BRIEF: Burning Rock returns to revenue growth as loss narrows
Cancer screening company Burning Rock Biotech Ltd. (BNR.US) on Wednesday reported its revenue rose 0.8% in the third quarter year-on-year to 128.6 million yuan ($17.6 million), as it returned to growth after more than a year of declines. Its net loss narrowed to 35.7 million yuan from a 175 million yuan loss a year earlier.
The company said revenue from its in-hospital business, where it processes results for its cancer tests in labs based within hospitals, rose 17% to 63.8 million yuan year-on-year. But revenue from its central laboratory business, which requires testing samples to be sent to off-site labs, fell 25.2% to 40 million yuan.
Burning Rock and its peers have suffered over the last year from an anti-corruption drive in the medical industry. That campaign has taken a big toll on the company’s central laboratory business, which is especially prone to corruption due to its reliance on physician referrals.
By Doug Young
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