Burning Rock Biotech Limited An update on 2022 revenue guidance (0621N)
18 January 2023 - 6:00PM
UK Regulatory
TIDMBNR
RNS Number : 0621N
Burning Rock Biotech Limited
18 January 2023
Burning Rock provides an update on 2022 revenue guidance
GUANGZHOU, China, January 18, 2023-Burning Rock Biotech Limited
(NASDAQ: BNR and LSE: 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
announced that it expects the Company's full-year revenue growth
for 2022 to be approximately 10% compared to that of 2021. This
represents an upward revision compared with the Company's previous
guidance on the full-year revenue growth of 5% as announced on
November 15, 2022 in its financial results for the third quarter of
2022.
The upward revision of revenue guidance was primarily driven by
a better fourth quarter performance compared to the Company's
estimation underlying its previous guidance back in November. The
Company currently expects its revenues for the fourth quarter of
2022 to drop single digit compared to the corresponding period in
2021, with revenues from its central-lab and in-hospital segments
dropping double digit, due to severe Covid-related disruptions,
while revenues from its pharma service segment achieving continued
strong growth, growing at triple digit compared to the same period
in 2021.
Burning Rock expects to announce its fourth quarter and full
year 2022 results in March 2023.
Burning Rock has not completed the preparation of its financial
statements for the fourth quarter or full year 2022. The revenue
estimate presented in this press release for the fourth quarter of
2022 and full year 2022 are preliminary and unaudited and are thus
inherently uncertain and subject to change as the Company completes
its financial results for the fourth quarter of 2022. Burning Rock
is in the process of completing its customary year-end close and
review procedures as of and for the year ended December 31, 2022,
and there can be no assurance that final results for this period
will not differ from these estimates.
About Burning Rock
Burning Rock Biotech Limited (NASDAQ: BNR and LSE: 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.
Contact: IR@brbiotech.com
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