REG - Burning Rock Biotech - An update on 2022 revenue guidance

Burning Rock BiotechAnnouncement

18/01/2023 07:01

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RNS Number : 0621N  Burning Rock Biotech Limited  18 January 2023

Burning Rock provides an update on 2022 revenue guidance

 

GUANGZHOU, China, January 18, 2023-Burning Rock Biotech Limited (NASDAQ: BNR
and LSE: BNR, the "Company" or "Burning Rock"), a company focused on the
application of next generation sequencing (NGS) technology in the field of
precision oncology, today announced that it expects the Company's full-year
revenue growth for 2022 to be approximately 10% compared to that of 2021. This
represents an upward revision compared with the Company's previous guidance on
the full-year revenue growth of 5% as announced on November 15, 2022 in its
financial results for the third quarter of 2022.

 

The upward revision of revenue guidance was primarily driven by a better
fourth quarter performance compared to the Company's estimation underlying its
previous guidance back in November. The Company currently expects its revenues
for the fourth quarter of 2022 to drop single digit compared to the
corresponding period in 2021, with revenues from its central-lab and
in-hospital segments dropping double digit, due to severe Covid-related
disruptions, while revenues from its pharma service segment achieving
continued strong growth, growing at triple digit compared to the same period
in 2021.

 

Burning Rock expects to announce its fourth quarter and full year 2022 results
in March 2023.

 

Burning Rock has not completed the preparation of its financial statements for
the fourth quarter or full year 2022. The revenue estimate presented in this
press release for the fourth quarter of 2022 and full year 2022 are
preliminary and unaudited and are thus inherently uncertain and subject to
change as the Company completes its financial results for the fourth quarter
of 2022. Burning Rock is in the process of completing its customary year-end
close and review procedures as of and for the year ended December 31, 2022,
and there can be no assurance that final results for this period will not
differ from these estimates.

 

About Burning Rock

 

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

 

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

 

 

Safe Harbor Statement

 

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

 

Contact: IR@brbiotech.com

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