TIDMBNR
RNS Number : 5568G
Burning Rock Biotech Limited
16 November 2022
B urning R ock Reports Third Quarter 2022 Financial Results
GUANGZHOU, China, November 16, 2022-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 ended September 30,
2022.
Recent Business 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, while
Burning Rock's ADSs will continue to be listed and traded on the
Nasdaq Global Market, with those ADSs being fully fungible with the
ADSs listed on the LSE.
-- Therapy Selection and Minimal Residual Disease (MRD)
o In-hospital strategy continues to drive growth uplift despite
negative Covid impact. In-hospital volumes grew 24% year-over-year
in the third quarter of 2022.
o MRD volumes continue to ramp up following commercial launch in
March 2022, with approximately 700 tests completed in the third
quarter of 2022, more than doubling the volumes in the second
quarter of 2022.
-- Early Detection
o PROMISE study (2,035 participants) for 9-cancer test results
presented at European Society for Medical Oncology (ESMO) Congress
2022 in September 2022. Overall sensitivity achieved 83.7% for 9
cancers at specificity of 98.3%, with methylation contributing
majority of positive detections compared to protein and mutation.
Tissue origin prediction accuracy achieved 90.9% for the top 2
organs.
o Commercialization of our blood-based, 6-cancer early detection
test gaining initial traction, with product onboarding completed at
a few hospitals.
-- Pharma Services
o The total value of new contracts we entered into from January
to September 2022 amounted to RMB198 million, representing
approximately 38% increase from the same period of 2021.
o Starting to work with BeiGene on initial clinical studies
using our personalized MRD test brPROPHET(TM) .
o New companion diagnostics (CDx) development announced with Eli
Lilly and Company in China, for the RET inhibitor
selpercatinib.
Third Quarter 2022 Financial Results
Revenues were RMB154.6 million (US$21.7 million) for the three
months ended September 30, 2022, representing a 22.1% increase from
RMB126.6 million for the same period in 2021.
-- Revenue generated from central laboratory business was
RMB90.0 million (US$12.7 million) for the three months ended
September 30, 2022 , representing a 14.2% increase from RMB78.8
million for the same period in 2021, driven by revenue increase
from monitoring packages that consist of multiple tests per
package.
-- Revenue generated from in-hospital business was RMB49.6
million (US$7.0 million) for the three months ended September 30,
2022, representing a 13.5% increase from RMB 43.7 million for the
same period in 2021 , primarily attributable to in-hosiptal sales
volume growth in Shanghai and Beijing as COVID impact lessened in
the third quarter of 2022.
-- Revenue generated from pharma research and development
services was RMB15.0 million (US$2.1 million) for the three months
ended September 30, 2022, representing a 267.4% increase from
RMB4.1 million for the same period in 2021, primarily attributable
to increased development and testing services performed for our
pharma customers.
Cost of revenues was RMB46.0 million (US$6.5 million) for the
three months ended September 30, 2022 , representing a 31.5 %
increase from RMB35.0 million for the same period in 2021,
primarily due to an increase in testing and selling volume as well
as rental expense and renovation depreciation in relation to our
new laboratory that commenced use in January 2022.
Gross profit was RMB108.6 million (US$15.3 million) for the
three months ended September 30, 2022 , representing a 18.6%
increase from RMB91.6 million for the same period in 2021. Gross
margin was 70.2% for the three months ended September 30, 2022,
which decreased from 72.3% for the same period in 2021, primarily
due to an increased income from monitoring packages, offset by an
increased depreciation in relation to our new laboratory.
Non-GAAP gross profit, which excludes depreciation and
amortization expenses, was RMB117.0 million (US$16.4 million) for
the three months ended September 30, 2022 , representing a 25.8%
increase from RMB93.0 million for the same period in 2021. Non-GAAP
gross margin was 75.7% for the three months ended September 30,
2022, compared to 73.4% for the same period in 2021.
Operating expenses were RMB343.2 million (US$48.3 million) for
the three months ended September 30, 2022, representing a 30.7%
increase from RMB 262.6 million for the same period in 2021 .
-- Research and development expenses were RMB109.4 million
(US$15.4 million) for the three months ended September 30, 2022,
representing a 57.2 % increase from RMB69.6 million for the same
period in 2021, primarily due to (i) an increase in clinical
program expenses for early cancer detection; and (ii) an increase
in amortized expense on share-based compensation, offset in part by
a decrease in staff cost due to organizational restructuring.
-- Selling and marketing expenses were RMB90.3 million (US$12.7
million) for the three months ended September 30, 2022,
representing a 17.7% increase from RMB 76.7 million for the same
period in 2021, primarily due to (i) an increase in staff cost
resulted from increase in headcount; (ii) an increase in conference
fee and (iii) an increase amortized expense on share-based
compensation. Sequentially, selling and marketing expenses in the
third quarter decreased by 14.5% compared to the second quarter of
2022, as our sales reorganization and operating efficiency
improvement initiative started to generate initial results. We will
continue to focus on improving operating efficiency going
forward.
-- General and administrative expenses were RMB143.5 million
(US$20.2 million) for the three months ended September 30, 2022,
representing a 23.4% increase from RMB116.3 million for the same
period in 2021, primarily due to (i) an increase in depreciation
expenses for a new building; (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 RMB231.5 million (US$32.5 million) for the three
months ended September 30, 2022, compared to RMB170.5 million for
the same period in 2021.
Net cash used in operating activities was RMB135.5 million
(US$19.0 million) for the three months ended September 30, 2022,
compared to RMB133.4 million for the same period in 2021. The
balance of cash, cash equivalents, restricted cash and short-term
investments was RMB1,014.0 million ( US$142.5 million) as of
September 30 , 2022.
Revised 2022 Financial Guidance
We believe that we have achieved strong, above-industry growth
in the first nine months of 2022, generating revenues of RMB421
million, an increase of 17% compared to the same period of 2021.
This is below the implied full-year growth rate of our initial
guidance at the beginning of the year, primarily due to an
out-sized Covid impact in Shanghai in the second quarter and to a
lesser extent, Covid-related disruptions in other regions of China
from time to time. We have observed another significant wave of
Covid cases sweeping through many large cities in China since the
start of October, particularly in Guangzhou, which is one of our
key markets and where our central lab is located. We are taking a
cautious view now and project a drop in revenues in the fourth
quarter compard to the same period last year, which was a strong
quarter and relatively free of large Covid impacts. We therefore
revise our 2022 full-year revenue guidance to a growth of
approxiately 5% compared to 2021.
Transition of Chief Operating Officer to Chief Scientific
Officer
Effective November 2022, Shannon Chuai, our chief operating
officer, is taking on a new role of chief scientific officer of
Burning Rock. In her new role, Shannon will lead key projects of
our pipeline development, provide senior oversight on our early
cancer detection clinical programs and our engagement on product
registration with the NMPA and other medical regulatory bodies.
Shannon continues to serve as a director on our board. The
company's respective business units will report directly to our
CEO, Yusheng Han.
Conference Call Information
Burning Rock will host a conference call to discuss the third
quarter 2022 financial results at 8:30 a.m. U.S. Eastern Time (9:30
p.m. Hong Kong time) on November 16, 2022.
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/BI96c581babaf44021ab6c34af9f7ce42b
.
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 or through link
https://edge.media-server.com/mmc/p/8fj2edsi .
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; 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 March June September
June 30, 2021 31, 31, 30, 30, 2022
30, 2022 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
1,013
300
------- -------- ----------- ---------- -------- ------ -----------
Number of ordering
physicians(1) 1,082 1,013 920 917 994 767 897
------- -------- ----------- ---------- -------- ------ -----------
Number of ordering
hospitals(2) 303 300 287 306 318 264 257
------- -------- ----------- ---------- -------- ------ -----------
(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 December March June September
June 30, 2021 31, 31, 30, 30,
30, 2022 2022 2022
March 2021
31,
2021 2021
------- ------- ----------- ---------- ------- ------ -----------
In-hospital
Channel:
Pipeline
partner
hospitals(1) 22 22 24 23 24 25 22
------- ------- ----------- ---------- ------- ------ -----------
Contracted
partner
hospitals(2) 32 34 34 41 41 43 47
------- ------- ----------- ---------- ------- ------ -----------
Total number
of
partner
hospitals 54 56 58 64 65 68 69
------- ------- ----------- ---------- ------- ------ -----------
(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
March June 30, 31, 30, 30, 2022
31 , 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
-------- -------- ----------- ---------- -------- --------- -----------
48 ,
In-hospital channel 28,994 40,502 43,714 51,906 957 34,177 49,636
-------- -------- ----------- ---------- -------- --------- -----------
Pharma research and
development channel 3,068 6,778 4,084 9,463 12,356 18,072 15,003
-------- -------- ----------- ---------- -------- --------- -----------
Total revenues 106,623 127,279 126,615 147,345 135,524 130,846 154,631
-------- -------- ----------- ---------- -------- --------- -----------
For the three months ended
------- --------------------------------------------------- -----------
September December March June September
March June 30, 31, 31, 30, 30,
31 , 30, 2021 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
------- ------- ----------- ---------- -------- ------- -----------
In-hospital channel 20,070 29,426 31,111 34,194 33,396 20,012 31,593
------- ------- ----------- ---------- -------- ------- -----------
Pharma research and
development channel 1,658 2,124 2,098 5,200 3,610 5,015 7,010
------- ------- ----------- ---------- -------- ------- -----------
Total gross profit 76,940 90,231 91,596 105,379 87,580 82,602 108,594
------- ------- ----------- ---------- -------- ------- -----------
For the three months ended
------- ---------------------------------------------------- -----------
September December March June September
March June 30, 31, 31, 30, 30, 2022
31 , 30, 2021 2022 2022
Share-based compensation 2021
expenses 2021 2021
------- ------- ----------- ---------- -------- -------- -----------
(RMB in thousands)
Cost of revenues 339 406 267 492 365 441 481
------- ------- ----------- ---------- -------- -------- -----------
Research and development
expenses 22,404 20,825 (9,559) (4,033) 12,299 11,923 13,978
------- ------- ----------- ---------- -------- -------- -----------
Selling and marketing
expenses 2,633 2,809 2,044 2,126 1,774 2,158 2,346
------- ------- ----------- ---------- -------- -------- -----------
General and administrative
expenses 59,382 59,369 60,803 62,126 65,715 62,615 61,041
------- ------- ----------- ---------- -------- -------- -----------
Total share-based
compensation expenses 84,758 83,409 53,555 60,711 80,153 77,137 77,846
------- ------- ----------- ---------- -------- -------- -----------
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
------------------------------------------------------------------------------------------
September
March June December 30,
31 , 30, 31, 2022
March June September
September 31, 30, 30,
2021 2021 30, 2021 2021 2022 2022 2022
----------- ----------- ----------- ----------- ----------- ----------- ------------ ------------
RMB RMB RMB RMB RMB RMB RMB US$
Revenues 106,623 127,279 126,615 147,345 135,524 130,846 154,631 21,738
Cost of ( 48,244
revenues (29,683) (37,048) (35,019) (41,966) (47,944) ) (46,037) (6,471)
----------- ----------- ----------- ----------- ----------- ----------- ------------ ------------
Gross profit 76,940 90,231 91,596 105,379 87,580 82,602 108,594 15,267
Operating
expenses:
Research and
development
expenses (77,414) (108,071) (69,649) (112,724) (119,496) (92,112) (109,433) (15,384)
Selling and
marketing
expenses (55,130) (68,058) (76,687) (103,221) (89,211) (105,634) (90,275) (12,691)
General and
administrative
expenses (116,259) (116,130) (116,304) (141,563) (141,733) (150,316) (143,530) (20,177)
Total operating
expenses (248,803) (292,259) (262,640) (357,508) (350,440) (348,062) (343,238) (48,252)
Loss from
operations (171,863) (202,028) (171,044) (252,129) (262,860) (265,460) (234,644) (32,985)
Interest income 787 681 958 1,031 1,832 2,685 2,001 281
Interest
expenses (510) (565) (367) (94) 119 (29) 12 2
Other income
(expense),
net 118 433 20 (372) 298 127 (189) (27)
Foreign
exchange
gain (loss),
net 57 (560) 380 (731) (777) 624 1,337 188
Loss before
income
tax (171,411) (202,039) (170,053) (252,295) (261,388) (262,053) (231,483) (32,541)
Income tax
(expenses)
benefits - (1,626) (424) 1,151 - (84) - -
----------- ----------- ----------- ----------- ----------- ----------- ------------ ------------
Net loss (171,411) (203,665) (170,477) (251,144) (261,388) (262,137) (231,483) (32,541)
=========== =========== =========== =========== =========== =========== ============ ============
Net loss
attributable
to Burning
Rock
Biotech
Limited's
shareholders (171,411) (203,665) (170,477) (251,144) (261,388) (262,137) (231,483) (32,541)
Net loss
attributable
to ordinary
shareholders (171,411) (203,665) (170,477) (251,144) (261,388) (262,137) (231,483) (32,541)
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) (0.31)
Class B
ordinary
shares - basic
and
diluted (1.65) (1.96) (1.64) (2.40) (2.50) (2.50) (2.23) (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 86,585,322
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
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 2,902
Total
comprehensive
loss (157,331) (238,645) (164,331) (275,870) (264,453) (232,422) (210,837) (29,639)
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) (29,639)
Burning Rock Biotech Limited
Unaudited Condensed Statements of Comprehensive Loss
(in thousands, except for number of shares and per share
data)
For the nine months ended
----------------------------------------
September September September
30, 30, 30,
2021 2022 2022
------------ ------------ ------------
RMB RMB US$
Revenues 360,517 421,001 59,183
Cost of revenues (101,750) (142,225) (19,993)
------------ ------------ ------------
Gross profit 258,767 278,776 39,190
Operating expenses:
Research and development expenses (255,134) (321,041) (45,131)
Selling and marketing expenses (199,875) (285,120) (40,082)
General and administrative expenses (348,693) (435,579) (61,233)
Total operating expenses (803,702) (1,041,740) (146,446)
Loss from operations (544,935) (762,964) (107,256)
Interest income 2,426 6,518 916
Interest expenses (1,442) 102 14
Other income, net 571 236 33
Foreign exchange loss, net (123) 1,184 166
Loss before income tax (543,503) (754,924) (106,127)
Income tax expenses (2,050) (84) (12)
------------ ------------ ------------
Net loss (545,553) (755,008) (106,139)
============ ============ ============
Net loss attributable to Burning
Rock Biotech Limited's shareholders (545,553) (755,008) (106,139)
Net loss attributable to ordinary
shareholders (545,553) (755,008) (106,139)
Loss per share for class A and
class B ordinary shares:
Class A ordinary shares - basic
and diluted (5.24 ) (7.23) (1.02)
Class B ordinary shares - basic
and diluted (5.24 ) (7.23) (1.02)
Weighted average shares outstanding
used in loss per share computation:
Class A ordinary shares - basic
and diluted 86, 798,854 87,097,027 87,097,027
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 (14,754) 47,296 6,649
Total comprehensive loss (560,307) (707,712) (99,490)
Total comprehensive loss attributable
to Burning Rock Biotech Limited's
shareholders (560,307) (707,712) (99,490)
Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
As of
September September
30, 30,
December
31, 2021 2022 2022
----------- ------------ -----------
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 1,431,317 1,009,790 141,954
Restricted cash 7,795 4,216 593
Short-term investments 63,757 - -
Accounts receivable, net 92,197 102,385 14,393
Contract assets, net 42,391 46,591 6,550
Inventories, net 123,210 150,428 21,147
Prepayments and other current assets,
net 60,279 41,220 5,794
Total current assets 1,820,946 1,354,630 190,431
----------- ------------ -----------
Non-current assets:
Equity method investment 910 644 91
Convertible note receivable - 5,000 703
Property and equipment, net 325,438 288,499 40,556
Operating right-of-use assets 81,007 58,379 8,207
Intangible assets, net 5,150 2,774 390
Other non-current assets 45,136 21,369 3,004
Total non-current assets 457,641 376,665 52,951
----------- ------------ -----------
TOTAL ASSETS 2,278,587 1,731,295 243,382
=========== ============ ===========
Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets (Continued)
(in thousands)
As of
September September
30, 30 ,
December
31, 2021 2022 2022
------------ ------------ -----------
RMB RMB US$
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities :
Accounts payable 63,080 71,045 9,988
Deferred revenue 142,871 168,260 23,654
Accrued liabilities and other current
liabilities 127,892 82,512 11,600
Customer deposits 972 403 57
Short-term borrowing 2,370 - -
Current portion of operating lease
liabilities 34,999 38,632 5,431
Other current liabilities - 2,557 359
Total current liabilities 372,184 363,409 51,089
------------ ------------ -----------
Non-current liabilities:
Non-current portion of operating lease
liabilities 49,316 22,865 3,214
Other non-current liabilities 11,776 46,079 6,478
Total non-current liabilities 61,092 68,944 9,692
------------ ------------ -----------
TOTAL LIABILITIES 433,276 432,353 60,781
============ ============ ===========
Shareholders' equity:
Class A ordinary shares 116 117 16
Class B ordinary shares 21 21 3
Additional paid-in capital 4,280,956 4,499,491 632,528
Treasury stock - (57,193) (8,040)
Accumulated deficits (2,228,713) (2,983,721) (419,445)
Accumulated other comprehensive loss (207,069) (159,773) (22,461)
Total shareholders' equity 1,845,311 1,298,942 182,601
------------ ------------ -----------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 2,278,587 1,731,295 243,382
============ ============ ===========
Burning Rock Biotech Limited
Unaudited Condensed Statements of Cash Flows
(in thousands)
For the three months ended
September September September
30, 2021 30, 2022 30, 2022
---------- ---------- -----------
RMB RMB US$
Net cash used in operating activities (133,394) (135,467) (19,042)
Net cash used in investing activities (72,085) (20,148) (2,832)
Net cash used in financing activities (32,995) (2,671) (375)
Effect of exchange rate on cash, cash
equivalents and restricted cash 4,919 19,242 2,703
Net decrease in cash, cash equivalents
and restricted cash (233,555) (139,044) (19,546)
Cash, cash equivalents and restricted
cash at the beginning of period 1,883,265 1,153,050 162,093
Cash, cash equivalents and restricted
cash at the end of period 1,649,710 1,014,006 142,547
For the nine months ended
September September September
30, 2021 30, 2022 30, 2022
---------- ---------- ----------
RMB RMB US$
Net cash used in operating activities (365,537) (389,101) (54,700)
Net cash generated from (used in) investing
activities 148,667 (2,430) (339)
Net cash used in financing activities (46,118) (76,164) (10,707)
Effect of exchange rate on cash, cash
equivalents and restricted cash (12,508) 42,589 5,986
Net decrease in cash, cash equivalents
and restricted cash (275,496) (425,106) (59,760)
Cash, cash equivalents and restricted
cash at the beginning of period 1,925,206 1,439,112 202,307
Cash, cash equivalents and restricted
cash at the end of period 1,649,710 1,014,006 142,547
Burning Rock Biotech Limited
Reconciliations of GAAP and Non-GAAP Results
For the three months ended
-------- ----------------------------------------------------- -----------
September December March June September
March June 30, 31, 31, 30, 30,
31 , 30, 2021 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
-------- -------- ----------- ---------- -------- -------- -----------
In-hospital channel 20,070 29,426 31,111 34,194 33,396 20,012 31,593
-------- -------- ----------- ---------- -------- -------- -----------
Pharma research and
development channel 1,658 2,124 2,098 5,200 3,610 5,015 7,010
-------- -------- ----------- ---------- -------- -------- -----------
Total gross profit 76,940 90,231 91,596 105,379 87,580 82,602 108,594
-------- -------- ----------- ---------- -------- -------- -----------
Add: depreciation
and amortization:
-------- -------- ----------- ---------- -------- -------- -----------
Central laboratory
channel 117 284 1,254 995 2,553 2,545 3,138
-------- -------- ----------- ---------- -------- -------- -----------
In-hospital channel 79 113 109 130 93 1,428 2,479
-------- -------- ----------- ---------- -------- -------- -----------
Pharma research and
development channel 10 40 19 856 2,493 4,327 2,805
-------- -------- ----------- ---------- -------- -------- -----------
Total depreciation
and amortization
included in cost
of revenues 206 437 1,382 1,981 5,139 8,300 8,422
Non-GAAP gross profit
-------- -------- ----------- ---------- -------- -------- -----------
Central laboratory
channel 55,329 58,965 59,641 66,980 53,127 60,120 73,129
-------- -------- ----------- ---------- -------- -------- -----------
In-hospital channel 20,149 29,539 31,220 34,324 33,489 21,440 34,072
-------- -------- ----------- ---------- -------- -------- -----------
Pharma research and
development channel 1,668 2,164 2,117 6,056 6,103 9,342 9,815
-------- -------- ----------- ---------- -------- -------- -----------
Total non-GAAP gross
profit 77,146 90,668 92,978 107,360 92,719 90,902 117,016
-------- -------- ----------- ---------- -------- -------- -----------
Non-GAAP gross margin
-------- -------- ----------- ---------- -------- -------- -----------
Central laboratory
channel 74.2% 73.7% 75.7% 77.9% 71.6% 76.5% 81.3%
-------- -------- ----------- ---------- -------- -------- -----------
In-hospital channel 69.5% 72.9% 71.4% 66.1% 68.4% 62.7% 68.6%
-------- -------- ----------- ---------- -------- -------- -----------
Pharma research and
development channel 54.4% 31.9% 51.8% 64.0% 49.4% 51.7% 65.4%
-------- -------- ----------- ---------- -------- -------- -----------
Total non-GAAP gross
margin 72.4% 71.2% 73.4% 72.9% 68.4% 69.5% 75.7%
-------- -------- ----------- ---------- -------- -------- -----------
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END
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(END) Dow Jones Newswires
November 16, 2022 02:00 ET (07:00 GMT)
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