bullish
Burning Rock Biotech (BNR US): Despite Q2 Results Missing Consensus Management Reiterated Guidance
270 Views01 Sep 2022 19:19
SUMMARY
- Burning Rock Biotech (BNR US) has announced Q2 results. Despite the negative impact from COVID-related restrictions in China, revenue increased 3% y/y to RMB130.8 million, driven by pharma R&D service.
- Gross margin deteriorated due to unfavorable revenue mix and inventory write down. Even upon this, operating expenses grew 19%, thereby widening net loss to RMB262.1 million.
- Encouraged by ongoing business volume recovery, management has reiterated full-year 2022 revenue guidance of approximately RMB620 million, indicating H2 2022 revenue of RMB354 million, which represents 29% y/y growth.
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Tina Banerjee
Global Healthcare Analyst
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