Burning Rock Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results

GUANGZHOU, China, March 25, 2025 (GLOBE NEWSWIRE) -- Burning Rock Biotech Limited (NASDAQ: BNR, the “Company” or “Burning Rock”), a company focused on the application of next generation sequencing (NGS) technology in the field of precision oncology, today reported unaudited financial results for the three months and the year ended December 31, 2024. 2024 Business Overview and Recent Updates Corporate Updates Completed profitability-driven organizational optimization, execution towards profitability well underway Early Detection THUNDER study for 6-cancer test was included in the Diagnosis and Treatment Guidelines for Primary Liver Cancer (2024 Edition) and the Expert Consensus on Detection and Clinical Application of Tumor DNA Methylation Markers (2024 Edition), showing an impressive performance of ELSA-seq using cfDNA in cancer detection and origin prediction. Therapy Selection Presented study results on small-cell lung cancer and colorectal cancer at the ASCO in June 2024. “The efficacy and safety of high dose Almonertinib in untreated EGFR-mutated NSCLC with brain metastases, including biomarker analysis” and “Individualized tumor-informed circulating tumor DNA analysis for molecular residual disease detection in predicting recurrence and efficacy of adjuvant chemotherapy in colorectal cancer.”Presented study results at the 2024 World Conference on Lung Cancer in September 2024. “Neoadjuvant sintilimab plus chemotherapy could be an optional treatment modality in selected EGFR-mutant NSCLC” and “Distinct Genomic and Immune Microenvironment Features of Solid or Micropapillary Predominant Subtype in Stage I Lung Adenocarcinomas.” Pharma Services New companion diagnostics (CDx) collaboration announced with Bayer in China in May 2024.The companion diagnostic (CDx) for EGFR exon 20 insertion mutation (exon20ins) for sunvozertinib, developed through the collaboration of Burning Rock and Dizal, has been approved by the National Medical Products Administration (NMPA) of China in October 2024, which marks the first co-developed NGS-based CDx for lung cancer approved by NMPA since the release of the CDx guideline in China. Fourth Quarter 2024 Financial Results Revenues were RMB126.0 million (US$17.3 million) for the three months ended December 31, 2024, representing a 4.1% increase from RMB121.1 million for the same period in 2023. Revenue generated from central laboratory business was RMB39.3 million (US$5.4 million) for the three months ended December 31, 2024, representing a 23.4% decrease from RMB51.3 million for the same period in 2023, primarily attributable to a decrease in the number of tests, as we continued our transition towards in-hospital testing.Revenue generated from in-hospital business was RMB43.5 million (US$6.0 million) for the three months ended December 31, 2024, representing a 50.9% increase from RMB28.8 million for the same period in 2024, driven by an increase in sales volume from existing hospitals and new contracted partner hospitals.Revenue generated from pharma research and development services was RMB43.3 million (US$5.9 million) for the three months ended December 31, 2024, representing a 5.6% increase from RMB41.0 million for the same period in 2023, primarily attributable to increased development and testing services performed for our pharma customers. Cost of revenues was RMB36.6 million (US$5.0 million) for the three months ended December 31, 2024, representing a 14.8% decrease from RMB43.0 million for the same period in 2023, primarily due to (i) a decrease in cost of central laboratory business, which was in line with the decrease in revenue generated from this business; and (ii) a decrease in amortization expense for all kinds of business. Gross profit was RMB89.4 million (US$12.3 million) for the three months ended December 31, 2024, representing a 14.5% increase from RMB78.1 million for the same period in 2023. Gross margin was 71.0% for the three months ended December 31, 2024, compared to 64.5% for the same period in 2023. By channel, gross margin of central laboratory business was 84.4% for the three months ended December 31, 2024, compared to 81.7% during the same period in 2023, primarily due to the decreased depreciation; gross margin of in-hospital business was 68.0% for the three months ended December 31, 2024, compared to 44.8% during the same period in 2023, and such increase was primarily due to an increase in sales volume to high margin hospitals and decreased depreciation and rental cost in relation to our laboratory of Guangzhou headquarters; gross margin of pharma research and development services was 61.7% for the three months ended December 31, 2024, compared to 56.9% during the same period of 2023, primarily due to an increase in test volume of higher margin projects. Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB93.6 million (US$12.8 million) for the three months ended December 31, 2024, representing a 7.5% increase from RMB87.1 million for the same period in 2023. Non-GAAP gross margin was 74.3% for the three months ended December 31, 2024, compared to 71.9% for the same period in 2023. For more details on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release. Operating expenses were RMB171.3 million (US$23.5 million) for the three months ended December 31, 2024, representing a 29.9% decrease from RMB244.4 million for the same period in 2023. The decrease was primarily driven by budget control measures, including headcount reduction, to improve our operating efficiency. Research and development expenses were RMB52.2 million (US$7.2 million) for the three months ended December 31, 2024, representing a 28.6% decrease from RMB73.1 million for the same period in 2023, primarily due to (i) a decrease in the expenditure for detection research, and (ii) a decrease in amortized expense on share-based compensation; and (iii) a decrease in amortized expenses for office building decoration.Selling and marketing expenses were RMB46.7 million (US$6.4 million) for the three months ended December 31, 2024, representing a 6.1% decrease from RMB49.8 million for the same period in 2023, primarily due to a decrease in staff cost resulted from the reorganization of our sales department to improve operating efficiency.General and administrative expenses were RMB37.3 million (US$5.1 million) for the three months ended December 31, 2024, representing a 69.3% decrease from RMB121.5 million for the same period in 2023, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in amortized expenses for office building decoration; and (iii) a decrease in impairment expenses for accounts receivables and contract assets resulting from accelerated settlement with customers with long accounts receivable. Net loss was RMB81.3 million (US$11.1 million) for the three months ended December 31, 2024, compared to RMB162.2 million for the same period in 2023. Cash, cash equivalents, restricted cash were RMB522.2 million (US$71.5 million) as of December 31, 2024. Full Year 2024 Financial Results Revenues were RMB515.8 million (US$70.7 million) for 2024, representing a 4.0% decrease from RMB537.4 million for 2023. Revenue generated from central laboratory business was RMB175.6 million (US$24.1 million) for 2024, representing a 24.6% decrease from RMB232.8 million for 2023, primarily attributable to a decrease in the number of tests, as we continued our transition towards in-hospital testing.Revenue generated from in-hospital business was RMB224.5 million (US$30.8 million) for 2024, representing an 19.0% increase from RMB188.7 million for 2023, driven by an increase in sales volume from existing hospitals and new contracted partner hospitals.Revenue generated from pharma research and development services was RMB115.7 million (US$15.8 million) for 2024, remaining relatively stable (decreasing by 0.2%) from RMB115.9 million for 2023. Cost of revenues was RMB153.4 million (US$21.0 million) for 2024, representing a 11.9% decrease from RMB174.2 million for 2023, primarily due to a decrease in cost of revenues for our central laboratory business, as we continued our transition towards in-hospital testing. Gross profit remained relatively stable at RMB362.4 million (US$49.6 million) for 2024, compared to RMB363.2 million for the same period in 2023. Gross margin increased to 70.3% for 2024 from 67.6% for 2023. Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB386.3 million (US$52.9 million) for 2024, representing a 3.3% decrease from RMB399.4 million for 2023. Non-GAAP gross margin was 74.9% for 2024, compared to 74.3% for 2023. For more details on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release. Operating expenses were RMB720.0 million (US$98.6 million) for 2024, representing a 30.3% decrease from RMB1,032.5 million for 2023. Research and development expenses were RMB232.3 million (US$31.8 million) for 2024, representing a 33.1% decrease from RMB347.0 million for 2023, primarily due to (i) a decrease in the expenditure for detection research; (ii) a decrease in amortized expense on share-based compensation; (iii) a decrease in staff cost resulted from the reorganization of our research and development department to improve operating efficiency; and (iv) a decrease in amortized expenses for office building.Selling and marketing expenses were RMB190.9 million (US$26.2 million) for 2024, representing a 22.9% decrease from RMB247.7 million for 2023, primarily due to (i) a decrease in staff cost resulted from the reorganization of our sales department to improve operating efficiency; (ii) a decrease in marketing and conference fee; (iii) a decrease in amortized expense on share-based compensation; and (iv) a decrease in travel expense.General and administrative expenses were RMB261.6 million (US$35.8 million) for 2024, representing a 40.2% decrease from RMB437.8 million for 2023, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in amortized expenses for office building; (iii) a decrease in staff cost resulted from the reorganization of our general and administrative department to improve operating efficiency; and (iv) a decrease in operating lease.Impairment loss on long-lived assets were RMB35.1 million (US$4.8 million) for the year ended December 31, 2024 as a result of the long-lived assets impairment test conducted by the management. Net loss was RMB346.6 million (US$47.5 million) for 2024, compared to RMB653.7 million for 2023. Exchange Rate Information This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. About Burning Rock Burning Rock Biotech Limited (NASDAQ: BNR), whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, and ii) cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage. For more information about Burning Rock, please visit: ir.brbiotech.com. Safe Harbor Statement This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Burning Rock may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Burning Rock’s beliefs and expectations, are forward-looking statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Burning Rock’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. All information provided in this press release is as of the date of this press release, and Burning Rock does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. Non-GAAP Measures In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP gross profit and non-GAAP gross margin, as supplemental measures to review and assess operating performance and formulate business plans. However, the presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These non-GAAP financial measures may be different from non-GAAP methods of accounting and reporting used by other companies, including peer companies, and therefore their comparability may be limited. The Company defines non-GAAP gross profit as gross profit excluding depreciation and amortization. The Company defines non-GAAP gross margin as non-GAAP gross profit divided by its revenue. The Company believes presenting non-GAAP gross profit and non-GAAP gross margin excluding non-cash impact of depreciation and amortization, in addition to the Company’s GAAP gross profit and gross margin, provides a better understanding of the underlying trends in the Company’s operating business performance. Reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures are set forth at the end of this press release, all of which should be considered when evaluating the Company’s performance. Contact: IR@brbiotech.com Selected Operating Data As of March31, 2023 June30, 2023 September30, 2023 December31, 2023 March31, 2024 June 30,2024 September30, 2024 December31, 2024In-hospital channel: Pipeline partner hospitals(1)29 30 29 28 28 29 30 29Contracted partner hospitals(2)49 50 55 59 59 59 61 63Total number of partner hospitals 78 80 84 87 87 88 91 92 (1) Refers to hospitals that are in the process of establishing in-hospital laboratories, laboratory equipment procurement or installation, staff training or pilot testing using the Company’s products. (2) Refers to hospitals that have entered into contracts to purchase the Company’s products for use on a recurring basis in their respective in-hospital laboratories the Company helped them establish. Kit revenue is generated from contracted hospitals. Selected Financial Data For the three months ended RevenuesMarch 31,2023 June 30,2023 September 30,2023 December 31,2023 March 31,2024 June 30,2024 September 30,2024 December 31,2024 (RMB in thousands) Central laboratory channel61,804 66,239 53,481 51,288 47,614 48,773 39,984 39,278In-hospital channel51,561 53,835 54,496 28,809 57,387 59,872 63,769 43,464Pharma research and development channel29,151 26,194 19,589 40,988 20,622 26,888 24,891 43,280Total revenues142,516 146,268 127,566 121,085 125,623 135,533 128,644 126,022 For the three months ended Gross profitMarch 31,2023 June 30,2023 September 30,2023 December 31,2023 March 31,2024 June 30,2024 September 30,2024 December 31,2024 (RMB in thousands) Central laboratory channel48,090 51,876 41,487 41,886 37,002 38,424 33,262 33,153In-hospital channel34,409 33,353 35,459 12,910 39,192 44,058 46,580 29,563Pharma research and development channel16,273 15,193 8,974 23,317 9,500 12,956 12,004 26,706Total gross profit98,772 100,422 85,920 78,113 85,694 95,438 91,846 89,422 For the three months ended Share-based compensation expensesMarch 31,2023 June 30,2023 September 30,2023 December 31,2023 March 31,2024 June 30,2024 September 30,2024 December 31,2024 (RMB in thousands) Cost of revenues353 627 680 654 596 464 289 520Research and development expenses13,612 15,301 12,161 12,401 12,287 12,008 3,180 3,202Selling and marketing expenses1,606 3,389 2,848 1,816 508 1,232 1,917 1,353General and administrative expenses62,595 18,502 57,704 56,472 55,990 54,407 4,732 2,937Total share-based compensation expenses78,166 37,819 73,393 71,343 69,381 68,111 10,118 8,012 Burning Rock Biotech Limited Unaudited Condensed Statements of Comprehensive Loss (in thousands, except for number of shares and per share data) For the three months ended March31, 2023 June30, 2023 September30, 2023 December31, 2023 March31, 2024 June30, 2024 September30, 2024 December31, 2024 December31, 2024 RMBRMBRMBRMBRMBRMBRMBRMBUS$Revenues142,516 146,268 127,566 121,085 125,623 135,533 128,644 126,022 17,265 Cost of revenues(43,744) (45,846) (41,646) (42,972) (39,929) (40,095) (36,798) (36,600) (5,014)Gross profit98,772 100,422 85,920 78,113 85,694 95,438 91,846 89,422 12,251 Operating expenses: Research and development expenses(94,417) (95,779) (83,701) (73,119) (65,985) (64,952) (49,150) (52,203) (7,152)Selling and marketing expenses(64,774) (70,842) (62,310) (49,785) (46,856) (48,907) (48,411) (46,730) (6,402)General and administrative expenses(128,039) (69,525) (118,724) (121,533) (98,681) (92,794) (32,874) (37,289) (5,109)Impairment loss on long-lived assets- - - - - - - (35,127) (4,812)Total operating expenses(287,230) (236,146) (264,735) (244,437) (211,522) (206,653) (130,435) (171,349) (23,475)Loss from operations (188,458) (135,724) (178,815) (166,324) (125,828) (111,215) (38,589) (81,927) (11,224)Interest income3,144 5,255 4,018 5,539 4,038 3,187 3,173 1,814 249 Other income (expense), net599 (118) (157) 160 434 (82) 1 4,353 596 Foreign exchange (loss) gain, net(116) （210) 423 (517) (13) 262 (129) (220) (30)Loss before income tax(184,831) (130,797) (174,531) (161,142) (121,369) (107,848) (35,544) (75,980) (10,409)Income tax expenses(422) (445) (450) (1,071) (180) (190) (201) (5,314) (728)Net loss(185,253) (131,242) (174,981) (162,213) (121,549) (108,038) (35,745) (81,294) (11,137)Net loss attributable to Burning Rock Biotech Limited’s shareholders(185,253) (131,242) (174,981) (162,213) (121,549) (108,038) (35,745) (81,294) (11,137)Loss per share for class A and class B ordinary shares: Class A ordinary shares - basic and diluted(1.81) (1.28) (1.71) (1.58) (1.19) (1.05) (0.35) (0.79) (0.11)Class B ordinary shares - basic and diluted(1.81) (1.28) (1.71) (1.58) (1.19) (1.05) (0.35) (0.79) (0.11)Weighted average shares outstanding used in loss per share computation: Class A ordinary shares - basic and diluted85,065,585 85,151,052 85,000,869 85,071,360 85,219,188 85,271,858 85,902,670 86,036,286 86,036,286 Class B ordinary shares - basic and diluted17,324,848 17,324,848 17,324,848 17,324,848 17,324,848 17,324,848 17,324,848 17,324,848 17,324,848 Other comprehensive (loss) income, net of tax of nil: Foreign currency translation adjustments(5,659) 14,829 (1,955) (3,026) 590 940 (4,054) 6,009 823 Total comprehensive loss(190,912) (116,413) (176,936) (165,239) (120,959) (107,098) (39,799) (75,285) (10,314)Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders(190,912) (116,413) (176,936) (165,239) (120,959) (107,098) (39,799) (75,285) (10,314) Burning Rock Biotech Limited Unaudited Condensed Statements of Comprehensive Loss (in thousands, except for number of shares and per share data) For the year ended December 31,2023 December 31,2024 December 31,2024 RMB RMB US$Revenues537,435 515,822 70,667 Cost of revenues(174,208) (153,422) (21,020)Gross profit363,227 362,400 49,647 Operating expenses: Research and development expenses(347,016) (232,290) (31,824)Selling and marketing expenses(247,711) (190,904) (26,154)General and administrative expenses(437,821) (261,638) (35,844)Impairment loss on long-lived assets- (35,127) (4,812)Total operating expenses(1,032,548) (719,959) (98,634)Loss from operations (669,321) (357,559) (48,987)Interest income17,956 12,212 1,673 Other income, net484 4,706 645 Foreign exchange loss, net(420) (100) (14)Loss before income tax(651,301) (340,741) (46,683)Income tax expenses(2,388) (5,885) (806)Net loss(653,689) (346,626) (47,489)Net loss attributable to Burning Rock Biotech Limited’s shareholders(653,689) (346,626) (47,489)Loss per share for class A and class B ordinary shares: Class A ordinary shares - basic and diluted(6.38) (3.37) (0.46)Class B ordinary shares - basic and diluted(6.38) (3.37) (0.46)Weighted average shares outstanding used in loss per share computation: Class A ordinary shares - basic and diluted85,071,691 85,610,197 85,610,197 Class B ordinary shares - basic and diluted17,324,848 17,324,848 17,324,848 Other comprehensive income, net of tax of nil: Foreign currency translation adjustments4,189 3,485 477 Total comprehensive loss(649,500) (343,141) (47,012)Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders(649,500) (343,141) (47,012) Burning Rock Biotech LimitedUnaudited Condensed Consolidated Balance Sheets(In thousands) As of December 31, 2023 December 31, 2024 December 31, 2024 RMB RMB US$ASSETS Current assets: Cash and cash equivalents615,096 519,849 71,219Restricted cash120 2,313 317Accounts receivable, net126,858 152,013 20,826Contract assets, net22,748 13,855 1,898Inventories, net69,020 62,625 8,580Prepayments and other current assets50,254 25,963 3,557Total current assets884,096 776,618 106,397Non-current assets: Equity method investment337 - -Convertible note receivable5,320 - -Property and equipment, net131,912 47,152 6,460Operating right-of-use assets12,284 53,188 7,287Intangible assets, net964 421 58Other non-current assets5,088 7,926 1,086Total non-current assets155,905 108,687 14,891TOTAL ASSETS 1,040,001 885,305 121,288 Burning Rock Biotech LimitedUnaudited Condensed Consolidated Balance Sheets (Continued)(in thousands) As of December 31, 2023 December 31, 2024 December 31, 2024 RMB RMB US$LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable18,061 33,747 4,623 Deferred revenue130,537 117,895 16,152 Accrued liabilities and other current liabilities104,935 89,498 12,262 Customer deposits1,197 592 81 Current portion of operating lease liabilities8,634 24,567 3,366 Total current liabilities263,364 266,299 36,484 Non-current liabilities: Non-current portion of operating lease liabilities3,690 27,754 3,802 Other non-current liabilities4,537 10,425 1,428 Total non-current liabilities8,227 38,179 5,230 TOTAL LIABILITIES271,591 304,478 41,714 Shareholders’ equity: Class A ordinary shares116 124 17 Class B ordinary shares21 21 3 Additional paid-in capital4,849,337 5,002,255 685,306 Treasury stock(65,896) (63,264) (8,667)Accumulated deficits(3,853,635) (4,200,261) (575,433)Accumulated other comprehensive loss(161,533) (158,048) (21,652)Total shareholders’ equity768,410 580,827 79,574 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY1,040,001 885,305 121,288 Burning Rock Biotech LimitedUnaudited Condensed Statements of Cash Flows(in thousands) For the three months ended December 31,2023 December 31,2024 December 31,2024 RMB RMB US$ Net cash (used in) generated from operating activities(16,019) 19,062 2,611 Net cash used in investing activities(328) (812) (111)Net cash used in financing activities(1,909) (74) (10)Effect of exchange rate on cash, cash equivalents and restricted cash(3,277) 5,739 787 Net (decrease) increase in cash, cash equivalents and restricted cash (21,533) 23,915 3,277 Cash, cash equivalents and restricted cash at the beginning of period636,749 498,247 68,259 Cash, cash equivalents and restricted cash at the end of period615,216 522,162 71,536 For the year ended December 31,2023 December 31,2024 December 31,2024 RMB RMB US$Net cash used in operating activities(255,783) (92,261) (12,640)Net cash used in investing activities(9,300) (4,412) (604)Net cash used in financing activities(48,832) (72) (10)Effect of exchange rate on cash, cash equivalents and restricted cash3,863 3,691 506 Net decrease in cash, cash equivalents and restricted cash (310,052) (93,054) (12,748)Cash, cash equivalents and restricted cash at the beginning of period925,268 615,216 84,284 Cash, cash equivalents and restricted cash at the end of period615,216 522,162 71,536 Burning Rock Biotech LimitedReconciliations of GAAP and Non-GAAP Results For the three months ended March 31,2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31,2024 June 30,2024 September 30, 2024 December 31,2024 (RMB in thousands) Gross profit: Central laboratory channel48,090 51,876 41,487 41,886 37,002 38,424 33,262 33,153 In-hospital channel34,409 33,353 35,459 12,910 39,192 44,058 46,580 29,563 Pharma research and development channel16,273 15,193 8,974 23,317 9,500 12,956 12,004 26,706 Total gross profit98,772 100,422 85,920 78,113 85,694 95,438 91,846 89,422 Add: depreciation and amortization: Central laboratory channel2,567 2,645 2,550 2,414 1,919 1,226 1,277 1,010 In-hospital channel2,582 2,637 2,751 2,728 1,524 824 798 623 Pharma research and development channel3,974 3,665 3,863 3,808 3,856 4,417 3,846 2,534 Total depreciation and amortization included in cost of revenues9,123 8,947 9,164 8,950 7,299 6,467 5,921 4,167 Non-GAAP gross profit： Central laboratory channel50,657 54,521 44,037 44,300 38,921 39,650 34,539 34,163 In-hospital channel36,991 35,990 38,210 15,638 40,716 44,882 47,378 30,186 Pharma research and development channel20,247 18,858 12,837 27,125 13,356 17,373 15,850 29,240 Total non-GAAP gross profit107,895 109,369 95,084 87,063 92,993 101,905 97,767 93,589 Non-GAAP gross margin： Central laboratory channel82.0% 82.3% 82.3% 86.4% 81.7% 81.3% 86.4% 87.0% In-hospital channel71.7% 66.9% 70.1% 54.3% 70.9% 75.0% 74.3% 69.5% Pharma research and development channel69.5% 72.0% 65.5% 66.2% 64.8% 64.6% 63.7% 67.6% Total non-GAAP gross margin75.7% 74.8% 74.5% 71.9% 74.0% 75.2% 76.0% 74.3% Burning Rock Biotech LimitedReconciliations of GAAP and Non-GAAP Results For the year ended December 31,2023 December 31,2024 (RMB in thousands)Gross profit: Central laboratory channel183,339 141,841In-hospital channel116,131 159,393Pharma research and development channel63,757 61,166Total gross profit363,227 362,400Add: depreciation and amortization: Central laboratory channel10,176 5,432In-hospital channel10,699 3,769Pharma research and development channel15,310 14,653Total depreciation and amortization included in cost of revenues36,185 23,854Non-GAAP gross profit： Central laboratory channel193,515 147,273In-hospital channel126,830 163,162Pharma research and development channel79,067 75,819Total non-GAAP gross profit399,412 386,254Non-GAAP gross margin： Central laboratory channel83.1% 83.8%In-hospital channel67.2% 72.7%Pharma research and development channel68.2% 65.5%Total non-GAAP gross margin74.3% 74.9%

Burning Rock Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results

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