehensive Loss (in thousands, except for number of shares and per share data) | ||||||
| For the nine months ended | ||||||
| September 30, 2023 | September 30, 2024 | September 30, 2024 | ||||
| RMB | RMB | US$ | ||||
| Revenues | 416,350 | 389,800 | 55,546 | |||
| Cost of revenues | (131,236 | ) | (116,822 | ) | (16,648 | ) |
| Gross profit | 285,114 | 272,978 | 38,898 | |||
| Operating expenses: | ||||||
| Research and development expenses | (273,897 | ) | (180,087 | ) | (25,662 | ) |
| Selling and marketing expenses | (197,926 | ) | (144,174 | ) | (20,545 | ) |
| General and administrative expenses | (316,288 | ) | (224,349 | ) | (31,969 | ) |
| Total operating expenses | (788,111 | ) | (548,610 | ) | (78,176 | ) |
| Loss from operations | (502,997 | ) | (275,632 | ) | (39,278 | ) |
| Interest income | 12,417 | 10,398 | 1,482 | |||
| Other income, net | 324 | 353 | 50 | |||
| Foreign exchange gain, net | 97 | 120 | 17 | |||
| Loss before income tax | (490,159 | ) | (264,761 | ) | (37,729 | ) |
| Income tax expenses | (1,317 | ) | (571 | ) | (81 | ) |
| Net loss | (491,476 | ) | (265,332 | ) | (37,810 | ) |
| Net loss attributable to Burning Rock Biotech Limited’s shareholders | (491,476 | ) | (265,332 | ) | (37,810 | ) |
| Net loss attributable to ordinary shareholders | (491,476 | ) | (265,332 | ) | (37,810 | ) |
| Loss per share for class A and class B ordinary shares: | ||||||
| Class A ordinary shares - basic and diluted | (4.80 | ) | (2.58 | ) | (0.37 | ) |
| Class B ordinary shares - basic and diluted | (4.80 | ) | (2.58 | ) | (0.37 | ) |
| Weighted average shares outstanding used in loss per share computation: | ||||||
| Class A ordinary shares - basic and diluted | 85,070,921 | 85,467,131 | 85,467,131 | |||
| Class B ordinary shares - basic and diluted | 17,324,848 | 17,324,848 | 17,324,848 | |||
| Other comprehensive income (loss), net of tax of nil: | ||||||
| Foreign currency translation adjustments | 7,215 | (2,524 | ) | (360 | ) | |
| Total comprehensive loss | (484,261 | ) | (267,856 | ) | (38,170 | ) |
| Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders | (484,261 | ) | (267,856 | ) | (38,170 | ) |
| Burning Rock Biotech Limited Unaudited Condensed Consolidated Balance Sheets (In thousands) | |||
| As of | |||
| December 31, 2023 | September 30, 2024 | September 30, 2024 | |
| RMB | RMB | US$ | |
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | 615,096 | 497,969 | 70,960 |
| Restricted cash | 120 | 278 | 40 |
| Accounts receivable, net | 126,858 | 166,491 | 23,725 |
| Contract assets, net | 22,748 | 17,750 | 2,529 |
| Inventories, net | 69,020 | 66,444 | 9,468 |
| Prepayments and other current assets, net | 50,254 | 30,623 | 4,364 |
| Convertible note receivable | - | 5,320 | 758 |
| Total current assets | 884,096 | 784,875 | 111,844 |
Non-current assets: | |||
| Equity method investment | 337 | 243 | 35 |
| Convertible note receivable | 5,320 | - | - |
| Property and equipment, net | 131,912 | 90,139 | 12,845 |
| Operating right-of-use assets | 12,284 | 99,301 | 14,150 |
| Intangible assets, net | 964 | 525 | 75 |
| Other non-current assets | 5,088 | 9,722 | 1,385 |
| Total non-current assets | 155,905 | 199,930 | 28,490 |
| TOTAL ASSETS | 1,040,001 | 984,805 | 140,334 |
| Burning Rock Biotech Limited Unaudited Condensed Consolidated Balance Sheets (Continued) (in thousands) | ||||||
| As of | ||||||
| December 31, 2023 | September 30, 2024 | September 30, 2024 | ||||
| RMB | RMB | US$ | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | 18,061 | 25,213 | 3,593 | |||
| Deferred revenue | 130,537 | 110,748 | 15,781 | |||
| Accrued liabilities and other current liabilities | 104,935 | 94,110 | 13,411 | |||
| Customer deposits | 1,197 | 567 | 81 | |||
| Current portion of operating lease liabilities | 8,634 | 27,842 | 3,967 | |||
| Total current liabilities | 263,364 | 258,480 | 36,833 | |||
| Non-current liabilities: | ||||||
| Non-current portion of operating lease liabilities | 3,690 | 73,055 | 10,410 | |||
| Other non-current liabilities | 4,537 | 5,104 | 728 | |||
| Total non-current liabilities | 8,227 | 78,159 | 11,138 | |||
| TOTAL LIABILITIES | 271,591 | 336,639 | 47,971 | |||
Shareholders’ equity: | ||||||
| Class A ordinary shares | 116 | 118 | 17 | |||
| Class B ordinary shares | 21 | 21 | 3 | |||
| Additional paid-in capital | 4,849,337 | 4,996,947 | 712,059 | |||
| Treasury stock | (65,896 | ) | (65,896 | ) | (9,390 | ) |
| Accumulated deficits | (3,853,635 | ) | (4,118,967 | ) | (586,948 | ) |
| Accumulated other comprehensive loss | (161,533 | ) | (164,057 | ) | (23,378 | ) |
| Total shareholders’ equity | 768,410 | 648,166 | 92,363 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,040,001 | 984,805 | 140,334 | |||
| Burning Rock Biotech Limited Unaudited Condensed Statements of Cash Flows (in thousands) | |||||||
| For the three months ended | |||||||
| September 30, 2023 | September 30, 2024 | September 30, 2024 | |||||
| RMB | RMB | US$ | |||||
| Net cash used in operating activities | (47,417 | ) | (30,278 | ) | (4,315 | ) | |
| Net cash used in investing activities | (1,985 | ) | (987 | ) | (141 | ) | |
| Net cash (used in)/generated from financing activities | (45,888 | ) | 2 | - | |||
| Effect of exchange rate on cash, cash equivalents and restricted cash | (1,239 | ) | (3,537 | ) | (503 | ) | |
| Net decrease in cash, cash equivalents and restricted cash | (96,529 | ) | (34,800 | ) | (4,959 | ) | |
| Cash, cash equivalents and restricted cash at the beginning of period | 733,278 | 533,047 | 75,959 | ||||
| Cash, cash equivalents and restricted cash at the end of period | 636,749 | 498,247 | 71,000 | ||||
| For the nine months ended | ||||||||
| September 30, 2023 | September 30, 2024 | September 30, 2024 | ||||||
| RMB | RMB | US$ | ||||||
| Net cash used in operating activities | (239,764 | ) | (111,323 | ) | (15,863 | ) | ||
| Net cash used in investing activities | (8,972 | ) | (3,600 | ) | (513 | ) | ||
| Net cash (used in)/generated from financing activities | (46,923 | ) | 2 | - | ||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | 7,140 | (2,048 | ) | (292 | ) | |||
| Net decrease in cash, cash equivalents and restricted cash | (288,519 | ) | (116,969 | ) | (16,668 | ) | ||
| Cash, cash equivalents and restricted cash at the beginning of period | 925,268 | 615,216 | 87,668 | |||||
| Cash, cash equivalents and restricted cash at the end of period | 636,749 | 498,247 | 71,000 | |||||
| Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results | ||||||||||
| For the three months ended | ||||||||||
| September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | ||||||
| (RMB in thousands) | ||||||||||
| Gross profit: | ||||||||||
| Central laboratory channel | 41,487 | 41,886 | 37,002 | 38,424 | 33,262 | |||||
| In-hospital channel | 35,459 | 12,910 | 39,192 | 44,058 | 46,580 | |||||
| Pharma research and development channel | 8,974 | 23,317 | 9,500 | 12,956 | 12,004 | |||||
| Total gross profit | 85,920 | 78,113 | 85,694 | 95,438 | 91,846 | |||||
| Add: depreciation and amortization: | ||||||||||
| Central laboratory channel | 2,550 | 2,414 | 1,919 | 1,226 | 1,277 | |||||
| In-hospital channel | 2,751 | 2,728 | 1,524 | 824 | 798 | |||||
| Pharma research and development channel | 3,863 | 3,808 | 3,856 | 4,417 | 3,846 | |||||
| Total depreciation and amortization included in cost of revenues | 9,164 | 8,950 | 7,299 | 6,467 | 5,921 | |||||
| Non-GAAP gross profit： | ||||||||||
| Central laboratory channel | 44,037 | 44,300 | 38,921 | 39,650 | 34,539 | |||||
| In-hospital channel | 38,210 | 15,638 | 40,716 | 44,882 | 47,378 | |||||
| Pharma research and development channel | 12,837 | 27,125 | 13,356 | 17,373 | 15,850 | |||||
| Total non-GAAP gross profit | 95,084 | 87,063 | 92,993 | 101,905 | 97,767 | |||||
| Non-GAAP gross margin： | ||||||||||
| Central laboratory channel | 82.3 | % | 86.4 | % | 81.7 | % | 81.3 | % | 86.4 | % |
| In-hospital channel | 70.1 | % | 54.3 | % | 70.9 | % | 75.0 | % | 74.3 | % |
| Pharma research and development channel | 65.5 | % | 66.2 | % | 64.8 | % | 64.6 | % | 63.7 | % |
| Total non-GAAP gross margin | 74.5 | % | 71.9 | % | 74.0 | % | 75.2 | % | 76.0 | % |
FAQ
What was Burning Rock's (BNR) revenue in Q3 2024?
How did Burning Rock's (BNR) in-hospital business perform in Q3 2024?
What was Burning Rock's (BNR) net loss in Q3 2024?
