Full Press Release Details
Burning Rock 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
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.
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
RMB262.6 million for the same period in 2021.
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.
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.
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
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.
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, 2021 | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | ||||||||||||||||||||||
| Central Laboratory Channel: | ||||||||||||||||||||||||||||
| Number of patients tested | 7,716 | 8,155 | 7,808 | 8,235 | 7,743 | 8,060 | 7,989 | |||||||||||||||||||||
| 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 |
| As of | ||||||||||||||||||||||||||||
| March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | ||||||||||||||||||||||
| 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 |
Selected Financial Data
| For the three months ended | ||||||||||||||||||||||||||||
| Revenues | March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||
| (RMB in thousands) | ||||||||||||||||||||||||||||
| Central laboratory channel | 74,561 | 79,999 | 78,817 | 85,976 | 74,211 | 78,597 | 89,992 | |||||||||||||||||||||
| In-hospital channel | 28,994 | 40,502 | 43,714 | 51,906 | 48,957 | 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 | ||||||||||||||||||||||||||||
| Gross profit | March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||
| (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 | ||||||||||||||||||||||||||||
| Share-based compensation expenses | March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | |||||||||||||||||||||
| (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 | ||||||||||||||||||||||||||||||||
| March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | September 30, 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 revenues | (29,683 | ) | (37,048 | ) | (35,019 | ) | (41,966 | ) | (47,944 | ) | (48,244 | ) | (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 30, 2021 | September 30, 2022 | September 30, 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
| As of | ||||||||||||
| December 31, 2021 | September 30, 2022 | September 30, 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)
| As of | ||||||||||||
| December 31, 2021 | September 30, 2022 | September 30, 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
| For the three months ended | ||||||||||||
| September 30, 2021 | September 30, 2022 | September 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 30, 2021 | September 30, 2022 | September 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 | ||||||||||||||||||||||||||||
| March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | ||||||||||||||||||||||
| (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 | % |