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Burning Rock Q2 Revenues Grow 3 Percent Despite Local COVID-19 Impact

NEW YORK – Burning Rock Biotech said Wednesday that its second quarter revenues were up about 3 percent year over year.

For the three months ended June 30, the precision oncology testing company generated RMB 130.8 million ($19.5 million) in total revenues, compared to RMB 127.3 million in the same period of 2021.

Burning Rock's central laboratory business brought in RMB 78.6 million, about 2 percent less than the RMB 80 million it reported in Q2 2021.

Revenue generated from in-hospital test sales was also down year over year, at RMB 34.2 million — a 16 percent drop from RMB 40.5 million in the year-ago quarter. Burning Rock attributed the decrease to lower testing volume due to COVID-19 lockdowns, primarily in Shanghai but also in Beijing. According to the company, test kit sales remained robust in regions outside these cities.

As pharma contracts pushed forward, Burning Rock's Q2 revenues from research and development services were RMB 18.1 million during the quarter, up 167 percent from RMB 6.8 million in the same period of 2021.

R&D spending was down about 15 percent during the quarter at RMB 92.1 million compared to RMB 108.1 million a year ago. SG&A costs rose to RMB 255.9 million from RMB 185.1 million in Q2 2021.

The company's Q2 net loss was RMB 262.1 million, or RMB 2.50 per share, compared to a net loss of RMB 203.7 million, or RMB 1.96 per share, in the same period last year.

Burning Rock said it has completed the $10 million share repurchase program it announced this June, repurchasing a total of 3,023,138 Class A ordinary shares.

The firm ended the quarter with RMB 1.15 billion in cash and cash equivalents and RMB 4.5 million in restricted cash.

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