REG - Burning Rock Biotech - BNR Reports 23Q4 and Full Year Financial Results
02/04/2024 07:00
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RNS Number : 8190I Burning Rock Biotech Limited 28 March 2024
Burning Rock Reports Fourth Quarter and Full Year 2023 Financial Results
GUANGZHOU, China, March 28, 2024-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 reported financial results for the three months and
the year ended December 31, 2023.
2023 Business Overview and Recent Updates
· Corporate Updates
o Completed profitability-driven organizational optimization, execution
towards profitability well underway
· Early Detection
o Following the Breakthrough Device Designation granted by the US Food and
Drug Administration (FDA) for our OverC™ Multi-Cancer Detection Blood Test
(MCDBT) in January 2023, our OverC™ MCDBT also received the Breakthrough
Device Designation by China's National Medical Products Administration (NMPA)
in October 2023, making it the only test globally that has received
Breakthrough Device Designation from both the FDA and the NMPA.
· Therapy Selection and Minimal Residual Disease (MRD)
o Precision oncology diagnostics product supports advancement in late-stage
breast cancer treatment, with results published in the New England Journal of
Medicine in June 2023. The study, CAPItello-291, sponsored by our pharma
client AstraZeneca, is a phase 3 trial that assessed the efficacy and safety
of Capivasertib-fulvestrant therapy in advanced breast cancer patients with
hormone receptor positive (HR+), human epidermal growth factor receptor 2
negative (HER2-) cancer whose disease has progressed during or after aromatase
inhibitor therapy. The study demonstrates that Capivasertib-fulvestrant
combination therapy results in significantly longer progression-free survival
than treatment with fulvestrant alone.
· Pharma Services
o New companion diagnostics (CDx) development for breast and prostatic
cancer announced with AstraZeneca in China.
o Entered into a Master Service Agreement in Oncology Companion Diagnostics
(CDx) with Boehringer Ingelheim, focusing on advancing the clinical trials
related to Boehringer Ingelheim's MDM2-p53 antagonist, brigimadlin (BI
907828), and the development of CDx products in China.
o Total value of new contracts entered into during 2023 amounted to RMB310
million, representing a 24% increase from 2022.
Fourth Quarter 2023 Financial Results
Revenues were RMB121.1 million (US$17.1 million) for the three months ended
December 31, 2023, representing a 14.9% decrease from RMB142.2 million for the
same period in 2022.
· Revenue generated from central laboratory business was RMB51.3
million (US$7.2 million) for the three months ended December 31, 2023,
representing a 28.7% decrease from RMB72.0 million for the same period in
2022, primarily attributable to a decrease in the number of tests, as we
continued to focus on our in-hospital business.
· Revenue generated from in-hospital business was RMB28.8 million
(US$4.1 million) for the three months ended December 31, 2023, representing a
32.3% decrease from RMB42.5 million for the same period in 2022, primarily
attributable to one-off adjustment with two hospitals. Exclude such two,
revenue generated from in-hospital business for the three months ended
December 31, 2023 would have remained relatively stable (decreasing by 1%)
year-over-year.
· Revenue generated from pharma research and development services
was RMB41.0 million (US$5.8 million) for the three months ended December 31,
2023, representing a 47.8% increase from RMB27.7 million for the same period
in 2022, primarily attributable to increased development and testing services
performed for our pharma customers.
Cost of revenues remained relatively stable at RMB43.0 million (US$6.1
million) for the three months ended December 31, 2023, compared to RMB41.0
million for the same period in 2022.
Gross profit was RMB78.1 million (US$11.0 million) for the three months ended
December 31, 2023, representing a 22.9% decrease from RMB101.3 million for the
same period in 2022. Gross margin was 64.5% for the three months ended
December 31, 2023, compared to 71.2% for the same period in 2022. By channel,
gross margin of central laboratory business was 81.7% for the three months
ended December 31, 2023, compared to 75.7% during the same period in 2022,
primarily due to a decrease in inventory write down; gross margin of
in-hospital business was 44.8% for the three months ended December 31, 2023,
compared to 63.5% during the same period in 2022, primarily due to a decrease
in revenue generated from two hospitals due to one-off adjustment. Exclude
such two, gross margin of in-hospital business was 65.0% for the three months
ended December 31, 2023, compared to 66.6% during the same period in 2022;
gross margin of pharma research and development services was 56.9% for the
three months ended December 31, 2023, compared to 71.2% during the same period
of 2022, primarily due to a decrease in test volume of higher margin projects.
Non-GAAP gross profit, which excludes depreciation and amortization expenses,
was RMB87.1 million (US$12.3 million) for the three months ended December 31,
2023, representing a 21.1% decrease from RMB110.4 million for the same period
in 2022. Non-GAAP gross margin was 71.9% for the three months ended December
31, 2023, compared to 77.6% for the same period in 2022.
Operating expenses were RMB244.4 million (US$34.4 million) for the three
months ended December 31, 2023, representing a 23.3% decrease from RMB318.7
million for the same period in 2022. The decrease was primarily driven by
budget control measures, including headcount reduction, to improve our
operating efficiency.
· Research and development expenses were RMB73.1 million
(US$10.3 million) for the three months ended December 31, 2023, representing
an 27.5% decrease from RMB100.8 million for the same period in 2022, primarily
due to (i) a decrease in the expenditure for detection research, and (ii) a
decrease in staff cost resulted from the reorganization of our research and
development department to improve operating efficiency.
· Selling and marketing expenses were RMB49.8 million (US$7.0
million) for the three months ended December 31, 2023, representing a 41.5%
decrease from RMB85.2 million for the same period in 2022, primarily due to
(i) a decrease in staff cost resulted from the reorganization of our sales
department to improve operating efficiency, and (ii) a decrease in marketing
and conference fee.
· General and administrative expenses were RMB121.5 million
(US$17.1 million) for the three months ended December 31, 2023, representing a
8.4% decrease from RMB132.7 million for the same period in 2022, primarily due
to a decrease in professional service fee.
Net loss was RMB162.2 million (US$22.8 million) for the three months ended
December 31, 2023, compared to RMB216.2 million for the same period in 2022.
Cash, cash equivalents, restricted cash were RMB615.2 million (US$86.7
million) as of December 31, 2023.
Full Year 2023 Financial Results
Revenues were RMB537.4 million (US$75.7 million) for 2023, representing a 4.6%
decrease from RMB563.2 million for 2022.
· Revenue generated from central laboratory business was
RMB232.8 million (US$32.8 million) for 2023, representing a 26.0% decrease
from RMB314.8 million for 2022, primarily attributable to a decrease in the
number of tests, as we continued to focus on our in-hospital business.
· Revenue generated from in-hospital business was RMB188.7
million (US$26.6 million) for 2023, representing a 7.6% increase from RMB175.3
million for 2022, primarily due to demand from ten new contracted partner
hospitals added to the Company's in-hospital channel in 2023.
· Revenue generated from pharma research and development
services was RMB115.9 million (US$16.3 million) for 2023, representing a 58.4%
increase from RMB73.2 million for 2022, primarily attributable to increased
development and testing services performed for our pharma customers.
Cost of revenues was RMB174.2 million (US$24.5 million) for 2023, representing
a 4.9% decrease from RMB183.2 million for 2022, primarily due to a decrease in
cost of revenues for our central lab business, as we continued to focus on our
in-hospital business.
Gross profit was RMB363.2 million (US$51.2 million) for 2023, representing a
4.4% decrease from RMB380.0 million for 2022. Gross margin increased to 67.6%
for 2023 from 67.5% for 2022.
Non-GAAP gross profit, which excludes depreciation and amortization expenses,
was RMB399.4 million (US$56.3 million) for 2023, representing a 2.8% decrease
from RMB411.0 million for 2022. Non-GAAP gross margin was 74.3% for 2023,
compared to 73.0% for 2022.
Operating expenses were RMB1,032.5 million (US$145.4 million) for 2023,
representing a 24.1% decrease from RMB1,360.4 million for 2022.
· Research and development expenses were RMB347.0 million (US$48.9
million) for 2023, representing a 17.7% decrease from RMB421.9 million for
2022, primarily due to (i) a decrease in the expenditure for detection
research, (ii) a decrease in royalty and license fee, and (iii) a decrease in
staff cost resulted from the reorganization of our research and development
department to improve operating efficiency.
· Selling and marketing expenses were RMB247.7 million (US$34.9
million) for 2023, representing a 33.1% decrease from RMB370.3 million for
2022, 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; and (iii) a decrease in
entertainment fee.
· General and administrative expenses were RMB437.8 million
(US$61.7 million) for 2023, representing a 23.0% decrease from RMB568.3
million for 2022, primarily due to (i) a decrease in professional service fee;
(ii) a decrease in allowance for doubtful accounts resulting from accelerated
settlement with customers with long aging accounts receivable; and (iii) a
decrease in staff cost resulted from the reorganization of our general and
administrative department to improve operating efficiency.
Net loss was RMB653.7 million (US$92.1 million) for 2023, compared to RMB971.2
million for 2022.
2024 Financial Guidance
We currently expect to achieve breakeven (measured by non-GAAP gross profit
minus non-GAAP SG&A) in the first half of 2024.
Non-GAAP gross profit refers to gross profit excluding depreciation and
amortization. Non-GAAP SG&A refers to selling and marketing expenses and
general and administrative expenses, both excluding their respective
share-based compensation and depreciation and amortization.
Conference Call Information
Burning Rock will host a conference call to discuss the fourth quarter and
full year 2023 financial results at 8:00 a.m. U.S. Eastern Time (8:00 p.m.
Hong Kong time) on March 29, 2024.
Please register in advance of the conference using the link provided below and
dial in 15 minutes prior to the call, using participant dial-in numbers and
unique registrant ID which would be provided upon registering.
PRE-REGISTER
LINK:https://register.vevent.com/register/BIa8b469b65e8e428e942decdf0c4c6687
(https://register.vevent.com/register/BIa8b469b65e8e428e942decdf0c4c6687) .
Additionally, a live and archived webcast of the conference call will also be
available on the company's investor relations website at
http://ir.brbiotech.com (http://ir.brbiotech.com) or through link
https://edge.media-server.com/mmc/p/hrphgr99
(https://edge.media-server.com/mmc/p/hrphgr99) .
A replay of the webcast will be available for 12 months via the same link
above.
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.
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
March 31, 2022 June 30, September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023
2022
In-hospital Channel:
Pipeline partner hospitals((1)) 24 25 22 28 29 30 29 28
Contracted partner hospitals((2)) 41 43 47 49 49 50 55 59
Total number of partner hospitals 65 68 69 77 78 80 84 87
((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.
((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, June 30, September 30, 2022 December March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023
2022 2022 31, 2022
(RMB in thousands)
Central laboratory channel 74,211 78,597 89,992 71,970 61,804 61,804 66,239 66,239 53,481 51,288
In-hospital channel 48,957 34,177 49,636 42,526 51,561 51,561 53,835 53,835 54,496 53,835 28,809
Pharma research and development channel 12,356 18,072 15,003 27,741 29,151 29,151 26,194 26,194 19,589 40,988
Total revenues 135,524 130,846 154,631 142,237 142,516 146,268 127,566 121,085
For the three months ended
Gross profit March 31, June 30, September 30, 2022 December 31, March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023
2022 2022 2022
(RMB in thousands)
Central laboratory channel 50,574 57,575 69,991 54,507 48,090 51,876 41,487 41,886
In-hospital channel 33,396 20,012 31,593 26,999 34,409 33,353 33,353 35,459 35,459 12,910
Pharma research and development channel 3,610 5,015 7,010 19,757 16,273 15,193 8,974 23,317
Total gross profit 87,580 82,602 108,594 101,263 98,772 100,422 85,920 78,113
For the three months ended
Share-based compensation expenses March 31, June 30, September 30, 2022 December 31, March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023
2022 2022 2022
(RMB in thousands)
Cost of revenues 365 441 481 496 353 627 680 654
Research and development expenses 12,299 11,923 13,978 14,673 13,612 13,612 15,301 12,161 12,401
Selling and marketing expenses 1,774 2,158 2,346 2,247 1,606 3,389 2,848 1,816
General and administrative expenses 65,715 62,615 61,041 74,232 62,595 62,595 18,502 57,704 56,472
Total share-based compensation expenses 80,153 77,137 77,846 91,648 78,166 7816678,166 37,819 73,393 71,343
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, June 30, September 30, 2022 December 31, March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2023
2022 2022 2022
RMB RMB RMB RMB RMB RMB RMB RMB US$
Revenues 135,524 130,846 154,631 142,237 142,516 146,268 127,566 121,085 17,054
Cost of revenues (47,944) (48,244) (46,037) (40,974) (43,744) (45,846) (41,646) (42,972) (6,052)
Gross profit 87,580 82,602 108,594 101,263 98,772 100,422 85,920 78,113 11,002
Operating expenses:
Research and development expenses (119,496) (92,112) (109,433) (100,827) (94,417) (95,779) (83,701) (73,119) (10,299)
Selling and marketing expenses (89,211) (105,634) (90,275) (85,174) (64,774) (70,842) (62,310) (49,785) (7,012)
General and administrative expenses (141,733) (150,316) (143,530) (132,705) (128,039) (69,525) (118,724) (121,533) (17,118)
Total operating expenses (350,440) (348,062) (343,238) (318,706) (287,230) (236,146) (264,735) (244,437) (34,429)
Loss from operations (262,860) (265,460) (234,644) (217,443) (188,458) (135,724) (178,815) (166,324) (23,427)
Interest income 1,932 2,656 2,013 2,838 3,144 5,255 4,018 5,539 780
Other income (expense), net 298 127 (189) (84) 599 (118) (157) 160 23
Foreign exchange (loss) gain, net (777) 624 1,337 365 (116) （210） 423 (517) (73)
Loss before income tax (261,388) (262,053) (231,483) (214,324) (184,831) (130,797) (174,531) (161,142) (22,697)
Income tax expenses - (84) - (1,901) (422) (445) (450) (1,071) (151)
Net loss (261,388) (262,137) (231,483) (216,225) (185,253) (131,242) (174,981) (162,213) (22,848)
Net loss attributable to Burning Rock Biotech Limited's shareholders (261,388) (262,137) (231,483) (216,225) (185,253) (131,242) (174,981) (162,213) (22,848)
Net loss attributable to ordinary shareholders (261,388) (262,137) (231,483) (216,225) (185,253) (131,242) (174,981) (162,213) (22,848)
Loss per share for class A and class B ordinary shares:
Class A ordinary shares - basic and diluted (2.50) (2.50) (2.23) （2.11） (1.81) (1.28) (1.71) (1.58) (0.22)
Class B ordinary shares - basic and diluted (2.50) (2.50) (2.23) （2.11） (1.81) (1.28) (1.71) (1.58) (0.22)
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted 87,179,752 87,532,539 86,585,322 85,051,882 85,065,585 85,151,052 85,000,869 85,071,360 85,071,360
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 (3,065) 29,715 20,646 (5,950) (5,659) 14,829 (1,955) (3,026) (426)
Total comprehensive loss (264,453) (232,422) (210,837) (222,175) (190,912) (116,413) (176,936) (165,239) (23,274)
Total comprehensive loss attributable to Burning Rock Biotech Limited's (264,453) (232,422) (210,837) (222,175) (190,912) (116,413) (176,936) (165,239) (23,274)
shareholders
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, December 31, December 31,
2022 2023 2023
RMB RMB US$
Revenues 563,238 537,435 75,696
Cost of revenues (183,199) (174,208) (24,536)
Gross profit 380,039 363,227 51,160
Operating expenses:
Research and development expenses (421,868) (347,016) (48,876)
Selling and marketing expenses (370,294) (247,711) (34,889)
General and administrative expenses (568,284) (437,821) (61,666)
Total operating expenses (1,360,446) (1,032,548) (145,431)
Loss from operations (980,407) (669,321) (94,271)
Interest income 9,356 17,956 2,529
Interest expenses 102 - -
Other income, net 152 484 68
Foreign exchange gain (loss), net 1,549 (420) (59)
Loss before income tax (969,248) (651,301) (91,733)
Income tax expenses (1,985) (2,388) (336)
Net loss (971,233) (653,689) (92,069)
Net loss attributable to Burning Rock Biotech Limited's shareholders (971,233) (653,689) (92,069)
Net loss attributable to ordinary shareholders (971,233) (653,689) (92,069)
Loss per share for class A and class B ordinary shares:
Class A ordinary shares - basic and diluted (9.35) (6.38) (0.90)
Class B ordinary shares - basic and diluted (9.35) (6.38) (0.90)
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted 86,584,100 85,071,691 85,071,691
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 41,346 4,189 590
Total comprehensive loss (929,887) (649,500) (91,479)
Total comprehensive loss attributable to Burning Rock Biotech Limited's (929,887) (649,500) (91,479)
shareholders
Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
As of
December 31, 2022 December 31, December 31,
2023 2023
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 905,451 615,096 86,634
Restricted cash 19,817 120 17
Accounts receivable, net 109,954 126,858 17,868
Contract assets, net 41,757 22,748 3,204
Inventories, net 130,321 69,020 9,721
Prepayments and other current assets 51,462 50,254 7,078
Total current assets 1,258,762 884,096 124,522
Non-current assets:
Equity method investment 690 337 47
Convertible note receivable 5,105 5,320 749
Property and equipment, net 251,829 131,912 18,579
Operating right-of-use assets 48,205 12,284 1,730
Intangible assets, net 1,986 964 136
Other non-current assets 20,890 5,088 717
Total non-current assets 328,705 155,905 21,958
TOTAL ASSETS 1,587,467 1,040,001 146,480
Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets (Continued)
(in thousands)
As of
December 31, 2022 December 31, December 31,
2023 2023
RMB RMB US$
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable 50,947 18,061 2,544
Deferred revenue 147,633 130,537 18,386
Accrued liabilities and other current liabilities 173,832 104,935 14,780
Customer deposits 1,803 1,197 169
Current portion of operating lease liabilities 37,236 8,634 1,216
Total current liabilities 411,451 263,364 37,095
Non-current liabilities:
Non-current portion of operating lease liabilities 13,551 3,690 520
Other non-current liabilities 4,124 4,537 636
Total non-current liabilities 17,675 8,227 1,156
TOTAL LIABILITIES 429,126 271,591 38,251
Shareholders' equity:
Class A ordinary shares 117 116 16
Class B ordinary shares 21 21 3
Additional paid-in capital 4,582,790 4,849,337 683,015
Treasury stock (58,919) (65,896) (9,281)
Accumulated deficits (3,199,946) (3,853,635) (542,773)
Accumulated other comprehensive loss (165,722) (161,533) (22,751)
Total shareholders' equity 1,158,341 768,410 108,229
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,587,467 1,040,001 146,480
Burning Rock Biotech Limited
Unaudited Condensed Statements of Cash Flows
(in thousands)
For the three months ended
December 31, 2022 December 31, 2023 December 31, 2023
RMB RMB US$
Net cash used in operating activities (67,707) (16,019) (2,256)
Net cash used in investing activities (5,033) (328) (46)
Net cash used in financing activities (10,074) (1,909) (269)
Effect of exchange rate on cash, cash equivalents and restricted cash (5,924) (3,277) (462)
Net decrease in cash, cash equivalents and restricted cash (88,738) (21,533) (3,033)
Cash, cash equivalents and restricted cash at the beginning of period 1,014,006 636,749 89,684
Cash, cash equivalents and restricted cash at the end of period 925,268 615,216 86,651
For the year ended
December 31, 2022 December 31, 2023 December 31, 2023
RMB RMB US$
Net cash used in operating activities (456,808) (255,783) (36,026)
Net cash used in investing activities (7,463) (9,300) (1,310)
Net cash used in financing activities (86,238) (48,832) (6,878)
Effect of exchange rate on cash, cash equivalents and restricted cash 36,665 3,863 544
Net decrease in cash, cash equivalents and restricted cash (513,844) (310,052) (43,670)
Cash, cash equivalents and restricted cash at the beginning of period 1,439,112 925,268 130,321
Cash, cash equivalents and restricted cash at the end of period 925,268 615,216 86,651
Burning Rock Biotech Limited
Reconciliations of GAAP and Non-GAAP Results
For the three months ended
March 31, June 30, September 30, 2022 December 31, March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023
2022 2022 2022
(RMB in thousands)
Gross profit:
Central laboratory channel 50,574 57,575 69,991 54,507 48,090 51,876 41,487 41,886
In-hospital channel 33,396 20,012 31,593 26,999 34,409 33,353 35,459 12,910
Pharma research and development channel 3,610 5,015 7,010 19,757 16,273 15,193 8,974 23,317
Total gross profit 87,580 82,602 108,594 101,263 98,772 100,422 85,920 78,113
Add: depreciation and amortization:
Central laboratory channel 2,553 2,545 3,138 3,609 2,567 2,645 2,550 2,414
In-hospital channel 93 1,428 2,479 2,449 2,582 2,637 2,751 2,728
Pharma research and development channel 2,493 4,327 2,805 3,065 3,974 3,665 3,863 3,808
Total depreciation and amortization included in cost of revenues 5,139 8,300 8,422 9,123 9,123 8,947 9,164 8,950
Non-GAAP gross profit：
Central laboratory channel 53,127 60,120 73,129 58,116 50,657 54,521 44,037 44,300
In-hospital channel 33,489 21,440 34,072 29,448 36,991 35,990 38,210 15,638
Pharma research and development channel 6,103 9,342 9,815 22,822 20,247 18,858 12,837 27,125
Total non-GAAP gross profit 92,719 90,902 117,016 110,386 110,386 107,895 107,895 109,369 95,084 87,063 110,386
Non-GAAP gross margin：
Central laboratory channel 71.6% 76.5% 81.3% 80.8% 82.0% 82.3% 82.3% 86.4%
In-hospital channel 68.4% 62.7% 68.6% 69.2% 71.7% 66.9% 70.1% 54.3%
Pharma research and development channel 49.4% 51.7% 65.4% 82.3% 69.5% 72.0% 65.5% 66.2%
Total non-GAAP gross margin 68.4% 69.5% 75.7% 77.6% 75.7% 74.8% 74.5% 71.9%
Burning Rock Biotech Limited
Reconciliations of GAAP and Non-GAAP Results
For the year ended
December 31, 2022 December 31, 2023
(RMB in thousands)
RMB
Gross profit:
Central laboratory channel 232,647 183,339
In-hospital channel 112,000 116,131
Pharma research and development channel 35,392 63,757
Total gross profit 380,039 363,227
Add: depreciation and amortization:
Central laboratory channel 11,845 10,176
In-hospital channel 6,449 10,699
Pharma research and development channel 12,690 15,310
Total depreciation and amortization included in cost of revenues 30,984 36,185
Non-GAAP gross profit：
Central laboratory channel 244,492 193,515
In-hospital channel 118,449 126,830
Pharma research and development channel 48,082 79,067
Total non-GAAP gross profit 411,023 399,412
Non-GAAP gross margin：
Central laboratory channel 77.7% 83.1%
In-hospital channel 67.6% 67.2%
Pharma research and development channel 65.7% 68.2%
Total non-GAAP gross margin 73.0% 74.3%
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