GUANGZHOU, China, March 28, 2024 (GLOBE NEWSWIRE) — Burning Rock Biotech Limited (NASDAQ: BNR and LSE: BNR, the “Company” or “Burning Rock”), a company focused on the application of next generation sequencing (NGS) technology in the field of precision oncology, today reported financial results for the three months and the year ended December 31, 2023.
2023 Business Overview and Recent Updates
Fourth Quarter 2023 Financial Results
Revenues were RMB121.1 million (US$17.1 million) for the three months ended December 31, 2023, representing a 14.9% decrease from RMB142.2 million for the same period in 2022.
Cost of revenues remained relatively stable at RMB43.0 million (US$6.1 million) for the three months ended December 31, 2023, compared to RMB41.0 million for the same period in 2022.
Gross profit was RMB78.1 million (US$11.0 million) for the three months ended December 31, 2023, representing a 22.9% decrease from RMB101.3 million for the same period in 2022. Gross margin was 64.5% for the three months ended December 31, 2023, compared to 71.2% for the same period in 2022. By channel, gross margin of central laboratory business was 81.7% for the three months ended December 31, 2023, compared to 75.7% during the same period in 2022, primarily due to a decrease in inventory write down; gross margin of in-hospital business was 44.8% for the three months ended December 31, 2023, compared to 63.5% during the same period in 2022, primarily due to a decrease in revenue generated from two hospitals due to one-off adjustment. Exclude such two, gross margin of in-hospital business was 65.0% for the three months ended December 31, 2023, compared to 66.6% during the same period in 2022; gross margin of pharma research and development services was 56.9% for the three months ended December 31, 2023, compared to 71.2% during the same period of 2022, primarily due to a decrease in test volume of higher margin projects.
Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB87.1 million (US$12.3 million) for the three months ended December 31, 2023, representing a 21.1% decrease from RMB110.4 million for the same period in 2022. Non-GAAP gross margin was 71.9% for the three months ended December 31, 2023, compared to 77.6% for the same period in 2022.
Operating expenses were RMB244.4 million (US$34.4 million) for the three months ended December 31, 2023, representing a 23.3% decrease from RMB318.7 million for the same period in 2022. The decrease was primarily driven by budget control measures, including headcount reduction, to improve our operating efficiency.
Net loss was RMB162.2 million (US$22.8 million) for the three months ended December 31, 2023, compared to RMB216.2 million for the same period in 2022.
Cash, cash equivalents, restricted cash were RMB615.2 million (US$86.7 million) as of December 31, 2023.
Full Year 2023 Financial Results
Revenues were RMB537.4 million (US$75.7 million) for 2023, representing a 4.6% decrease from RMB563.2 million for 2022.
Cost of revenues was RMB174.2 million (US$24.5 million) for 2023, representing a 4.9% decrease from RMB183.2 million for 2022, primarily due to a decrease in cost of revenues for our central lab business, as we continued to focus on our in-hospital business.
Gross profit was RMB363.2 million (US$51.2 million) for 2023, representing a 4.4% decrease from RMB380.0 million for 2022. Gross margin increased to 67.6% for 2023 from 67.5% for 2022.
Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB399.4 million (US$56.3 million) for 2023, representing a 2.8% decrease from RMB411.0 million for 2022. Non-GAAP gross margin was 74.3% for 2023, compared to 73.0% for 2022.
Operating expenses were RMB1,032.5 million (US$145.4 million) for 2023, representing a 24.1% decrease from RMB1,360.4 million for 2022.
Net loss was RMB653.7 million (US$92.1 million) for 2023, compared to RMB971.2 million for 2022.
2024 Financial Guidance
We currently expect to achieve breakeven (measured by non-GAAP gross profit minus non-GAAP SG&A) in the first half of 2024.
Non-GAAP gross profit refers to gross profit excluding depreciation and amortization. Non-GAAP SG&A refers to selling and marketing expenses and general and administrative expenses, both excluding their respective share-based compensation and depreciation and amortization.
Conference Call Information
Burning Rock will host a conference call to discuss the fourth quarter and full year 2023 financial results at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Hong Kong time) on March 29, 2024.
Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers and unique registrant ID which would be provided upon registering.
PRE-REGISTER LINK: https://register.vevent.com/register/BIa8b469b65e8e428e942decdf0c4c6687.
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/hrphgr99.
A replay of the webcast will be available for 12 months via the same link above.
About Burning Rock
Burning Rock Biotech Limited (NASDAQ: BNR and LSE: BNR), whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, and ii) cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage.
For more information about Burning Rock, please visit: ir.brbiotech.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Burning Rock may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Burning Rock’s beliefs and expectations, are forward-looking statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Burning Rock’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. All information provided in this press release is as of the date of this press release, and Burning Rock does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Non-GAAP Measures
In evaluating the business, the company considers and uses non-GAAP measures, such as non-GAAP gross profit and non-GAAP gross margin, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The company defines non-GAAP gross profit as gross profit excluding depreciation and amortization. The company defines non-GAAP gross margin as gross margin excluding depreciation and amortization.
The company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The company believe non-GAAP gross profit and non-GAAP gross margin excluding non-cash impact of depreciation and amortization reflect the company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons.
Contact: IR@brbiotech.com
| Selected Operating Data | ||||||||||||||||
| As of | ||||||||||||||||
| March 31, 2022 |
June 30, 2022 |
September 30, 2022 |
December 31, 2022 |
March 31, 2023 |
June 30, 2023 |
September 30, 2023 |
December 31, 2023 |
|||||||||
| In-hospital Channel: | ||||||||||||||||
| Pipeline partner hospitals(1) | 24 | 25 | 22 | 28 | 29 | 30 | 29 | 28 | ||||||||
| Contracted partner hospitals(2) | 41 | 43 | 47 | 49 | 49 | 50 | 55 | 59 | ||||||||
| Total number of partner hospitals | 65 | 68 | 69 | 77 | 78 | 80 | 84 | 87 | ||||||||
| (1) Refers to hospitals that are in the process of establishing in-hospital laboratories, laboratory equipment procurement or installation, staff training or pilot testing using the Company’s products. | ||||||||||||||||
| (2) Refers to hospitals that have entered into contracts to purchase the Company’s products for use on a recurring basis in their respective in-hospital laboratories the Company helped them establish. Kit revenue is generated from contracted hospitals. | ||||||||||||||||
| Selected Financial Data | ||||||||||||||||
| For the three months ended | ||||||||||||||||
| Revenues | March 31, 2022 |
June 30, 2022 |
September 30, 2022 |
December 31, 2022 |
March 31, 2023 |
June 30, 2023 |
September 30, 2023 |
December 31, 2023 |
||||||||
| (RMB in thousands) | ||||||||||||||||
| Central laboratory channel | 74,211 | 78,597 | 89,992 | 71,970 | 61,804 | 66,239 | 53,481 | 51,288 | ||||||||
| In-hospital channel | 48,957 | 34,177 | 49,636 | 42,526 | 51,561 | 53,835 | 54,496 | 28,809 | ||||||||
| Pharma research and development channel | 12,356 | 18,072 | 15,003 | 27,741 | 29,151 | 26,194 | 19,589 | 40,988 | ||||||||
| Total revenues | 135,524 | 130,846 | 154,631 | 142,237 | 142,516 | 146,268 | 127,566 | 121,085 | ||||||||
| For the three months ended |
||||||||||||||||
| Gross profit | March 31, 2022 |
June 30, 2022 |
September 30, 2022 |
December 31, 2022 |
March 31, 2023 |
June 30, 2023 |
September 30, 2023 |
December 31, 2023 |
||||||||
| (RMB in thousands) | ||||||||||||||||
| Central laboratory channel | 50,574 | 57,575 | 69,991 | 54,507 | 48,090 | 51,876 | 41,487 | 41,886 | ||||||||
| In-hospital channel | 33,396 | 20,012 | 31,593 | 26,999 | 34,409 | 33,353 | 35,459 | 12,910 | ||||||||
| Pharma research and development channel | 3,610 | 5,015 | 7,010 | 19,757 | 16,273 | 15,193 | 8,974 | 23,317 | ||||||||
| Total gross profit | 87,580 | 82,602 | 108,594 | 101,263 | 98,772 | 100,422 | 85,920 | 78,113 | ||||||||
| For the three months ended |
||||||||||||||||
| Share-based compensation expenses | March 31, 2022 |
June 30, 2022 |
September 30, 2022 |
December 31, 2022 |
March 31, 2023 |
June 30, 2023 |
September 30, 2023 |
December 31, 2023 |
||||||||
| (RMB in thousands) | ||||||||||||||||
| Cost of revenues | 365 | 441 | 481 | 496 | 353 | 627 | 680 | 654 | ||||||||
| Research and development expenses | 12,299 | 11,923 | 13,978 | 14,673 | 13,612 | 15,301 | 12,161 | 12,401 | ||||||||
| Selling and marketing expenses | 1,774 | 2,158 | 2,346 | 2,247 | 1,606 | 3,389 | 2,848 | 1,816 | ||||||||
| General and administrative expenses | 65,715 | 62,615 | 61,041 | 74,232 | 62,595 | 18,502 | 57,704 | 56,472 | ||||||||
| Total share-based compensation expenses | 80,153 | 77,137 | 77,846 | 91,648 | 78,166 | 37,819 | 73,393 | 71,343 | ||||||||
| Burning Rock Biotech Limited Unaudited Condensed Statements of Comprehensive Loss (in thousands, except for number of shares and per share data) |
||||||||||||||||||
| For the three months ended | ||||||||||||||||||
| March 31, 2022 |
June 30, 2022 |
September 30, 2022 | December 31, 2022 |
March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | December 31, 2023 | ||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | US$ | ||||||||||
| Revenues | 135,524 | 130,846 | 154,631 | 142,237 | 142,516 | 146,268 | 127,566 | 121,085 | 17,054 | |||||||||
| Cost of revenues | (47,944) | (48,244) | (46,037) | (40,974) | (43,744) | (45,846) | (41,646) | (42,972) | (6,052) | |||||||||
| Gross profit | 87,580 | 82,602 | 108,594 | 101,263 | 98,772 | 100,422 | 85,920 | 78,113 | 11,002 | |||||||||
| Operating expenses: | ||||||||||||||||||
| Research and development expenses | (119,496) | (92,112) | (109,433) | (100,827) | (94,417) | (95,779) | (83,701) | (73,119) | (10,299) | |||||||||
| Selling and marketing expenses | (89,211) | (105,634) | (90,275) | (85,174) | (64,774) | (70,842) | (62,310) | (49,785) | (7,012) | |||||||||
| General and administrative expenses | (141,733) | (150,316) | (143,530) | (132,705) | (128,039) | (69,525) | (118,724) | (121,533) | (17,118) | |||||||||
| Total operating expenses | (350,440) | (348,062) | (343,238) | (318,706) | (287,230) | (236,146 ) | (264,735) | (244,437) | (34,429) | |||||||||
| Loss from operations | (262,860) | (265,460) | (234,644) | (217,443) | (188,458) | (135,724) | (178,815) | (166,324) | (23,427) | |||||||||
| Interest income | 1,932 | 2,656 | 2,013 | 2,838 | 3,144 | 5,255 | 4,018 | 5,539 | 780 | |||||||||
| Other income (expense), net | 298 | 127 | (189) | (84) | 599 | (118) | (157) | 160 | 23 | |||||||||
| Foreign exchange (loss) gain, net | (777) | 624 | 1,337 | 365 | (116) | （210 | ） | 423 | (517) | (73) | ||||||||
| Loss before income tax | (261,388) | (262,053) | (231,483) | (214,324) | (184,831) | (130,797) | (174,531) | (161,142) | (22,697) | |||||||||
| Income tax expenses | – | (84) | – | (1,901) | (422) | (445) | (450) | (1,071) | (151) | |||||||||
| Net loss | (261,388) | (262,137) | (231,483) | (216,225) | (185,253) | (131,242 ) | (174,981) | (162,213) | (22,848) | |||||||||
| Net loss attributable to Burning Rock Biotech Limited’s shareholders | (261,388) | (262,137) | (231,483) | (216,225) | (185,253) | (131,242) | (174,981) | (162,213) | (22,848) | |||||||||
| Net loss attributable to ordinary shareholders | (261,388) | (262,137) | (231,483) | (216,225) | (185,253) | (131,242) | (174,981) | (162,213) | (22,848) | |||||||||
| Loss per share for class A and class B ordinary shares: | ||||||||||||||||||
| Class A ordinary shares – basic and diluted | (2.50) | (2.50) | (2.23) | （2.11 | ） | (1.81) | (1.28) | (1.71) | (1.58) | (0.22) | ||||||||
| Class B ordinary shares – basic and diluted | (2.50) | (2.50) | (2.23) | （2.11 | ） | (1.81) | (1.28) | (1.71) | (1.58) | (0.22) | ||||||||
| Weighted average shares outstanding used in loss per share computation: | ||||||||||||||||||
| Class A ordinary shares – basic and diluted | 87,179,752 | 87,532,539 | 86,585,322 | 85,051,882 | 85,065,585 | 85,151,052 | 85,000,869 | 85,071,360 | 85,071,360 | |||||||||
| Class B ordinary shares – basic and diluted | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | |||||||||
| Other comprehensive (loss) income, net of tax of nil: | ||||||||||||||||||
| Foreign currency translation adjustments | (3,065) | 29,715 | 20,646 | (5,950) | (5,659) | 14,829 | (1,955) | (3,026) | (426) | |||||||||
| Total comprehensive loss | (264,453) | (232,422) | (210,837) | (222,175) | (190,912) | (116,413) | (176,936 ) | (165,239) | (23,274) | |||||||||
| Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders | (264,453) | (232,422) | (210,837) | (222,175) | (190,912) | (116,413) | (176,936) | (165,239) | (23,274) | |||||||||
| 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, 2022 |
December 31, 2023 |
December 31, 2023 |
||||
| RMB | RMB | US$ | ||||
| Revenues | 563,238 | 537,435 | 75,696 | |||
| Cost of revenues | (183,199) | (174,208) | (24,536) | |||
| Gross profit | 380,039 | 363,227 | 51,160 | |||
| Operating expenses: | ||||||
| Research and development expenses | (421,868) | (347,016) | (48,876) | |||
| Selling and marketing expenses | (370,294) | (247,711) | (34,889) | |||
| General and administrative expenses | (568,284) | (437,821) | (61,666) | |||
| Total operating expenses | (1,360,446) | (1,032,548) | (145,431) | |||
| Loss from operations | (980,407) | (669,321) | (94,271) | |||
| Interest income | 9,356 | 17,956 | 2,529 | |||
| Interest expenses | 102 | – | – | |||
| Other income, net | 152 | 484 | 68 | |||
| Foreign exchange gain (loss), net | 1,549 | (420) | (59) | |||
| Loss before income tax | (969,248) | (651,301) | (91,733) | |||
| Income tax expenses | (1,985) | (2,388) | (336) | |||
| Net loss | (971,233) | (653,689) | (92,069) | |||
| Net loss attributable to Burning Rock Biotech Limited’s shareholders | (971,233) | (653,689) | (92,069) | |||
| Net loss attributable to ordinary shareholders | (971,233) | (653,689) | (92,069) | |||
| Loss per share for class A and class B ordinary shares: | ||||||
| Class A ordinary shares – basic and diluted | (9.35) | (6.38) | (0.90) | |||
| Class B ordinary shares – basic and diluted | (9.35) | (6.38) | (0.90) | |||
| Weighted average shares outstanding used in loss per share computation: | ||||||
| Class A ordinary shares – basic and diluted | 86,584,100 | 85,071,691 | 85,071,691 | |||
| Class B ordinary shares – basic and diluted | 17,324,848 | 17,324,848 | 17,324,848 | |||
| Other comprehensive income, net of tax of nil: | ||||||
| Foreign currency translation adjustments | 41,346 | 4,189 | 590 | |||
| Total comprehensive loss | (929,887) | (649,500) | (91,479) | |||
| Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders | (929,887) | (649,500) | (91,479) | |||
| Burning Rock Biotech Limited Unaudited Condensed Consolidated Balance Sheets (In thousands) |
||||||
| As of | ||||||
| December 31, 2022 |
December 31, 2023 |
December 31, 2023 |
||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | 905,451 | 615,096 | 86,634 | |||
| Restricted cash | 19,817 | 120 | 17 | |||
| Accounts receivable, net | 109,954 | 126,858 | 17,868 | |||
| Contract assets, net | 41,757 | 22,748 | 3,204 | |||
| Inventories, net | 130,321 | 69,020 | 9,721 | |||
| Prepayments and other current assets | 51,462 | 50,254 | 7,078 | |||
| Total current assets | 1,258,762 | 884,096 | 124,522 | |||
| Non-current assets: | ||||||
| Equity method investment | 690 | 337 | 47 | |||
| Convertible note receivable | 5,105 | 5,320 | 749 | |||
| Property and equipment, net | 251,829 | 131,912 | 18,579 | |||
| Operating right-of-use assets | 48,205 | 12,284 | 1,730 | |||
| Intangible assets, net | 1,986 | 964 | 136 | |||
| Other non-current assets | 20,890 | 5,088 | 717 | |||
| Total non-current assets | 328,705 | 155,905 | 21,958 | |||
| TOTAL ASSETS | 1,587,467 | 1,040,001 | 146,480 | |||
| Burning Rock Biotech Limited Unaudited Condensed Consolidated Balance Sheets (Continued) (in thousands) |
||||||
| As of | ||||||
| December 31, 2022 |
December 31, 2023 |
December 31, 2023 |
||||
| RMB | RMB | US$ | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | 50,947 | 18,061 | 2,544 | |||
| Deferred revenue | 147,633 | 130,537 | 18,386 | |||
| Accrued liabilities and other current liabilities | 173,832 | 104,935 | 14,780 | |||
| Customer deposits | 1,803 | 1,197 | 169 | |||
| Current portion of operating lease liabilities | 37,236 | 8,634 | 1,216 | |||
| Total current liabilities | 411,451 | 263,364 | 37,095 | |||
| Non-current liabilities: | ||||||
| Non-current portion of operating lease liabilities | 13,551 | 3,690 | 520 | |||
| Other non-current liabilities | 4,124 | 4,537 | 636 | |||
| Total non-current liabilities | 17,675 | 8,227 | 1,156 | |||
| TOTAL LIABILITIES | 429,126 | 271,591 | 38,251 | |||
|
Shareholders’ equity: |
||||||
| Class A ordinary shares | 117 | 116 | 16 | |||
| Class B ordinary shares | 21 | 21 | 3 | |||
| Additional paid-in capital | 4,582,790 | 4,849,337 | 683,015 | |||
| Treasury stock | (58,919) | (65,896) | (9,281) | |||
| Accumulated deficits | (3,199,946) | (3,853,635) | (542,773) | |||
| Accumulated other comprehensive loss | (165,722) | (161,533) | (22,751) | |||
| Total shareholders’ equity | 1,158,341 | 768,410 | 108,229 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,587,467 | 1,040,001 | 146,480 | |||
| Burning Rock Biotech Limited Unaudited Condensed Statements of Cash Flows (in thousands) |
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| For the three months ended | |||||||
| December 31, 2022 |
December 31, 2023 |
December 31, 2023 |
|||||
| RMB | RMB | US$ | |||||
| Net cash used in operating activities | (67,707) | (16,019) | (2,256) | ||||
| Net cash used in investing activities | (5,033) | (328) | (46) | ||||
| Net cash used in financing activities | (10,074) | (1,909) | (269) | ||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | (5,924) | (3,277) | (462) | ||||
| Net decrease in cash, cash equivalents and restricted cash | (88,738) | (21,533) | (3,033) | ||||
| Cash, cash equivalents and restricted cash at the beginning of period | 1,014,006 | 636,749 | 89,684 | ||||
| Cash, cash equivalents and restricted cash at the end of period | 925,268 | 615,216 | 86,651 | ||||
| For the year ended | ||||||
| December 31, 2022 | December 31, 2023 | December 31, 2023 | ||||
| RMB | RMB | US$ | ||||
| Net cash used in operating activities | (456,808 | ) | (255,783 | ) | (36,026 | ) |
| Net cash used in investing activities | (7,463 | ) | (9,300 | ) | (1,310 | ) |
| Net cash used in financing activities | (86,238 | ) | (48,832 | ) | (6,878 | ) |
| Effect of exchange rate on cash, cash equivalents and restricted cash | 36,665 | 3,863 | 544 | |||
| Net decrease in cash, cash equivalents and restricted cash | (513,844 | ) | (310,052 | ) | (43,670 | ) |
| Cash, cash equivalents and restricted cash at the beginning of period | 1,439,112 | 925,268 | 130,321 | |||
| Cash, cash equivalents and restricted cash at the end of period | 925,268 | 615,216 | 86,651 | |||
| Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results |
||||||||||||||||
| For the three months ended |
||||||||||||||||
| March 31, 2022 |
June 30, 2022 |
September 30, 2022 | December 31, 2022 |
March 31, 2023 |
June 30, 2023 | September 30, 2023 | December 31, 2023 | |||||||||
| (RMB in thousands) | ||||||||||||||||
| Gross profit: | ||||||||||||||||
| Central laboratory channel | 50,574 | 57,575 | 69,991 | 54,507 | 48,090 | 51,876 | 41,487 | 41,886 | ||||||||
| In-hospital channel | 33,396 | 20,012 | 31,593 | 26,999 | 34,409 | 33,353 | 35,459 | 12,910 | ||||||||
| Pharma research and development channel | 3,610 | 5,015 | 7,010 | 19,757 | 16,273 | 15,193 | 8,974 | 23,317 | ||||||||
| Total gross profit | 87,580 | 82,602 | 108,594 | 101,263 | 98,772 | 100,422 | 85,920 | 78,113 | ||||||||
| Add: depreciation and amortization: | ||||||||||||||||
| Central laboratory channel | 2,553 | 2,545 | 3,138 | 3,609 | 2,567 | 2,645 | 2,550 | 2,414 | ||||||||
| In-hospital channel | 93 | 1,428 | 2,479 | 2,449 | 2,582 | 2,637 | 2,751 | 2,728 | ||||||||
| Pharma research and development channel | 2,493 | 4,327 | 2,805 | 3,065 | 3,974 | 3,665 | 3,863 | 3,808 | ||||||||
| Total depreciation and amortization included in cost of revenues | 5,139 | 8,300 | 8,422 | 9,123 | 9,123 | 8,947 | 9,164 | 8,950 | ||||||||
| Non-GAAP gross profit： | ||||||||||||||||
| Central laboratory channel | 53,127 | 60,120 | 73,129 | 58,116 | 50,657 | 54,521 | 44,037 | 44,300 | ||||||||
| In-hospital channel | 33,489 | 21,440 | 34,072 | 29,448 | 36,991 | 35,990 | 38,210 | 15,638 | ||||||||
| Pharma research and development channel | 6,103 | 9,342 | 9,815 | 22,822 | 20,247 | 18,858 | 12,837 | 27,125 | ||||||||
| Total non-GAAP gross profit | 92,719 | 90,902 | 117,016 | 110,386 | 107,895 | 109,369 | 95,084 | 87,063 | ||||||||
| Non-GAAP gross margin： | ||||||||||||||||
| Central laboratory channel | 71.6% | 76.5% | 81.3% | 80.8% | 82.0% | 82.3% | 82.3% | 86.4% | ||||||||
| In-hospital channel | 68.4% | 62.7% | 68.6% | 69.2% | 71.7% | 66.9% | 70.1% | 54.3% | ||||||||
| Pharma research and development channel | 49.4% | 51.7% | 65.4% | 82.3% | 69.5% | 72.0% | 65.5% | 66.2% | ||||||||
| Total non-GAAP gross margin | 68.4% | 69.5% | 75.7% | 77.6% | 75.7% | 74.8% | 74.5% | 71.9% | ||||||||
| Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results |
|||||
| For the year ended | |||||
| December 31, 2022 |
December 31, 2023 |
||||
| (RMB in thousands) RMB |
|||||
| Gross profit: | |||||
| Central laboratory channel | 232,647 | 183,339 | |||
| In-hospital channel | 112,000 | 116,131 | |||
| Pharma research and development channel | 35,392 | 63,757 | |||
| Total gross profit | 380,039 | 363,227 | |||
| Add: depreciation and amortization: | |||||
| Central laboratory channel | 11,845 | 10,176 | |||
| In-hospital channel | 6,449 | 10,699 | |||
| Pharma research and development channel | 12,690 | 15,310 | |||
| Total depreciation and amortization included in cost of revenues | 30,984 | 36,185 | |||
| Non-GAAP gross profit： | |||||
| Central laboratory channel | 244,492 | 193,515 | |||
| In-hospital channel | 118,449 | 126,830 | |||
| Pharma research and development channel | 48,082 | 79,067 | |||
| Total non-GAAP gross profit | 411,023 | 399,412 | |||
| Non-GAAP gross margin： | |||||
| Central laboratory channel | 77.7 | % | 83.1 | % | |
| In-hospital channel | 67.6 | % | 67.2 | % | |
| Pharma research and development channel | 65.7 | % | 68.2 | % | |
| Total non-GAAP gross margin | 73.0 | % | 74.3 | % | |
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