Burning Rock Dx(BNR)2024-12-04 11:06Revenue Performance - Total revenues for Q3 2024 were RMB128.6 million (US$18.3 million), a 0.8% increase from RMB127.6 million in Q3 2023[3] - In-hospital business revenue increased by 17.0% to RMB63.8 million (US$9.1 million) compared to RMB54.5 million in Q3 2023[3] - Central laboratory business revenue decreased by 25.2% to RMB40.0 million (US$5.7 million) from RMB53.5 million in Q3 2023[3] - Revenues for the three months ended September 30, 2024, were RMB 128.6 million (US$ 18.3 million), a slight decrease from RMB 127.6 million for the same period in 2023[20] - The in-hospital channel revenue increased to RMB 63,769,000 for September 30, 2024, up from RMB 54,496,000 in September 30, 2023, representing a growth of 17%[39] Profitability - Gross profit for Q3 2024 was RMB91.8 million (US$13.1 million), a 6.9% increase from RMB85.9 million in Q3 2023, with a gross margin of 71.4%[4] - Gross profit for the same period was RMB 91.8 million, compared to RMB 85.9 million in the prior year, reflecting a gross margin of 71.4%[20] - Non-GAAP gross profit increased to RMB 97.8 million (US$ 13.9 million) for the three months ended September 30, 2024, representing a 2.8% increase from RMB 95.1 million for the same period in 2023[33] - The gross profit for the in-hospital channel was RMB 46,580,000 for September 30, 2024, compared to RMB 35,459,000 for September 30, 2023, indicating a growth of 31%[39] Expenses - Operating expenses decreased by 50.7% to RMB130.4 million (US$18.6 million) from RMB264.7 million in Q3 2023[5] - Total operating expenses decreased to RMB 130.4 million for the three months ended September 30, 2024, down from RMB 264.7 million in the same period of 2023[20] - Research and development expenses fell by 41.3% to RMB49.2 million (US$7.0 million) compared to RMB83.7 million in Q3 2023[5] - Research and development expenses were RMB 49.2 million for the three months ended September 30, 2024, a decrease from RMB 83.7 million in the same period of 2023[20] - Total share-based compensation expenses decreased from RMB 73,393,000 for September 30, 2023, to RMB 10,118,000 for September 30, 2024[39] Net Loss - The company reported a net loss of RMB491.5 million (US$69.5 million) for the nine months ended September 30, 2024, compared to a net loss of RMB265.3 million (US$37.8 million) for the same period in 2023[13] - Net loss for the three months ended September 30, 2024, was RMB 35.7 million (US$ 5.1 million), significantly reduced from RMB 175.0 million in the same period of 2023[34] - The company reported a total comprehensive loss of RMB 39.8 million for the three months ended September 30, 2024, compared to RMB 176.9 million in the same period of 2023[20] Cash and Assets - Cash, cash equivalents, restricted cash, and short-term investments totaled RMB498.2 million (US$71.0 million) as of September 30, 2024[6] - Cash and cash equivalents decreased from RMB 615,096,000 as of December 31, 2023, to RMB 497,969,000 as of September 30, 2024[42] - The total assets as of September 30, 2024, were RMB 984,805,000, a decrease from RMB 1,040,001,000 as of December 31, 2023[42] - Cash, cash equivalents, and restricted cash at the end of the period were RMB 498.2 million (US$ 71.0 million), down from RMB 636.7 million at the beginning of the period[25] Strategic Developments - A strategic cooperation agreement was signed with MGI Tech Co., Ltd in October 2024 to enhance precision oncology applications[2] - The companion diagnostic for EGFR exon 20 insertion mutation was approved by the NMPA, marking a significant milestone in lung cancer diagnostics[2] - The company continues to focus on expanding its precision oncology services and enhancing its next-generation sequencing technology[30] - The total number of partner hospitals increased from 84 as of September 30, 2023, to a projected 91 by September 30, 2024[38] - The company expects to have 30 pipeline partner hospitals by March 31, 2024, up from 28 as of September 30, 2023[38] Liabilities - Total liabilities increased to RMB 336.6 million as of September 30, 2024, compared to RMB 271.6 million as of December 31, 2023[23]