NEW YORK – Chinese precision oncology firm Burning Rock Biotech reported on Thursday that its second quarter 2023 revenues were up 12 percent year over year.
The firm reported revenues of RMB 146.3 million ($20.2 million) for the three months ended June 30, compared to RMB 130.8 million for the same period in 2022.
Burning Rock's central laboratory business contributed RMB 66.2 million in revenues during the quarter, down 16 percent from RMB 78.6 million in the same period last year. The company attributed the downturn to a decrease in test volume as it continues to shift its focus to in-hospital test sales. This in-hospital segment brought in RMB 53.8 million during the quarter, up 58 percent from RMB 34.2 million in Q2 2022.
Revenue from pharma R&D services was up 45 percent in Q2 to RMB 26.2 million compared to RMB 18.1 million in the year-ago quarter.
Burning Rock's R&D costs were RMB 95.8 million during the quarter, up slightly from RMB 92.1 million in Q2 2022. Its SG&A spending was down about 45 percent to RMB 140.3 million from RMB 255.9 million.
The firm reported a Q2 net loss of RMB 131.2 million, or RMB 1.28 per share, compared to RMB 262.1 million, or RMB 2.50 per share, for the same period in 2022.
It ended the quarter with cash, cash equivalents, restricted cash, and short-term investments totaling RMB 733.3 million.