NEW YORK – Chinese precision oncology firm Burning Rock Biotech on Thursday morning reported a revenue decrease of almost 18 percent year over year for the third quarter of 2023.
The firm reported revenues of RMB 127.6 million ($17.5 million) for the three months ending Sept. 30, compared to RMB 154.6 million for the same period in 2022.
Falling test volumes drove the decrease, as the company reported a shift in focus to its in-hospital business. Revenue generated from its central laboratory testing business fell just shy of 41 percent year over year, from RMB 90.0 million to RMB 53.5 million, while revenues generated from its in-hospital business grew nearly 10 percent, from RMB 49.6 million to RMB 54.5 million.
Revenue from pharma R&D services, meanwhile, grew nearly 31 percent in Q3 to RMB 19.6 million compared to RMB 15.0 million in the year-ago quarter.
Burning Rock's R&D costs were RMB 83.7 million during the quarter, down approximately 24 percent from RMB 109.4 million in the same quarter last year. Its SG&A spending fell approximately 23 percent year over year to about RMB 181.0 million from RMB 233.8 million in Q3 of last year.
The firm reported a Q3 net loss of RMB 175.0 million compared to a net loss of RMB 231.5 million for the same period in 2022.
The company ended the quarter with RMB 636.7 million in cash, cash equivalents, restricted cash, and short-term investments.