Guangzhou-based medical device company Burning Rock (NASDAQ: BNR) has released its Q4 2024 financial results. The company reported Q4 revenues of RMB 126 million (USD 17.3 million), representing a 4.1% year-on-year (YOY) increase. For the full year, revenues reached RMB 515.8 million (USD 71 million), a 4.0% YOY decrease. Despite the annual revenue decline, the company’s operational efficiency and profitability continued to improve, achieving four consecutive quarters of profitability in 2024, excluding R&D and non-cash items.
Business Segment Performance
In Q4, the in-hospital business segment saw significant growth, generating RMB 43.5 million (USD 6.0 million) in sales, a 50.9% YOY increase. This outpaced the central laboratory business, which reported sales of RMB 39.3 million (USD 5.4 million). Revenue from pharmaceutical research and development services reached RMB 43.3 million (USD 5.9 million) in Q4, a 5.6% YOY increase. For the full year, these services contributed RMB 115.7 million (USD 15.8 million) in sales, remaining relatively stable compared to 2023.
Cost and Expense Management
The company’s R&D expenses for 2024 totaled RMB 232.3 million (USD 31.8 million), a 33.1% YOY decrease. Sales and marketing expenses amounted to RMB 190.9 million (USD 26.2 million), down 22.9% YOY. General and administrative expenses were RMB 261.6 million (USD 35.8 million), a 40.2% YOY reduction. The cost of revenues decreased by 11.9% YOY to RMB 153.4 million (USD 21.0 million) for 2024.
Profitability and Financial Health
Gross profit remained stable at RMB 362.4 million (USD 49.6 million) for 2024, with the gross margin increasing to 70.3% from 67.6% in 2023. As of December 31, 2024, the company’s cash, cash equivalents, and restricted cash stood at RMB 522.2 million (USD 71.5 million).-Fineline Info & Tech
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