REG - Burning Rock Biotech - Burning Rock Reports Q4 and Full Year 2022 Results
28/03/2023 07:00
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RNS Number : 4407U Burning Rock Biotech Limited 28 March 2023
Burning Rock Reports Fourth Quarter and Full Year 2022 Financial Results
GUANGZHOU, China, March 28, 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 reported financial results for the three months and
the year ended December 31, 2022.
2022 Business Overview and Recent Updates
· Corporate
o Listed on the Main Market of the London Stock Exchange (the "LSE") by way
of a direct listing on November 1, 2022, offering an alternative listing venue
in addition to the Nasdaq Global Market.
o Completed profitability-driven organizational optimization.
· Early Detection
o OverC(TM) Multi-Cancer Detection Blood Test (MCDBT) obtained Breakthrough
Device Designation of the U.S. Food and Drug Administration (FDA) in January
2023, the third of its kind globally.
o THUNDER study for 6-cancer test released on Annals of Oncology in March,
2023, achieving a comparably high sensitivity of 69.1% and a specificity of
98.9% in detecting six cancers, and showing an impressive performance of
ELSA-seq using cfDNA in cancer detection and origin prediction.
o Completed PROMISE study (2,035 participants, 9-cancer test development) in
June 2022, continued to carry out PREDICT and PRESCIENT studies (17,000
participants, 22-cancer test development), launched PREVENT study (12,500
subjects, validation) in the second quarter of 2022.
· Therapy Selection and Minimal Residual Disease (MRD)
o Gained NMPA approval for a 9-gene panel, the Company's second
NMPA-approved product.
o Presented additional MRD datasets on colorectal and pancreatic cancers at
the ASCO Gastrointestinal Cancers Symposium (ASCO GI) in January 2023.
"Patient-specific tumor-informed circulating tumor DNA (ctDNA) analysis for
molecular residual disease (MRD) detection in surgical patients with stages
I-IV colorectal cancer (CRC)" and "Patient-specific tumor-informed circulating
tumor DNA (ctDNA) assay predicts cancer recurrence in patients with resected
pancreatic cancer".
· Pharma Services
o Total value of new contracts entered into during 2022 amounted to RMB250
million, representing a 36% increase from 2021.
Fourth Quarter 2022 Financial Results
Revenues were RMB142.2 million (US$20.6 million) for the three months ended
December 31, 2022, representing a 3.5% decrease from RMB147.3 million for the
same period in 2021.
· Revenue generated from central laboratory business was RMB72.0
million (US$10.4 million) for the three months ended December 31, 2022,
representing a 16.3% decrease from RMB86.0 million for the same period in
2021, primarily attributable to the resurgence of COVID-19 pandemic that
resulted in a sharp drop in the number of tests performed.
· Revenue generated from in-hospital business was RMB42.5 million
(US$6.2 million) for the three months ended December 31, 2022, representing a
18.1% decrease from RMB51.9 million for the same period in 2021, driven by a
decrease of sales volume as affected by the resurgence of COVID-19.
· Revenue generated from pharma research and development services
was RMB27.7 million (US$4.0 million) for the three months ended December 31,
2022, representing a 193.2% increase from RMB9.5 million for the same period
in 2021, primarily attributable to a further increased testing volume
performed for our pharma customers.
Cost of revenues was RMB41.0 million (US$5.9 million) for the three months
ended December 31, 2022, remaining relatively stable compared to RMB42.0
million for the same period in 2021.
Gross profit was RMB101.3 million (US$14.7 million) for the three months ended
December 31, 2022, representing a 3.9% decrease from RMB105.4 million for the
same period in 2021. Gross margin was 71.2% for the three months ended
December 31, 2022, compared to 71.5% of the same period in 2021. By channel,
gross margin of central laboratory business was 75.7% for the three months
ended December 31, 2022, compared to 76.7% during the same period in 2021;
gross margin of in-hospital business was 63.5% for the three months ended
December 31, 2022, compared to 65.9% during the same period in 2021; gross
margin of pharma research and development services was 71.2% for the three
months ended December 31, 2022, compared to 55.0% during the same period of
2021, primarily due to an increase in test volume of higher margin projects.
Non-GAAP gross profit, which excludes depreciation and amortization expenses,
was RMB110.4 million (US$16.0 million) for the three months ended December 31,
2022, representing a 2.8% increase from RMB107.4 million for the same period
in 2021. Non-GAAP gross margin was 77.6% for the three months ended December
31, 2022, compared to 72.9% for the same period in 2021.
Operating expenses were RMB318.7 million (US$46.2 million) for the three
months ended December 31, 2022, representing a 10.9% decrease from RMB357.5
million for the same period in 2021. The decrease was primarily driven by
budget control measures and headcount reduction to improve the Company's
operating efficiency.
· Research and development expenses were RMB100.8 million
(US$14.6 million) for the three months ended December 31, 2022, representing
an 10.6% decrease from RMB112.7 million for the same period in 2021, primarily
due to (i) a decrease in the expenditure for early cancer detection research,
and (ii) a decrease in research and development personnel's staff cost,
partially offset by an increase in amortized expense on share-based
compensation to constantly motivate staff.
· Selling and marketing expenses were RMB85.2 million
(US$12.3 million) for the three months ended December 31, 2022, representing a
17.5% decrease from RMB103.2 million for the same period in 2021, primarily
due to (i) a decrease in staff cost resulted from the reorganization of the
selling department and improvement in operating efficiency; (ii) a decrease in
amortized expense on share-based compensation; and (iii) a decrease in
advertising and marketing fee.
· General and administrative expenses were RMB132.7 million
(US$19.2 million) for the three months ended December 31, 2022, representing a
6.3% decrease from RMB141.6 million for the same period in 2021, primarily due
to (i) a decrease in general and administrative personnel's staff cost; (ii) a
decrease in allowance for credit loss in relation to accounts receivables; and
(iii) an increase in depreciation expenses for new buildings.
Net loss was RMB216.2 million (US$31.4 million) for the three months ended
December 31, 2022, compared to RMB251.1 million for the same period in 2021.
Cash, cash equivalents, restricted cash and short-term investments were
RMB925.3 million (US$134.2 million) as of December 31, 2022.
Full Year 2022 Financial Results
Revenues were RMB563.2 million (US$81.7 million) for 2022, representing a
10.9% increase from RMB507.9 million for 2021.
· Revenue generated from central laboratory business was
RMB314.8 (US$45.6 million) for 2022, remaining relatively stable compared to
RMB319.4 million for 2021.
· Revenue generated from in-hospital business was RMB175.3
million (US$25.4 million) for 2022, representing a 6.2% increase from RMB165.1
million for 2021, primarily due to (i) increased demand from existing
hospitals and (ii) demand from eight new contracted partner hospitals added to
the Company's in-hospital channel in 2022.
· Revenue generated from pharma research and development
services was RMB73.2 million (US$10.6 million) for 2022, representing a 212.8%
increase from RMB23.4 million for 2021, primarily attributable to increased
development and testing services performed for our pharma customers.
Cost of revenues was RMB183.2 million (US$26.6 million) for 2022, representing
a 27.5% increase from RMB143.7 million for 2021, primarily due to an increase
in cost of revenues for our in-hospital business and pharma research and
development services.
Gross profit was RMB380.0 million (US$55.1 million) for 2022, representing a
4.4% increase from RMB364.1 million for 2021. Gross margin decreased to 67.5%
for 2022 from 71.7% for 2021.
Non-GAAP gross profit, which excludes depreciation and amortization expenses,
was RMB411.0 million (US$59.6 million) for 2022, representing a 11.6% increase
from RMB368.2 million for 2021. Non-GAAP gross margin was 73.0% for 2022,
compared to 72.5% for 2021.
Operating expenses were RMB1,360.4 million (US$197.2 million) for 2022,
representing a 17.2% increase from RMB1,161.2 million for 2021.
· Research and development expenses were RMB421.9 million
(US$61.2 million) for 2022, representing a 14.7% increase from RMB367.9
million for 2021, primarily due to (i) an increase in expenditure for early
cancer detection research, (ii) an increase in depreciation expenses for new
buildings; and (iii) an increase in amortized expense on share-based
compensation.
· Selling and marketing expenses were RMB370.3 million
(US$53.7 million) for 2022, representing a 22.2% increase from RMB303.1
million for 2021, primarily due to (i) an increase in staff cost of sales and
marketing personnel in anticipation of the commercialization of our early
detection products and pharma research and development services; (ii) an
increase in conference fee and marketing fees; and (iii) an increase in
amortized expense on share-based compensation.
· General and administrative expenses were RMB568.3 million
(US$82.4 million) for 2022, representing a 15.9% increase from RMB490.3
million for 2021, primarily due to (i) an increase in depreciation expenses
for new buildings, and (ii) an increase in allowance for credit loss in
relation to accounts receivables; and (iii) an increase amortized expense on
share-based compensation.
Net loss was RMB971.2 million (US$140.8 million) for 2022, compared to
RMB796.7 million for 2021.
2023 Financial Guidance
We currently expect our full year 2023 revenues to grow approximately 20% over
2022.
Silicon Valley Bank Event
The Company promptly transferred its cash deposits at Silicon Valley Bank to
its accounts with other major financial institutions as a result of the
Company's regular risk assessment process. No loss was incurred to such
deposits. We maintain bank accounts with a diversified set of financial
institutions.
Conference Call Information
Burning Rock will host a conference call to discuss the fourth quarter and
full year 2022 financial results at 8:00 a.m. U.S. Eastern Time (8:00 p.m.
Hong Kong time) on March 28, 2023.
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/BI1cc3eb383ecf42c6969319f9e9cdd02c
(https://register.vevent.com/register/BI1cc3eb383ecf42c6969319f9e9cdd02c) .
Additionally, a live and archived webcast of the conference call and
presentation slides 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/tx2a7ju9
(https://edge.media-server.com/mmc/p/tx2a7ju9) .
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
For the three months ended
March 31, 2021 June 30, September 30, 2021 December 31, March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022
2021 2021
Central Laboratory Channel:
Number of patients tested 7,716 8,155 7,808 8,235 7,743 8,060 7,989 6,419
Number of ordering physicians((1)) 1,082 1,013 920 917 994 767 897 797
Number of ordering hospitals((2)) 303 300 287 306 318 264 257 238
((1)) Represents physicians who on average order at least one test from us every
month during a relevant period in the central laboratory channel.
((2)) Represents hospitals whose residing physicians who on average order at least
one test from us every month during a relevant period in the central
laboratory channel.
As of
March 31, 2021 June 30, September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022
2021
In-hospital Channel:
Pipeline partner hospitals((1)) 22 22 24 23 24 25 22 28
Contracted partner hospitals((2)) 32 34 34 41 41 43 47 49
Total number of partner hospitals 54 56 58 64 65 68 69 77
((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, 2021 December March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022
2021 2021 31, 2021
(RMB in thousands)
Central laboratory channel 74,561 79,999 78,817 85,976 74,211 78,597 89,992 71,970
In-hospital channel 28,994 40,502 43,714 51,906 48,957 34,177 49,636 42,526
Pharma research and development channel 3,068 6,778 4,084 9,463 12,356 18,072 15,003 27,741
Total revenues 106,623 127,279 126,615 147,345 135,524 130,846 154,631 142,237
For the three months ended
Gross profit March 31, June 30, September 30, 2021 December 31, March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022
2021 2021 2021
(RMB in thousands)
Central laboratory channel 55,212 58,681 58,387 65,985 50,574 57,575 69,991 54,507
In-hospital channel 20,070 29,426 31,111 34,194 33,396 20,012 31,593 26,999
Pharma research and development channel 1,658 2,124 2,098 5,200 3,610 5,015 7,010 19,757
Total gross profit 76,940 90,231 91,596 105,379 87,580 82,602 108,594 101,263
For the three months ended
Share-based compensation expenses March 31, June 30, September 30, 2021 December 31, March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022
2021 2021 2021
(RMB in thousands)
Cost of revenues 339 406 267 492 365 441 481 496
Research and development expenses 22,404 20,825 (9,559) (4,033) 12,299 11,923 13,978 14,673
Selling and marketing expenses 2,633 2,809 2,044 2,126 1,774 2,158 2,346 2,247
General and administrative expenses 59,382 59,369 60,803 62,126 65,715 62,615 61,041 74,232
Total share-based compensation expenses 84,758 83,409 53,555 60,711 80,153 77,137 77,846 91,648
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, 2021 December 31, March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022
2021 2021 2021
RMB RMB RMB RMB RMB RMB RMB RMB US$
Revenues 106,623 127,279 126,615 147,345 135,524 130,846 154,631 142,237 20,622
Cost of revenues (29,683) (37,048) (35,019) (41,966) (47,944) (48,244) (46,037) (40,974) (5,940)
Gross profit 76,940 90,231 91,596 105,379 87,580 82,602 108,594 101,263 14,682
Operating expenses:
Research and development expenses (77,414) (108,071) (69,649) (112,724) (119,496) (92,112) (109,433) (100,827) (14,619)
Selling and marketing expenses (55,130) (68,058) (76,687) (103,221) (89,211) (105,634) (90,275) (85,174) (12,349)
General and administrative expenses (116,259) (116,130) (116,304) (141,563) (141,733) (150,316) (143,530) (132,705) (19,240)
Total operating expenses (248,803) (292,259) (262,640) (357,508) (350,440) (348,062) (343,238) (318,706) (46,208)
Loss from operations (171,863) (202,028) (171,044) (252,129) (262,860) (265,460) (234,644) (217,443) (31,526)
Interest income 787 681 958 1,031 1,832 2,685 2,001 2,838 411
Interest expenses (510) (565) (367) (94) 119 (29) 12 - -
Other income (expense), net 118 433 20 (372) 298 127 (189) (84) (12)
Foreign exchange gain (loss), net 57 (560) 380 (731) (777) 624 1,337 365 53
Loss before income tax (171,411) (202,039) (170,053) (252,295) (261,388) (262,053) (231,483) (214,324) (31,074)
Income tax (expenses) benefits - (1,626) (424) 1,151 - (84) - (1,901) (276)
Net loss (171,411) (203,665) (170,477) (251,144) (261,388) (262,137) (231,483) (216,225) (31,350)
Net loss attributable to Burning Rock Biotech Limited's shareholders (171,411) (203,665) (170,477) (251,144) (261,388) (262,137) (231,483) (216,225) (31,350)
Net loss attributable to ordinary shareholders (171,411) (203,665) (170,477) (251,144) (261,388) (262,137) (231,483) (216,225) (31,350)
Loss per share for class A and class B ordinary shares:
Class A ordinary shares - basic and diluted (1.65) (1.96) (1.64) (2.40) (2.50) (2.50) (2.23) （2.11） （0.31）
Class B ordinary shares - basic and diluted (1.65) (1.96) (1.64) (2.40) (2.50) (2.50) (2.23) （2.11） （0.31）
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted 86,721,263 86,764,260 86,908,975 87,128,297 87,179,752 87,532,539 86,585,322 85,051,882 85,051,882
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 income (loss), net of tax of nil:
Foreign currency translation adjustments 14,080 (34,980) 6,146 (24,726) (3,065) 29,715 20,646 (5,950) (863)
Total comprehensive loss (157,331) (238,645) (164,331) (275,870) (264,453) (232,422) (210,837) (222,175) (32,213)
Total comprehensive loss attributable to Burning Rock Biotech Limited's (157,331) (238,645) (164,331) (275,870) (264,453) (232,422) (210,837) (222,175) (32,213)
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,
2021 2022 2022
RMB RMB US$
Revenues 507,862 563,238 81,662
Cost of revenues (143,716) (183,199) (26,561)
Gross profit 364,146 380,039 55,101
Operating expenses:
Research and development expenses (367,858) (421,868) (61,165)
Selling and marketing expenses (303,096) (370,294) (53,688)
General and administrative expenses (490,256) (568,284) (82,393)
Total operating expenses (1,161,210) (1,360,446) (197,246)
(797,064)
Loss from operations (980,407) (142,145)
Interest income 3,457 9,356 1,356
Interest expenses (1,536) 102 15
Other income, net 199 152 22
Foreign exchange loss, net (854) 1,549 225
Loss before income tax (795,798) (969,248) (140,527)
Income tax expenses (899) (1,985) (288)
Net loss (796,697) (971,233) (140,815)
Net loss attributable to Burning Rock Biotech Limited's shareholders (796,697) (971,233) (140,815)
Net loss attributable to ordinary shareholders (796,697) (971,233) (140,815)
Loss per share for class A and class B ordinary shares:
Class A ordinary shares - basic and diluted (7.65) (9.35) (1.36)
Class B ordinary shares - basic and diluted (7.65) (9.35) (1.36)
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted 86,883,011 86,584,100 86,584,100
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 (39,480) 41,346 5,995
Total comprehensive loss (836,177) (929,887) (134,820)
Total comprehensive loss attributable to Burning Rock Biotech Limited's (836,177) (929,887) (134,820)
shareholders
Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
As of
December 31, 2021 December 31, December 31,
2022 2022
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 1,431,317 905,451 131,278
Restricted cash 7,795 19,817 2,873
Short-term investments 63,757 - -
Accounts receivable, net 92,197 109,954 15,942
Contract assets, net 42,391 41,757 6,054
Inventories, net 123,210 130,321 18,895
Prepayments and other current assets, net 60,279 51,462 7,462
Total current assets 1,820,946 1,258,762 182,504
Non-current assets:
Equity method investment 910 690 100
Convertible note receivable - 5,105 740
Property and equipment, net 325,438 251,829 36,512
Operating right-of-use assets 81,007 48,205 6,989
Intangible assets, net 5,150 1,986 288
Other non-current assets 45,136 20,890 3,029
Total non-current assets 457,641 328,705 47,658
TOTAL ASSETS 2,278,587 1,587,467 230,162
Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets (Continued)
(in thousands)
As of
December 31, 2021 December 31, December 31,
2022 2022
RMB RMB US$
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable 63,080 50,947 7,387
Deferred revenue 142,871 147,633 21,405
Accrued liabilities and other current liabilities 127,892 173,832 25,203
Customer deposits 972 1,803 261
Short-term borrowing 2,370 - -
Current portion of operating lease liabilities 34,999 37,236 5,399
Total current liabilities 372,184 411,451 59,655
Non-current liabilities:
Non-current portion of operating lease liabilities 49,316 13,551 1,965
Other non-current liabilities 11,776 4,124 598
Total non-current liabilities 61,092 17,675 2,563
TOTAL LIABILITIES 433,276 429,126 62,218
Shareholders' equity:
Class A ordinary shares 116 117 17
Class B ordinary shares 21 21 3
Additional paid-in capital 4,280,956 4,582,790 664,442
Treasury stock - (58,919) (8,542)
Accumulated deficits (2,228,713) (3,199,946) (463,949)
Accumulated other comprehensive loss (207,069) (165,722) (24,027)
Total shareholders' equity 1,845,311 1,158,341 167,944
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 2,278,587 1,587,467 230,162
Burning Rock Biotech Limited
Unaudited Condensed Statements of Cash Flows
(in thousands)
For the three months ended
December 31, 2021 December 31, 2022 December 31, 2022
RMB RMB US$
Net cash used in operating activities (112,349) (67,707) (9,817)
Net cash used in investing activities (66,970) (5,033) (730)
Net cash used in financing activities (6,781) (10,074) (1,461)
Effect of exchange rate on cash, cash equivalents and restricted cash (24,498) (5,924) (859)
Net decrease in cash, cash equivalents and restricted cash (210,598) (88,738) (12,867)
Cash, cash equivalents and restricted cash at the beginning of period 1,649,710 1,014,006 147,018
Cash, cash equivalents and restricted cash at the end of period 1,439,112 925,268 134,151
For the year ended
December 31, 2021 December 31, 2022 December 31, 2022
RMB RMB US$
Net cash used in operating activities (477,886) (456,808) (66,231)
Net cash generated from (used in) investing activities 81,697 (7,463) (1,082)
Net cash used in financing activities (52,899) (86,238) (12,503)
Effect of exchange rate on cash, cash equivalents and restricted cash (37,006) 36,665 5,316
Net decrease in cash, cash equivalents and restricted cash (486,094) (513,844) (74,500)
Cash, cash equivalents and restricted cash at the beginning of period 1,925,206 1,439,112 208,651
Cash, cash equivalents and restricted cash at the end of period 1,439,112 925,268 134,151
Burning Rock Biotech Limited
Reconciliations of GAAP and Non-GAAP Results
For the three months ended
March 31, June 30, September 30, 2021 December 31, March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022
2021 2021 2021
(RMB in thousands)
Gross profit:
Central laboratory channel 55,212 58,681 58,387 65,985 50,574 57,575 69,991 54,507
In-hospital channel 20,070 29,426 31,111 34,194 33,396 20,012 31,593 26,999
Pharma research and development channel 1,658 2,124 2,098 5,200 3,610 5,015 7,010 19,757
Total gross profit 76,940 90,231 91,596 105,379 87,580 82,602 108,594 101,263
Add: depreciation and amortization:
Central laboratory channel 117 284 1,254 995 2,553 2,545 3,138 3,609
In-hospital channel 79 113 109 130 93 1,428 2,479 2,449
Pharma research and development channel 10 40 19 856 2,493 4,327 2,805 3,065
Total depreciation and amortization included in cost of revenues 206 437 1,382 1,981 5,139 8,300 8,422 9,123
Non-GAAP gross profit：
Central laboratory channel 55,329 58,965 59,641 66,980 53,127 60,120 73,129 58,116
In-hospital channel 20,149 29,539 31,220 34,324 33,489 21,440 34,072 29,448
Pharma research and development channel 1,668 2,164 2,117 6,056 6,103 9,342 9,815 22,822
Total non-GAAP gross profit 77,146 90,668 92,978 107,360 92,719 90,902 117,016 110,386
Non-GAAP gross margin：
Central laboratory channel 74.2% 73.7% 75.7% 77.9% 71.6% 76.5% 81.3% 80.8%
In-hospital channel 69.5% 72.9% 71.4% 66.1% 68.4% 62.7% 68.6% 69.2%
Pharma research and development channel 54.4% 31.9% 51.8% 64.0% 49.4% 51.7% 65.4% 82.3%
Total non-GAAP gross margin 72.4% 71.2% 73.4% 72.9% 68.4% 69.5% 75.7% 77.6%
Burning Rock Biotech Limited
Reconciliations of GAAP and Non-GAAP Results
For the year ended
December 31, 2021 December 31, 2022
(RMB in thousands)
RMB
Gross profit:
Central laboratory channel 238,265 232,647
In-hospital channel 114,801 112,000
Pharma research and development channel 11,080 35,392
Total gross profit 364,146 380,039
Add: depreciation and amortization:
Central laboratory channel 2,650 11,845
In-hospital channel 431 6,449
Pharma research and development channel 925 12,690
Total depreciation and amortization included in cost of revenues 4,006 30,984
Non-GAAP gross profit：
Central laboratory channel 240,915 244,492
In-hospital channel 115,232 118,449
Pharma research and development channel 12,005 48,082
Total non-GAAP gross profit 368,152 411,023
Non-GAAP gross margin：
Central laboratory channel 75.4% 77.7%
In-hospital channel 69.8% 67.6%
Pharma research and development channel 51.3% 65.7%
Total non-GAAP gross margin 72.5% 73.0%
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