NEW YORK – Chinese precision oncology firm Burning Rock Biotech reported on Tuesday that its first quarter 2023 revenues were up 5 percent year over year.
The firm reported revenues of RMB 142.5 million ($20.8 million) for the three months ended March 31, compared to RMB 135.5 million in the same period of 2022.
Revenue from its central laboratory business dropped about 17 percent year over year to RMB 61.8 million from RMB 74.2 million due to the impact of the COVID-19 pandemic in January and the company's intentional shift of focus to its in-hospital business.
Burning Rock's in-hospital revenues rose 5 percent to RMB 51.6 million from RMB 49.0 million in Q1 2022. The firm's pharma research and development services revenues totaled RMB 29.2 million, a jump of nearly 140 percent from RMB 12.4 million in the same period last year.
The company estimated that the total value of new biopharma contracts it signed during the first quarter was RMB 75 million, a 27 percent increase over the same period in 2022.
Burning Rock's net loss for the quarter was RMB 185.3 million, or RMB 1.81 per share, compared to a net loss of RMB 261.4 million, or RMB 2.50 per share, in Q1 2022.
The company reported R&D expenses of RMB 94.4 million for Q1, down 21 percent from RMB 119.5 million a year ago. SG&A expenses also dropped nearly 16 percent to RMB 192.8 million from RMB 230.9 million in the prior-year quarter.
Burning Rock ended the quarter with RMB 793.5 million in cash and cash equivalents, and restricted cash totaling RMB 9.7 million.
In morning trading on the Nasdaq, Burning Rock's shares were up a fraction of a percent at $2.68.