Guangzhou-based medical device company Burning Rock (NASDAQ: BNR) has released its financial results for the fourth quarter of 2022. The company reported Q4 revenues of CNY 142.2 million (USD 20.6 million), marking a 3.5% decrease year-on-year (YOY). However, for the full 12 months, revenues showed a positive trend, increasing by 10.9% YOY to CNY 563.2 million (USD 81.7 million).
Business Segment Performance Over the 12-Month Period
For the 12-month period, Burning Rock’s central laboratory business remained stable, generating CNY 314.8 million (USD 45.6 million), comparable to the previous year. The in-hospital business segment saw a 6.2% YOY increase to CNY 175.3 million (USD 25.4 million), following the addition of 8 new partner hospitals. Most notably, the pharma research and development services unit experienced significant growth, generating CNY 73.2 million (USD 10.6 million), a 212.8% increase YOY, attributed to the rising demand for the company’s development and testing services from pharmaceutical customers.
Regulatory Approvals and Designations
During the reporting period, Burning Rock achieved a significant milestone with the approval of its second product in the China market. The National Medical Products Administration (NMPA) granted approval for the company’s 9-gene panel designed for the early detection of cancer. Additionally, Burning Rock’s OverC Multi-Cancer Detection Blood Test (MCDBT) received breakthrough therapy designation from the US FDA, making it only the third product of its kind globally.-Fineline Info & Tech
