TIDMBNR
RNS Number : 4407U
Burning Rock Biotech Limited
28 March 2023
B urning R ock Reports Fourth Quarter and Full Year 202 2
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 T otal 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 RMB 51.9 million for the
same period in 2021 , driven by a decrease of sales volume as af
fected 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 RMB 357.5 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 RMB 100.8 million
(US$14.6 million) for the three months ended December 31, 2022,
representing an 10.6% decrease from RMB 112.7 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 RMB 85.2 million (US$12.3
million) for the three months ended December 31, 2022, representing
a 17.5% decrease from RMB 103.2 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 RMB 132.7 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 RMB 216.2 million (US$31.4 million) for the three
months ended December 31, 2022, compared to RMB251.1 million for
the same period in 2021.
Cash, cash equivalents, restricted cash and short-term
investments were RMB 925.3 million ( US$ 134.2 million) as of
December 31 , 2022.
Full Year 2022 Financial Results
Revenues were RMB 563.2 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 RMB 175.3
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 RMB 380.0 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 RMB 1,360.4 million (US$197.2 million)
for 2022, representing a 17.2% increase from RMB1,161.2 million for
2021.
-- Research and development expenses were RMB 421.9 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 RMB 568.3 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 RMB 971.2 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
.
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 or through
link 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
------- -------------------------------------------------------------- ----------- ----------
September December 31, March 31, 2022 June September December
June 30, 30, 30, 2022 31, 2022
30, 2021 2022
March 2021
31,
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. A s of
---------------- ------------------------------------------------------------- ----------- ----------
September 30, 2021 December March June September December
31, 31, 30, 30, 31,
June 30, 2021 2022 2022 2022 2022
March 31, 2021 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.
Selected Financial Data
For the three months ended
------------ -------------------------------------------------------- ----------- ----------
September December March June September December
30, 31, 30, 30, 2022 31, 2022
March 31 , June 30, 2021 2022 2022
31,
Revenues 2021 2021 2021
------------ ---------- ----------- ---------- -------- --------- ----------- ----------
(RMB in thousands)
Central laboratory
channel 74,561 79,999 78,817 85,976 74,211 78,597 89,992 71,970
------------ ---------- ----------- ---------- -------- --------- ----------- ----------
48 ,
In-hospital channel 28,994 40,502 43,714 51,906 957 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
------------ --------------------------------------------------- ----------- ----------
September December March June September December
June 30, 31, 31, 30, 30, 31,
March 31 , 30, 2021 2022 2022 2022 2022
Gross profit 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
------------ ----------------------------------------------------------------------- ----------- ----------
September December 31, March 31, 2022 June 30, 2022 September December
June 30, 30, 2022 31, 2022
March 31 , 30, 2021
Share-based compensation expenses 2021 2021 2021
------------ ------- ----------- -------------- ---------------- --------------- ----------- ----------
(RMB in thousands)
Cost of revenues 339 406 267 492 365 441 481 49 6
------------ ------- ----------- -------------- ---------------- --------------- ----------- ----------
Research and development expenses 22,404 20,825 (9,559) (4,033) 12,299 11,923 13,978 14,673
------------ ------- ----------- -------------- ---------------- --------------- ----------- ----------
2,24
Selling and marketing expenses 2,633 2,809 2,044 2,126 1,774 2,158 2,346 7
------------ ------- ----------- -------------- ---------------- --------------- ----------- ----------
General and administrative expenses 59,382 59,369 60,803 62,126 65,715 62,615 61,041 74,232
------------ ------- ----------- -------------- ---------------- --------------- ----------- ----------
Total share-based compensation 91,64
expenses 84,758 83,409 53,555 60,711 80,153 77,137 77,846 8
------------ ------- ----------- -------------- ---------------- --------------- ----------- ----------
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
--------------------------------------------------------------------------------------------------- ----------- -----------
June
March 31 , 30, December 31,
June September December December
September 30, 30, 31, 31,
2021 2021 30, 2021 2021 March 31, 2022 2022 2022 2022 2022
------------ ----------- ----------- -------------- ---------------- ----------- ------------ ----------- -----------
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 ( 48,244
revenues (29,683) (37,048) (35,019) (41,966) (47,944) ) (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
shareholders (157,331) (238,645) (164,331) (275,870) (264,453) (232,422) (210,837) (222,175) (32,213)
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 December December
3 1 , 3 1 , 3 1 ,
202 1 2022 2022
------------- ------------- -----------
RMB RMB US$
Revenues 507,862 563,238 81,662
(183, 199 (26, 5 6
Cost of revenues (143,716) ) 1 )
------------- ------------- -----------
Gross profit 364,146 3 80 , 039 5 5 , 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)
(1,161,210) (1,360,446)
Total operating expenses (797,064) (197,246)
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)
------------- ------------- -----------
(97 1 , (14 0 ,
Net loss (796,697) 233 ) 815 )
============= ============= ===========
Net loss attributable to Burning (97 1 , (14 0 ,
Rock Biotech Limited's shareholders (796,697) 233 ) 815 )
Net loss attributable to ordinary (97 1 , ( 14 0 ,
shareholders (796,697) 233 ) 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
shareholders (836,177) (929,887) (134,820)
============= ============= ===========
Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
As of
December December
31, 31,
December
31, 2021 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 December
31, 31,
December
31, 2021 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 December December
31, 2021 31, 2022 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 December December
31, 2021 31, 2022 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
-------- ----------------------------------------------------- ----------- ----------
September December March June September December
March June 30, 31, 31, 30, 30, 31,
31 , 30, 2021 2022 2022 2022 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 58,11
channel 55,329 58,965 59,641 66,980 53,127 60,120 73,129 6
-------- -------- ----------- ---------- -------- -------- ----------- ----------
In-hospital channel 20,149 29,539 31,220 34,324 33,489 21,440 34,072 29,448
-------- -------- ----------- ---------- -------- -------- ----------- ----------
Pharma research and 22,82
development channel 1,668 2,164 2,117 6,056 6,103 9,342 9,815 2
-------- -------- ----------- ---------- -------- -------- ----------- ----------
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 80.
channel 74.2% 73.7% 75.7% 77.9% 71.6% 76.5% 81.3% 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 240,915 244,49 2
------------------ ------------------
In-hospital channel 115,232 118,449
------------------ ------------------
Pharma research and development channel 12,005 48,0 82
------------------ ------------------
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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END
FR JPMATMTJTMIJ
(END) Dow Jones Newswires
March 28, 2023 02:00 ET (06:00 GMT)
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