Burning Rock Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results
Burning Rock Biotech (NASDAQ: BNR) has reported its Q4 and full-year 2024 financial results, showing mixed performance across different business segments. Q4 revenues increased 4.1% to RMB126.0 million (US$17.3 million), with a notable 50.9% growth in in-hospital business to RMB43.5 million, while central laboratory revenue declined 23.4% to RMB39.3 million.
The company's gross margin improved to 71.0% in Q4 2024 from 64.5% in Q4 2023. Operating expenses decreased by 29.9% to RMB171.3 million, driven by organizational optimization and cost-control measures. Net loss for Q4 2024 narrowed to RMB81.3 million (US$11.1 million) from RMB162.2 million in the prior year.
For full-year 2024, total revenue decreased 4.0% to RMB515.8 million, with in-hospital business growing 19.0% while central laboratory revenue declined 24.6%. The company's net loss for 2024 improved to RMB346.6 million from RMB653.7 million in 2023.
Burning Rock Biotech (NASDAQ: BNR) ha riportato i risultati finanziari per il quarto trimestre e per l'intero anno 2024, mostrando una performance mista tra i diversi segmenti aziendali. I ricavi del quarto trimestre sono aumentati del 4,1% a RMB126,0 milioni (US$17,3 milioni), con una notevole crescita del 50,9% nel business in ospedale, che ha raggiunto RMB43,5 milioni, mentre i ricavi del laboratorio centrale sono diminuiti del 23,4% a RMB39,3 milioni.
Il margine lordo dell'azienda è migliorato al 71,0% nel quarto trimestre del 2024, rispetto al 64,5% nel quarto trimestre del 2023. Le spese operative sono diminuite del 29,9% a RMB171,3 milioni, grazie all'ottimizzazione organizzativa e alle misure di controllo dei costi. La perdita netta per il quarto trimestre del 2024 si è ridotta a RMB81,3 milioni (US$11,1 milioni) rispetto ai RMB162,2 milioni dell'anno precedente.
Per l'intero anno 2024, i ricavi totali sono diminuiti del 4,0% a RMB515,8 milioni, con il business in ospedale in crescita del 19,0%, mentre i ricavi del laboratorio centrale sono calati del 24,6%. La perdita netta dell'azienda per il 2024 è migliorata a RMB346,6 milioni rispetto ai RMB653,7 milioni del 2023.
Burning Rock Biotech (NASDAQ: BNR) ha informado sus resultados financieros del cuarto trimestre y del año completo 2024, mostrando un desempeño mixto en los diferentes segmentos de negocio. Los ingresos del cuarto trimestre aumentaron un 4,1% a RMB126,0 millones (US$17,3 millones), con un notable crecimiento del 50,9% en el negocio hospitalario, alcanzando RMB43,5 millones, mientras que los ingresos del laboratorio central disminuyeron un 23,4% a RMB39,3 millones.
El margen bruto de la empresa mejoró al 71,0% en el cuarto trimestre de 2024, desde el 64,5% en el cuarto trimestre de 2023. Los gastos operativos disminuyeron un 29,9% a RMB171,3 millones, impulsados por la optimización organizativa y las medidas de control de costos. La pérdida neta para el cuarto trimestre de 2024 se redujo a RMB81,3 millones (US$11,1 millones) desde RMB162,2 millones del año anterior.
Para el año completo 2024, los ingresos totales disminuyeron un 4,0% a RMB515,8 millones, con el negocio hospitalario creciendo un 19,0%, mientras que los ingresos del laboratorio central cayeron un 24,6%. La pérdida neta de la empresa para 2024 mejoró a RMB346,6 millones desde RMB653,7 millones en 2023.
버닝 록 바이오텍 (NASDAQ: BNR)가 2024년 4분기 및 연간 재무 결과를 발표했으며, 다양한 사업 부문에서 혼합된 성과를 보여주고 있습니다. 4분기 매출은 4.1% 증가하여 RMB126.0백만(US$17.3백만)에 달했으며, 병원 사업은 50.9% 성장하여 RMB43.5백만에 이르렀지만, 중앙 실험실 수익은 23.4% 감소하여 RMB39.3백만에 그쳤습니다.
회사의 총 이익률은 2023년 4분기 64.5%에서 2024년 4분기 71.0%로 개선되었습니다. 운영 비용은 조직 최적화 및 비용 통제 조치에 힘입어 29.9% 감소하여 RMB171.3백만에 달했습니다. 2024년 4분기의 순손실은 전년의 RMB162.2백만에서 RMB81.3백만(US$11.1백만)으로 축소되었습니다.
2024년 전체 연도에 대한 총 수익은 4.0% 감소하여 RMB515.8백만에 달하며, 병원 사업은 19.0% 성장했으나 중앙 실험실 수익은 24.6% 감소했습니다. 2024년 회사의 순손실은 2023년의 RMB653.7백만에서 RMB346.6백만으로 개선되었습니다.
Burning Rock Biotech (NASDAQ: BNR) a publié ses résultats financiers pour le quatrième trimestre et l'année entière 2024, montrant une performance mixte dans les différents segments d'activité. Les revenus du quatrième trimestre ont augmenté de 4,1% pour atteindre 126,0 millions de RMB (17,3 millions de dollars US), avec une croissance notable de 50,9% dans le secteur hospitalier, atteignant 43,5 millions de RMB, tandis que les revenus du laboratoire central ont chuté de 23,4% à 39,3 millions de RMB.
La marge brute de l'entreprise s'est améliorée à 71,0% au quatrième trimestre 2024 contre 64,5% au quatrième trimestre 2023. Les dépenses d'exploitation ont diminué de 29,9% pour atteindre 171,3 millions de RMB, grâce à l'optimisation organisationnelle et aux mesures de contrôle des coûts. La perte nette pour le quatrième trimestre 2024 a été réduite à 81,3 millions de RMB (11,1 millions de dollars US) contre 162,2 millions de RMB l'année précédente.
Pour l'année entière 2024, le chiffre d'affaires total a diminué de 4,0% pour atteindre 515,8 millions de RMB, avec une croissance de 19,0% dans le secteur hospitalier, tandis que les revenus du laboratoire central ont chuté de 24,6%. La perte nette de l'entreprise pour 2024 s'est améliorée à 346,6 millions de RMB contre 653,7 millions de RMB en 2023.
Burning Rock Biotech (NASDAQ: BNR) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, die eine gemischte Leistung in verschiedenen Geschäftsbereichen zeigen. Die Einnahmen im vierten Quartal stiegen um 4,1% auf RMB126,0 Millionen (US$17,3 Millionen), wobei das Krankenhausgeschäft um 50,9% auf RMB43,5 Millionen wuchs, während die Einnahmen des zentralen Labors um 23,4% auf RMB39,3 Millionen zurückgingen.
Die Bruttomarge des Unternehmens verbesserte sich im vierten Quartal 2024 auf 71,0% von 64,5% im vierten Quartal 2023. Die Betriebskosten sanken um 29,9% auf RMB171,3 Millionen, was auf organisatorische Optimierung und Kostenkontrollmaßnahmen zurückzuführen ist. Der Nettoverlust für das vierte Quartal 2024 verringerte sich auf RMB81,3 Millionen (US$11,1 Millionen) von RMB162,2 Millionen im Vorjahr.
Für das gesamte Jahr 2024 sanken die Gesamteinnahmen um 4,0% auf RMB515,8 Millionen, wobei das Krankenhausgeschäft um 19,0% wuchs, während die Einnahmen des zentralen Labors um 24,6% zurückgingen. Der Nettoverlust des Unternehmens für 2024 verbesserte sich auf RMB346,6 Millionen von RMB653,7 Millionen im Jahr 2023.
- Q4 revenue increased 4.1% year-over-year to RMB126.0 million
- In-hospital business revenue grew 50.9% in Q4 2024
- Q4 gross margin improved to 71.0% from 64.5% year-over-year
- Operating expenses reduced by 29.9% in Q4 2024
- Net loss narrowed significantly from RMB653.7M in 2023 to RMB346.6M in 2024
- Central laboratory revenue declined 23.4% in Q4 2024
- Full-year 2024 revenue decreased 4.0% to RMB515.8 million
- Recorded RMB35.1 million impairment loss on long-lived assets in 2024
- Continued net loss of RMB346.6 million in 2024 despite improvement
Insights
Burning Rock's Q4 results show significant progress toward profitability despite mixed revenue performance. The company has successfully reduced its Q4 net loss by nearly 50% year-over-year to
The company's strategic pivot toward in-hospital testing is transforming their revenue mix. In-hospital segment revenue surged
Most impressive is the substantial margin improvement across all business segments. Overall gross margin expanded 650 basis points to
While full-year revenue declined
The company's scientific visibility remains strong, with studies presented at major oncology conferences and their THUNDER early detection test included in treatment guidelines. The CDx approval with Dizal marks their first NGS-based companion diagnostic approved by China's NMPA, potentially opening significant commercial opportunities.
Burning Rock's scientific advancements in precision oncology deserve attention despite their financial challenges. Their THUNDER multi-cancer early detection study's inclusion in two major Chinese medical guidelines (Primary Liver Cancer and Tumor DNA Methylation Markers) represents significant clinical validation. The test's demonstrated ability to detect cancer and predict tumor origin from blood samples addresses a critical unmet need in oncology diagnostics.
The company's collaborative research presented at ASCO signals their continued commitment to advancing precision medicine applications. Their work on EGFR-mutated non-small cell lung cancer with brain metastases and circulating tumor DNA for detecting molecular residual disease in colorectal cancer targets high-value clinical applications where improved diagnostic precision directly impacts treatment decisions.
Most noteworthy is their CDx development success with Dizal, achieving the first NGS-based companion diagnostic for lung cancer approved under China's new regulatory framework. The companion diagnostic for EGFR exon 20 insertion mutations will facilitate patient selection for sunvozertinib, addressing a historically difficult-to-target mutation. Additionally, their new CDx collaboration with Bayer expands their pharmaceutical partnerships beyond domestic companies.
The research on neoadjuvant sintilimab plus chemotherapy for EGFR-mutant NSCLC presented at the World Conference on Lung Cancer could potentially expand immunotherapy options for a patient population that has typically shown response to immune checkpoint inhibitors. Similarly, their work characterizing genomic and immune microenvironment features in lung adenocarcinoma subtypes demonstrates their capability to identify molecular signatures with prognostic and therapeutic implications.
GUANGZHOU, China, March 25, 2025 (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 unaudited financial results for the three months and the year ended December 31, 2024.
2024 Business Overview and Recent Updates
- Corporate Updates
- Completed profitability-driven organizational optimization, execution towards profitability well underway
- Early Detection
- THUNDER study for 6-cancer test was included in the Diagnosis and Treatment Guidelines for Primary Liver Cancer (2024 Edition) and the Expert Consensus on Detection and Clinical Application of Tumor DNA Methylation Markers (2024 Edition), showing an impressive performance of ELSA-seq using cfDNA in cancer detection and origin prediction.
- Therapy Selection
- Presented study results on small-cell lung cancer and colorectal cancer at the ASCO in June 2024. “The efficacy and safety of high dose Almonertinib in untreated EGFR-mutated NSCLC with brain metastases, including biomarker analysis” and “Individualized tumor-informed circulating tumor DNA analysis for molecular residual disease detection in predicting recurrence and efficacy of adjuvant chemotherapy in colorectal cancer.”
- 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.”
- Pharma Services
- New companion diagnostics (CDx) collaboration announced with Bayer in China in May 2024.
- 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 in October 2024, which marks the first co-developed NGS-based CDx for lung cancer approved by NMPA since the release of the CDx guideline in China.
Fourth Quarter 2024 Financial Results
Revenues were RMB126.0 million (US
- Revenue generated from central laboratory business was RMB39.3 million (US
$5.4 million ) for the three months ended December 31, 2024, representing a23.4% decrease from RMB51.3 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 in-hospital business was RMB43.5 million (US
$6.0 million ) for the three months ended December 31, 2024, representing a50.9% increase from RMB28.8 million for the same period in 2024, driven by an increase in sales volume from existing hospitals and new contracted partner hospitals. - Revenue generated from pharma research and development services was RMB43.3 million (US
$5.9 million ) for the three months ended December 31, 2024, representing a5.6% increase from RMB41.0 million for the same period in 2023, primarily attributable to increased development and testing services performed for our pharma customers.
Cost of revenues was RMB36.6 million (US
Gross profit was RMB89.4 million (US
Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB93.6 million (US
Operating expenses were RMB171.3 million (US
- Research and development expenses were RMB52.2 million (US
$7.2 million ) for the three months ended December 31, 2024, representing a28.6% decrease from RMB73.1 million for the same period in 2023, primarily due to (i) a decrease in the expenditure for detection research, and (ii) a decrease in amortized expense on share-based compensation; and (iii) a decrease in amortized expenses for office building decoration. - Selling and marketing expenses were RMB46.7 million (US
$6.4 million ) for the three months ended December 31, 2024, representing a6.1% decrease from RMB49.8 million for the same period in 2023, primarily due to a decrease in staff cost resulted from the reorganization of our sales department to improve operating efficiency. - General and administrative expenses were RMB37.3 million (US
$5.1 million ) for the three months ended December 31, 2024, representing a69.3% decrease from RMB121.5 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; and (iii) a decrease in impairment expenses for accounts receivables and contract assets resulting from accelerated settlement with customers with long accounts receivable.
Net loss was RMB81.3 million (US
Cash, cash equivalents, restricted cash were RMB522.2 million (US
Full Year 2024 Financial Results
Revenues were RMB515.8 million (US
- Revenue generated from central laboratory business was RMB175.6 million (US
$24.1 million ) for 2024, representing a24.6% decrease from RMB232.8 million for 2023, primarily attributable to a decrease in the number of tests, as we continued our transition towards in-hospital testing. - Revenue generated from in-hospital business was RMB224.5 million (US
$30.8 million ) for 2024, representing an19.0% increase from RMB188.7 million for 2023, driven by an increase in sales volume from existing hospitals and new contracted partner hospitals. - Revenue generated from pharma research and development services was RMB115.7 million (US
$15.8 million ) for 2024, remaining relatively stable (decreasing by0.2% ) from RMB115.9 million for 2023.
Cost of revenues was RMB153.4 million (US
Gross profit remained relatively stable at RMB362.4 million (US
Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB386.3 million (US
Operating expenses were RMB720.0 million (US
- Research and development expenses were RMB232.3 million (US
$31.8 million ) for 2024, representing a33.1% decrease from RMB347.0 million for 2023, primarily due to (i) a decrease in the expenditure for detection research; (ii) a decrease in amortized expense on share-based compensation; (iii) a decrease in staff cost resulted from the reorganization of our research and development department to improve operating efficiency; and (iv) a decrease in amortized expenses for office building. - Selling and marketing expenses were RMB190.9 million (US
$26.2 million ) for 2024, representing a22.9% decrease from RMB247.7 million for 2023, 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; (iii) a decrease in amortized expense on share-based compensation; and (iv) a decrease in travel expense. - General and administrative expenses were RMB261.6 million (US
$35.8 million ) for 2024, representing a40.2% decrease from RMB437.8 million for 2023, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in amortized expenses for office building; (iii) a decrease in staff cost resulted from the reorganization of our general and administrative department to improve operating efficiency; and (iv) a decrease in operating lease. - Impairment loss on long-lived assets were RMB35.1 million (US
$4.8 million ) for the year ended December 31, 2024 as a result of the long-lived assets impairment test conducted by the management.
Net loss was RMB346.6 million (US
Exchange Rate Information
This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB7.2993 to 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 and formulate business plans. However, 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”). These non-GAAP financial measures may be different from non-GAAP methods of accounting and reporting used by other companies, including peer companies, and therefore their comparability may be limited.
The Company defines non-GAAP gross profit as gross profit excluding depreciation and amortization. The Company defines non-GAAP gross margin as non-GAAP gross profit divided by its revenue.
The Company believes presenting non-GAAP gross profit and non-GAAP gross margin excluding non-cash impact of depreciation and amortization, in addition to the Company’s GAAP gross profit and gross margin, provides a better understanding of the underlying trends in the Company’s operating business performance.
Reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures are set forth at the end of this press release, all of which should be considered when evaluating the Company’s performance.
Contact: IR@brbiotech.com
Selected Operating Data
| As of | |||||||||||||||
| March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | ||||||||
| In-hospital channel: | |||||||||||||||
| Pipeline partner hospitals(1) | 29 | 30 | 29 | 28 | 28 | 29 | 30 | 29 | |||||||
| Contracted partner hospitals(2) | 49 | 50 | 55 | 59 | 59 | 59 | 61 | 63 | |||||||
| Total number of partner hospitals | 78 | 80 | 84 | 87 | 87 | 88 | 91 | 92 | |||||||
(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, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | |||||||
| (RMB in thousands) | |||||||||||||||
| Central laboratory channel | 61,804 | 66,239 | 53,481 | 51,288 | 47,614 | 48,773 | 39,984 | 39,278 | |||||||
| In-hospital channel | 51,561 | 53,835 | 54,496 | 28,809 | 57,387 | 59,872 | 63,769 | 43,464 | |||||||
| Pharma research and development channel | 29,151 | 26,194 | 19,589 | 40,988 | 20,622 | 26,888 | 24,891 | 43,280 | |||||||
| Total revenues | 142,516 | 146,268 | 127,566 | 121,085 | 125,623 | 135,533 | 128,644 | 126,022 | |||||||
| For the three months ended | |||||||||||||||
| Gross profit | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | |||||||
| (RMB in thousands) | |||||||||||||||
| Central laboratory channel | 48,090 | 51,876 | 41,487 | 41,886 | 37,002 | 38,424 | 33,262 | 33,153 | |||||||
| In-hospital channel | 34,409 | 33,353 | 35,459 | 12,910 | 39,192 | 44,058 | 46,580 | 29,563 | |||||||
| Pharma research and development channel | 16,273 | 15,193 | 8,974 | 23,317 | 9,500 | 12,956 | 12,004 | 26,706 | |||||||
| Total gross profit | 98,772 | 100,422 | 85,920 | 78,113 | 85,694 | 95,438 | 91,846 | 89,422 | |||||||
| For the three months ended | |||||||||||||||
| Share-based compensation expenses | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | |||||||
| (RMB in thousands) | |||||||||||||||
| Cost of revenues | 353 | 627 | 680 | 654 | 596 | 464 | 289 | 520 | |||||||
| Research and development expenses | 13,612 | 15,301 | 12,161 | 12,401 | 12,287 | 12,008 | 3,180 | 3,202 | |||||||
| Selling and marketing expenses | 1,606 | 3,389 | 2,848 | 1,816 | 508 | 1,232 | 1,917 | 1,353 | |||||||
| General and administrative expenses | 62,595 | 18,502 | 57,704 | 56,472 | 55,990 | 54,407 | 4,732 | 2,937 | |||||||
| Total share-based compensation expenses | 78,166 | 37,819 | 73,393 | 71,343 | 69,381 | 68,111 | 10,118 | 8,012 | |||||||
| 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, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | December 31, 2024 | ||||||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | US$ | ||||||||||||||||||
| Revenues | 142,516 | 146,268 | 127,566 | 121,085 | 125,623 | 135,533 | 128,644 | 126,022 | 17,265 | |||||||||||||||||
| Cost of revenues | (43,744 | ) | (45,846 | ) | (41,646 | ) | (42,972 | ) | (39,929 | ) | (40,095 | ) | (36,798 | ) | (36,600 | ) | (5,014 | ) | ||||||||
| Gross profit | 98,772 | 100,422 | 85,920 | 78,113 | 85,694 | 95,438 | 91,846 | 89,422 | 12,251 | |||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Research and development expenses | (94,417 | ) | (95,779 | ) | (83,701 | ) | (73,119 | ) | (65,985 | ) | (64,952 | ) | (49,150 | ) | (52,203 | ) | (7,152 | ) | ||||||||
| Selling and marketing expenses | (64,774 | ) | (70,842 | ) | (62,310 | ) | (49,785 | ) | (46,856 | ) | (48,907 | ) | (48,411 | ) | (46,730 | ) | (6,402 | ) | ||||||||
| General and administrative expenses | (128,039 | ) | (69,525 | ) | (118,724 | ) | (121,533 | ) | (98,681 | ) | (92,794 | ) | (32,874 | ) | (37,289 | ) | (5,109 | ) | ||||||||
| Impairment loss on long-lived assets | - | - | - | - | - | - | - | (35,127 | ) | (4,812 | ) | |||||||||||||||
| Total operating expenses | (287,230 | ) | (236,146 | ) | (264,735 | ) | (244,437 | ) | (211,522 | ) | (206,653 | ) | (130,435 | ) | (171,349 | ) | (23,475 | ) | ||||||||
| Loss from operations | (188,458 | ) | (135,724 | ) | (178,815 | ) | (166,324 | ) | (125,828 | ) | (111,215 | ) | (38,589 | ) | (81,927 | ) | (11,224 | ) | ||||||||
| Interest income | 3,144 | 5,255 | 4,018 | 5,539 | 4,038 | 3,187 | 3,173 | 1,814 | 249 | |||||||||||||||||
| Other income (expense), net | 599 | (118 | ) | (157 | ) | 160 | 434 | (82 | ) | 1 | 4,353 | 596 | ||||||||||||||
| Foreign exchange (loss) gain, net | (116 | ) | （210 | ) | 423 | (517 | ) | (13 | ) | 262 | (129 | ) | (220 | ) | (30 | ) | ||||||||||
| Loss before income tax | (184,831 | ) | (130,797 | ) | (174,531 | ) | (161,142 | ) | (121,369 | ) | (107,848 | ) | (35,544 | ) | (75,980 | ) | (10,409 | ) | ||||||||
| Income tax expenses | (422 | ) | (445 | ) | (450 | ) | (1,071 | ) | (180 | ) | (190 | ) | (201 | ) | (5,314 | ) | (728 | ) | ||||||||
| Net loss | (185,253 | ) | (131,242 | ) | (174,981 | ) | (162,213 | ) | (121,549 | ) | (108,038 | ) | (35,745 | ) | (81,294 | ) | (11,137 | ) | ||||||||
| Net loss attributable to Burning Rock Biotech Limited’s shareholders | (185,253 | ) | (131,242 | ) | (174,981 | ) | (162,213 | ) | (121,549 | ) | (108,038 | ) | (35,745 | ) | (81,294 | ) | (11,137 | ) | ||||||||
| Loss per share for class A and class B ordinary shares: | ||||||||||||||||||||||||||
| Class A ordinary shares - basic and diluted | (1.81 | ) | (1.28 | ) | (1.71 | ) | (1.58 | ) | (1.19 | ) | (1.05 | ) | (0.35 | ) | (0.79 | ) | (0.11 | ) | ||||||||
| Class B ordinary shares - basic and diluted | (1.81 | ) | (1.28 | ) | (1.71 | ) | (1.58 | ) | (1.19 | ) | (1.05 | ) | (0.35 | ) | (0.79 | ) | (0.11 | ) | ||||||||
| Weighted average shares outstanding used in loss per share computation: | ||||||||||||||||||||||||||
| Class A ordinary shares - basic and diluted | 85,065,585 | 85,151,052 | 85,000,869 | 85,071,360 | 85,219,188 | 85,271,858 | 85,902,670 | 86,036,286 | 86,036,286 | |||||||||||||||||
| 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 | (5,659 | ) | 14,829 | (1,955 | ) | (3,026 | ) | 590 | 940 | (4,054 | ) | 6,009 | 823 | |||||||||||||
| Total comprehensive loss | (190,912 | ) | (116,413 | ) | (176,936 | ) | (165,239 | ) | (120,959 | ) | (107,098 | ) | (39,799 | ) | (75,285 | ) | (10,314 | ) | ||||||||
| Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders | (190,912 | ) | (116,413 | ) | (176,936 | ) | (165,239 | ) | (120,959 | ) | (107,098 | ) | (39,799 | ) | (75,285 | ) | (10,314 | ) | ||||||||
| 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, 2023 | December 31, 2024 | December 31, 2024 | ||||||
| RMB | RMB | US$ | ||||||
| Revenues | 537,435 | 515,822 | 70,667 | |||||
| Cost of revenues | (174,208 | ) | (153,422 | ) | (21,020 | ) | ||
| Gross profit | 363,227 | 362,400 | 49,647 | |||||
| Operating expenses: | ||||||||
| Research and development expenses | (347,016 | ) | (232,290 | ) | (31,824 | ) | ||
| Selling and marketing expenses | (247,711 | ) | (190,904 | ) | (26,154 | ) | ||
| General and administrative expenses | (437,821 | ) | (261,638 | ) | (35,844 | ) | ||
| Impairment loss on long-lived assets | - | (35,127 | ) | (4,812 | ) | |||
| Total operating expenses | (1,032,548 | ) | (719,959 | ) | (98,634 | ) | ||
| Loss from operations | (669,321 | ) | (357,559 | ) | (48,987 | ) | ||
| Interest income | 17,956 | 12,212 | 1,673 | |||||
| Other income, net | 484 | 4,706 | 645 | |||||
| Foreign exchange loss, net | (420 | ) | (100 | ) | (14 | ) | ||
| Loss before income tax | (651,301 | ) | (340,741 | ) | (46,683 | ) | ||
| Income tax expenses | (2,388 | ) | (5,885 | ) | (806 | ) | ||
| Net loss | (653,689 | ) | (346,626 | ) | (47,489 | ) | ||
| Net loss attributable to Burning Rock Biotech Limited’s shareholders | (653,689 | ) | (346,626 | ) | (47,489 | ) | ||
| Loss per share for class A and class B ordinary shares: | ||||||||
| Class A ordinary shares - basic and diluted | (6.38 | ) | (3.37 | ) | (0.46 | ) | ||
| Class B ordinary shares - basic and diluted | (6.38 | ) | (3.37 | ) | (0.46 | ) | ||
| Weighted average shares outstanding used in loss per share computation: | ||||||||
| Class A ordinary shares - basic and diluted | 85,071,691 | 85,610,197 | 85,610,197 | |||||
| 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 | 4,189 | 3,485 | 477 | |||||
| Total comprehensive loss | (649,500 | ) | (343,141 | ) | (47,012 | ) | ||
| Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders | (649,500 | ) | (343,141 | ) | (47,012 | ) | ||
| Burning Rock Biotech Limited Unaudited Condensed Consolidated Balance Sheets (In thousands) | |||||
| As of | |||||
| December 31, 2023 | December 31, 2024 | December 31, 2024 | |||
| RMB | RMB | US$ | |||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 615,096 | 519,849 | 71,219 | ||
| Restricted cash | 120 | 2,313 | 317 | ||
| Accounts receivable, net | 126,858 | 152,013 | 20,826 | ||
| Contract assets, net | 22,748 | 13,855 | 1,898 | ||
| Inventories, net | 69,020 | 62,625 | 8,580 | ||
| Prepayments and other current assets | 50,254 | 25,963 | 3,557 | ||
| Total current assets | 884,096 | 776,618 | 106,397 | ||
| Non-current assets: | |||||
| Equity method investment | 337 | - | - | ||
| Convertible note receivable | 5,320 | - | - | ||
| Property and equipment, net | 131,912 | 47,152 | 6,460 | ||
| Operating right-of-use assets | 12,284 | 53,188 | 7,287 | ||
| Intangible assets, net | 964 | 421 | 58 | ||
| Other non-current assets | 5,088 | 7,926 | 1,086 | ||
| Total non-current assets | 155,905 | 108,687 | 14,891 | ||
| TOTAL ASSETS | 1,040,001 | 885,305 | 121,288 | ||
| Burning Rock Biotech Limited Unaudited Condensed Consolidated Balance Sheets (Continued) (in thousands) | ||||||||
| As of | ||||||||
| December 31, 2023 | December 31, 2024 | December 31, 2024 | ||||||
| RMB | RMB | US$ | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | 18,061 | 33,747 | 4,623 | |||||
| Deferred revenue | 130,537 | 117,895 | 16,152 | |||||
| Accrued liabilities and other current liabilities | 104,935 | 89,498 | 12,262 | |||||
| Customer deposits | 1,197 | 592 | 81 | |||||
| Current portion of operating lease liabilities | 8,634 | 24,567 | 3,366 | |||||
| Total current liabilities | 263,364 | 266,299 | 36,484 | |||||
| Non-current liabilities: | ||||||||
| Non-current portion of operating lease liabilities | 3,690 | 27,754 | 3,802 | |||||
| Other non-current liabilities | 4,537 | 10,425 | 1,428 | |||||
| Total non-current liabilities | 8,227 | 38,179 | 5,230 | |||||
| TOTAL LIABILITIES | 271,591 | 304,478 | 41,714 | |||||
Shareholders’ equity: | ||||||||
| Class A ordinary shares | 116 | 124 | 17 | |||||
| Class B ordinary shares | 21 | 21 | 3 | |||||
| Additional paid-in capital | 4,849,337 | 5,002,255 | 685,306 | |||||
| Treasury stock | (65,896 | ) | (63,264 | ) | (8,667 | ) | ||
| Accumulated deficits | (3,853,635 | ) | (4,200,261 | ) | (575,433 | ) | ||
| Accumulated other comprehensive loss | (161,533 | ) | (158,048 | ) | (21,652 | ) | ||
| Total shareholders’ equity | 768,410 | 580,827 | 79,574 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,040,001 | 885,305 | 121,288 | |||||
| Burning Rock Biotech Limited Unaudited Condensed Statements of Cash Flows (in thousands) | ||||||||
| For the three months ended | ||||||||
| December 31, 2023 | December 31, 2024 | December 31, 2024 | ||||||
| RMB | RMB | US$ | ||||||
| Net cash (used in) generated from operating activities | (16,019 | ) | 19,062 | 2,611 | ||||
| Net cash used in investing activities | (328 | ) | (812 | ) | (111 | ) | ||
| Net cash used in financing activities | (1,909 | ) | (74 | ) | (10 | ) | ||
| Effect of exchange rate on cash, cash equivalents and restricted cash | (3,277 | ) | 5,739 | 787 | ||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (21,533 | ) | 23,915 | 3,277 | ||||
| Cash, cash equivalents and restricted cash at the beginning of period | 636,749 | 498,247 | 68,259 | |||||
| Cash, cash equivalents and restricted cash at the end of period | 615,216 | 522,162 | 71,536 | |||||
| For the year ended | ||||||||
| December 31, 2023 | December 31, 2024 | December 31, 2024 | ||||||
| RMB | RMB | US$ | ||||||
| Net cash used in operating activities | (255,783 | ) | (92,261 | ) | (12,640 | ) | ||
| Net cash used in investing activities | (9,300 | ) | (4,412 | ) | (604 | ) | ||
| Net cash used in financing activities | (48,832 | ) | (72 | ) | (10 | ) | ||
| Effect of exchange rate on cash, cash equivalents and restricted cash | 3,863 | 3,691 | 506 | |||||
| Net decrease in cash, cash equivalents and restricted cash | (310,052 | ) | (93,054 | ) | (12,748 | ) | ||
| Cash, cash equivalents and restricted cash at the beginning of period | 925,268 | 615,216 | 84,284 | |||||
| Cash, cash equivalents and restricted cash at the end of period | 615,216 | 522,162 | 71,536 | |||||
| Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results | ||||||||||||||||
| For the three months ended | ||||||||||||||||
| March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | |||||||||
| (RMB in thousands) | ||||||||||||||||
| Gross profit: | ||||||||||||||||
| Central laboratory channel | 48,090 | 51,876 | 41,487 | 41,886 | 37,002 | 38,424 | 33,262 | 33,153 | ||||||||
| In-hospital channel | 34,409 | 33,353 | 35,459 | 12,910 | 39,192 | 44,058 | 46,580 | 29,563 | ||||||||
| Pharma research and development channel | 16,273 | 15,193 | 8,974 | 23,317 | 9,500 | 12,956 | 12,004 | 26,706 | ||||||||
| Total gross profit | 98,772 | 100,422 | 85,920 | 78,113 | 85,694 | 95,438 | 91,846 | 89,422 | ||||||||
| Add: depreciation and amortization: | ||||||||||||||||
| Central laboratory channel | 2,567 | 2,645 | 2,550 | 2,414 | 1,919 | 1,226 | 1,277 | 1,010 | ||||||||
| In-hospital channel | 2,582 | 2,637 | 2,751 | 2,728 | 1,524 | 824 | 798 | 623 | ||||||||
| Pharma research and development channel | 3,974 | 3,665 | 3,863 | 3,808 | 3,856 | 4,417 | 3,846 | 2,534 | ||||||||
| Total depreciation and amortization included in cost of revenues | 9,123 | 8,947 | 9,164 | 8,950 | 7,299 | 6,467 | 5,921 | 4,167 | ||||||||
| Non-GAAP gross profit： | ||||||||||||||||
| Central laboratory channel | 50,657 | 54,521 | 44,037 | 44,300 | 38,921 | 39,650 | 34,539 | 34,163 | ||||||||
| In-hospital channel | 36,991 | 35,990 | 38,210 | 15,638 | 40,716 | 44,882 | 47,378 | 30,186 | ||||||||
| Pharma research and development channel | 20,247 | 18,858 | 12,837 | 27,125 | 13,356 | 17,373 | 15,850 | 29,240 | ||||||||
| Total non-GAAP gross profit | 107,895 | 109,369 | 95,084 | 87,063 | 92,993 | 101,905 | 97,767 | 93,589 | ||||||||
| Non-GAAP gross margin： | ||||||||||||||||
| Central laboratory channel | ||||||||||||||||
| In-hospital channel | ||||||||||||||||
| Pharma research and development channel | ||||||||||||||||
| Total non-GAAP gross margin | 75.7% | 74.8% | 74.5% | 71.9% | 74.0% | 75.2% | 76.0% | 74.3% | ||||||||
| Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results | |||
| For the year ended | |||
| December 31, 2023 | December 31, 2024 | ||
| (RMB in thousands) | |||
| Gross profit: | |||
| Central laboratory channel | 183,339 | 141,841 | |
| In-hospital channel | 116,131 | 159,393 | |
| Pharma research and development channel | 63,757 | 61,166 | |
| Total gross profit | 363,227 | 362,400 | |
| Add: depreciation and amortization: | |||
| Central laboratory channel | 10,176 | 5,432 | |
| In-hospital channel | 10,699 | 3,769 | |
| Pharma research and development channel | 15,310 | 14,653 | |
| Total depreciation and amortization included in cost of revenues | 36,185 | 23,854 | |
| Non-GAAP gross profit： | |||
| Central laboratory channel | 193,515 | 147,273 | |
| In-hospital channel | 126,830 | 163,162 | |
| Pharma research and development channel | 79,067 | 75,819 | |
| Total non-GAAP gross profit | 399,412 | 386,254 | |
| Non-GAAP gross margin： | |||
| Central laboratory channel | |||
| In-hospital channel | |||
| Pharma research and development channel | |||
| Total non-GAAP gross margin | 74.3% | 74.9% | |
FAQ
What was Burning Rock's (BNR) revenue growth in Q4 2024?
How much did BNR's in-hospital business revenue grow in Q4 2024?
What was Burning Rock's (BNR) net loss for full-year 2024?
How much cash did Burning Rock (BNR) have as of December 31, 2024?
What was BNR's gross margin in Q4 2024 compared to Q4 2023?
