Burning Rock Biotech (NASDAQ: BNR) Reports 17% Growth in Hospital Business Revenue for Q32024

December 03, 2024 11:27 PM PST | By Team Kalkine Media

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Burning Rock Biotech (NASDAQ: BNR) Reports 17% Growth in Hospital Business Revenue for Q32024 — Image source: shutterstock

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Highlights

Burning Rock Biotech sees 17% growth in in-hospital business revenue.

Gross profit rises 6.9%, with margin improving to 71.4%.

Net loss narrows significantly to RMB35.7 million from RMB175.0 million year-over-year.

Burning Rock Biotech (NASDAQ:BNR) has announced its financial results for the third quarter of 2024, reporting total revenues of RMB128.6 million (US$18.3 million), reflecting a modest 0.8% increase compared to the same period in 2023. Despite a challenging environment in some business segments, the company achieved notable growth in specific areas and improved its operational efficiency.

The in-hospital business revenue saw a 17% increase year-over-year, reaching RMB63.8 million, a key highlight of the quarter. This strong performance indicates a continued demand for the company's diagnostic solutions in hospital settings. Additionally, the Pharma R&D services revenue grew by 27.1%, reaching RMB24.9 million, showcasing the company's expanding footprint in the pharmaceutical research space.

However, the central laboratory revenue experienced a decline of 25.2%, dropping to RMB40.0 million. This decrease impacted the overall revenue growth, contributing to the modest 0.8% increase in total revenues for the quarter.

On a positive note, Burning Rock’s gross profit grew 6.9%, totaling RMB91.8 million, and the company’s gross margin improved significantly to 71.4%, up from 67.4% in the same period last year. This improvement reflects the company's ability to enhance its operational efficiency and control costs.

Operating expenses for the quarter decreased by 50.7%, totaling RMB130.4 million, primarily driven by reduced share-based compensation and improved operational efficiency. This cost control helped the company narrow its net loss significantly, which fell to RMB35.7 million, compared to RMB175.0 million in Q3 2023. The reduction in the net loss reflects the company’s efforts to streamline operations and enhance financial performance.

As of September 30, 2024, Burning Rock had cash and cash equivalents of RMB498.2 million, providing a solid liquidity position to support its future growth and strategic initiatives.

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