Burning Rock’s revenue dips on weakness in R&D, central lab businesses
Cancer testing company Burning Rock Biotech Ltd. (BNR.US) on Thursday reported its revenue fell 9.3% year-on-year to 135 million yuan ($20.1 million) in the second quarter, as an increase for its in-hospital business failed to offset declines for its central laboratory and R&D businesses.
The company’s central laboratory business fell 10% year-on-year to 36.8 million yuan, accounting for about 27% of its total revenue. Its in-hospital business rose 7.4% to 67.1 million yuan, accounting for about half of its revenue. The remainder came from pharma R&D services, which fell 31.8% year-on-year to 30.8 million yuan.
The company’s gross margin fell slightly to 72.6% in the latest reporting period from 72.8% a year earlier, while its operating expenses fell 3.2% to 116 million yuan. On its bottom line, Burning Rock’s net loss widened to 18.4 million yuan from 9.7 million yuan a year earlier.
Burning Rock’s stock fell 3.1% on Thursday to close at $11.62 after the results were announced. The stock is up 31% over the last 52 weeks.
By Doug Young
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