UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2023

Commission File Number: 001-39316

 

 

BURNING ROCK BIOTECH LIMITED

(Registrant’s Name)

 

 

No.5 Xingdao Ring Road North, International Bio Island

Guangzhou, Guangdong

People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

 

 

 

INCORPORATION BY REFERENCE

Exhibit 99.1 (excluding the paragraphs under the heading “Non-GAAP Measures,” the table under the heading “Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results,” and other discussions on non-GAAP measures therein) of this current report on Form 6-K (the “Report”) shall be incorporated by reference into the Company’s registration statements on Form F-3, which became effective on September 30, 2022 (File no. 333-264577).

 

2

EXHIBIT INDEX

 

Number    Description of Document
Exhibit 99.1    Press release

 

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

   

Burning Rock Biotech Limited

    By:   /s/ Leo Li
   

Name:

  

Leo Li

   

Title:

  

Chief Financial Officer

Date: November 30, 2023

      

 

4

Exhibit 99.1

Burning Rock Reports Third Quarter 2023 Financial Results

GUANGZHOU, China, November 30, 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 reported financial results for the three months ended September 30, 2023.

Recent Business Updates

 

  •  

Therapy Selection and Minimal Residual Disease (MRD)

 

  •  

Personalized Minimal Residual Disease (MRD) product, brPROPHETTM supports advancement in early-stage non-small cell lung cancer treatment, with results published in the Cancer Cell in September 2023. The study, MEDAL, is a 5-year study that aimed to investigate the clinical utility of MRD in patients with non-small cell lung cancer (NSCLC) with various approaches to ctDNA detection, including MEDAL-Methylation and MEDAL-PROPHET. In MEDAL-PROPHET study, brPROPHETTM demonstrated superior performance in head-to-head comparisons with tumor-agnostic fixed-panel and tumor-informed fixed-panel MRD assays.

 

  •  

Early Detection

 

  •  

Following the Breakthrough Device Designation granted by the US Food and Drug Administration (FDA) for our OverC™ Multi-Cancer Detection Blood Test (MCDBT) in January 2023, our OverC™ MCDBT also received the Breakthrough Device Designation by China’s National Medical Products Administration (NMPA) in October 2023, making it the only test globally that has received Breakthrough Device Designation from both the FDA and the NMPA.

 

  •  

Pharma Services

 

  •  

Entered into a Master Service Agreement in Oncology Companion Diagnostics (CDx) with Boehringer Ingelheim, aiming to focus on advancing the clinical trials related to Boehringer Ingelheim’s MDM2-p53 antagonist, brigimadlin (BI 907828), and the development of CDx products in China.

 

  •  

Total value of new contracts for the provision of pharma services entered into during the third quarter of 2023 amounted to RMB90 million, representing an 8% year-over-year increase.

Third Quarter 2023 Financial Results

Revenues were RMB127.6 million (US$17.5 million) for the three months ended September 30, 2023, representing a 17.5% decrease from RMB154.6 million for the same period in 2022.

 

  •  

Revenue generated from central laboratory business was RMB53.5 million (US$7.3 million) for the three months ended September 30, 2023, representing a 40.6% decrease from RMB90.0 million for the same period in 2022, primarily due to a decrease in the number of tests, as the Company continued to focus on its in-hospital business.

 

  •  

Revenue generated from in-hospital business was RMB54.5 million (US$7.5 million) for the three months ended September 30, 2023, representing a 9.8% increase from RMB49.6 million for the same period in 2022, driven by an increase in sales volume from existing hospitals and new contracted partner hospitals.

 

  •  

Revenue generated from pharma research and development services was RMB19.6 million (US$2.7 million) for the three months ended September 30, 2023, representing a 30.6% increase from RMB15.0 million for the same period in 2022, primarily attributable to increased development and testing services performed for our pharma customers.

Cost of revenues was RMB41.6 million (US$5.7 million) for the three months ended September 30, 2023, representing a 9.5% decrease from RMB46.0 million for the same period in 2022, primarily due to a decrease in cost of central laboratory business, which was in line with the decrease in revenue generated from this business.

 

1

Gross profit was RMB85.9 million (US$11.8 million) for the three months ended September 30, 2023, representing a 20.9% decrease from RMB108.6 million for the same period in 2022. Gross margin was 67.4% for the three months ended September 30, 2023, compared to 70.2% for the same period in 2022. By channel, gross margin of central laboratory business was 77.6% for the three months ended September 30, 2023, compared to 77.8% during the same period in 2022; gross margin of in-hospital business was 65.1% for the three months ended September 30, 2023, compared to 63.6% during the same period in 2022, and such increase was primarily due to an increase in sales volume to high margin hospitals; gross margin of pharma research and development services was 45.8% for the three months ended September 30, 2023, compared to 46.7% during the same period of 2022.

Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB95.1 million (US$13.0 million) for the three months ended September 30, 2023, representing a 18.7% decrease from RMB117.0 million for the same period in 2022. Non-GAAP gross margin was 74.5% for the three months ended September 30, 2023, compared to 75.7% for the same period in 2022.

Operating expenses were RMB264.7 million (US$36.3 million) for the three months ended September 30, 2023, representing a 22.9% decrease from RMB343.2 million for the same period in 2022. The decrease was primarily driven by budget control measures and headcount reduction aimed at improving the Company’s operating efficiency.

 

  •  

Research and development expenses were RMB83.7 million (US$11.5 million) for the three months ended September 30, 2023, representing a 23.5% decrease from RMB109.4 million for the same period in 2022, primarily due to a decrease in staff cost resulted from the reorganization of our research and development department to improve operating efficiency.

 

  •  

Selling and marketing expenses were RMB62.3 million (US$8.5 million) for the three months ended September 30, 2023, representing a 31.0% decrease from RMB90.3 million for the same period in 2022, primarily due to (i) a decrease in staff cost resulted from the reorganization of our sales department to improve operating efficiency, and (ii) a decrease in marketing and conference fee.

 

  •  

General and administrative expenses were RMB118.7 million (US$16.3 million) for the three months ended September 30, 2023, representing a 17.3% decrease from RMB143.5 million for the same period in 2022, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in professional service fee; (iii) a decrease in allowance for doubtful accounts resulting from accelerated settlement with customers with long accounts receivable; and (iv) a decrease in staff cost resulted from the reorganization of our general and administrative department to improve operating efficiency.

Net loss was RMB175.0 million (US$24.0 million) for the three months ended September 30, 2023, compared to RMB231.5 million for the same period in 2022.

Cash, cash equivalents, restricted cash and short-term investments were RMB636.7 million (US$87.3 million) as of September 30, 2023.

Conference Call Information

Burning Rock will host a conference call to discuss the third quarter 2023 financial results at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Hong Kong time) on November 30, 2023.

Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers and unique registrant ID which would be provided upon registering.

PRE-REGISTER LINK: https://register.vevent.com/register/BIac92af260980471bb07fff2b22f7e50e.

Additionally, a live and archived webcast of the conference call will also be available on the company’s investor relations website at http://ir.brbiotech.com or through link https://edge.media-server.com/mmc/p/fo9urjv8.

A replay of the webcast will be available for 12 months via the same link above.

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.

 

2

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. 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”). The company defines non-GAAP gross profit as gross profit excluding depreciation and amortization. The company defines non-GAAP gross margin as gross margin excluding depreciation and amortization.

The company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The company believe non-GAAP gross profit and non-GAAP gross margin excluding non-cash impact of depreciation and amortization reflect the company’s ongoing business operations in a manner that provides more information regarding period-to-period comparisons.

Contact: IR@brbiotech.com

 

3

Selected Operating Data

 

     As of  
     June 30,
2022		      September 30,
2022		      December 31,
2022		      March 31,
2023		      June 30,
2023		      September 30,
2023		  
                                           

In-hospital Channel:

                  

Pipeline partner hospitals(1)

      25        22        28        29        30        29  

Contracted partner hospitals(2)

      43        47        49        49        50        55  

Total number of partner hospitals

      68        69        77        78        80        84  

 

(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.

 

4

Selected Financial Data

 

     For the three months ended  
Revenues    September 30,
2022		      December 31,
2022		      March 31,
2023		      June 30,
2023		      September 30,
2023		  
                                    
     (RMB in thousands)  

Central laboratory channel

      89,992        71,970        61,804        66,239        53,481  

In-hospital channel

      49,636        42,526        51,561        53,835        54,496  

Pharma research and development channel

      15,003        27,741        29,151        26,194        19,589  

Total revenues

      154,631        142,237        142,516        146,268        127,566  
     For the three months ended  
Gross profit    September 30,
2022		      December 31,
2022		      March 31,
2023		      June 30,
2023		      September 30,
2023		  
                                    
     (RMB in thousands)  

Central laboratory channel

      69,991        54,507        48,090        51,876        41,487  

In-hospital channel

      31,593        26,999        34,409        33,353        35,459  

Pharma research and development channel

      7,010        19,757        16,273        15,193        8,974  

Total gross profit

      108,594        101,263        98,772        100,422        85,920  
     For the three months ended  
Share-based compensation expenses    September 30,
2022		      December 31,
2022		      March 31,
2023		      June 30,
2023		      September 30,
2023		  
                                    
     (RMB in thousands)  

Cost of revenues

      481        496        353        627        680  

Research and development expenses

      13,978        14,673        13,612        15,301        12,161  

Selling and marketing expenses

      2,346        2,247        1,606        3,389        2,848  

General and administrative expenses

      61,041        74,232        62,595        18,502        57,704  

Total share-based compensation expenses

      77,846        91,648        78,166        37,819        73,393  

 

5

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  
     September 30,
2022		     December 31,
2022		     March 31,
2023		     June 30,
2023		     September 30,
2023		     September 30,
2023		  
     RMB     RMB     RMB     RMB     RMB     US$  

Revenues

      154,631       142,237       142,516       146,268       127,566       17,485  

Cost of revenues

      (46,037 )      (40,974 )      (43,744 )      (45,846 )      (41,646 )      (5,708 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      108,594       101,263       98,772       100,422       85,920       11,777  

Operating expenses:

             

Research and development expenses

      (109,433 )      (100,827 )      (94,417 )      (95,779 )      (83,701 )      (11,472 ) 

Selling and marketing expenses

      (90,275 )      (85,174 )      (64,774 )      (70,842 )      (62,310 )      (8,540 ) 

General and administrative expenses

      (143,530 )      (132,705 )      (128,039 )      (69,525 )      (118,724 )      (16,272 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      (343,238 )      (318,706 )      (287,230 )      (236,146 )      (264,735 )      (36,284 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loss from operations

      (234,644 )      (217,443 )      (188,458 )      (135,724 )      (178,815 )      (24,507 ) 

Interest income

      2,013       2,838       3,144       5,255       4,018       551  

Other (expense) income, net

      (189 )      (84 )      599       (118 )      (157 )      (22 ) 

Foreign exchange gain (loss), net

      1,337       365       (116 )      (210 )      423       58  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loss before income tax

      (231,483 )      (214,324 )      (184,831 )      (130,797 )      (174,531 )      (23,920 ) 

Income tax expenses

      —         (1,901 )      (422 )      (445 )      (450 )      (62 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net loss

      (231,483 )      (216,225 )      (185,253 )      (131,242 )      (174,981 )      (23,982 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net loss attributable to Burning Rock Biotech Limited’s shareholders

      (231,483 )      (216,225 )      (185,253 )      (131,242 )      (174,981 )      (23,982 ) 

Net loss attributable to ordinary shareholders

      (231,483 )      (216,225 )      (185,253 )      (131,242 )      (174,981 )      (23,982 ) 

Loss per share for class A and class B ordinary shares:

             

Class A ordinary shares—basic and diluted

      (2.23 )      (2.11 )      (1.81 )      (1.28 )      (1.71 )      (0.23 ) 

Class B ordinary shares—basic and diluted

      (2.23 )      (2.11 )      (1.81 )      (1.28 )      (1.71 )      (0.23 ) 

Weighted average shares outstanding used in loss per share computation:

             

Class A ordinary shares—basic and diluted

      86,585,322       85,051,882       85,065,585       85,151,052       85,000,869       85,000,869  

Class B ordinary shares—basic and diluted

      17,324,848       17,324,848       17,324,848       17,324,848       17,324,848       17,324,848  

Other comprehensive income (loss), net of tax of nil:

             

Foreign currency translation adjustments

      20,646       (5,950 )      (5,659 )      14,829       (1,955 )      (268 ) 

Total comprehensive loss

      (210,837 )      (222,175 )      (190,912 )      (116,413 )      (176,936 )      (24,250 ) 

Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders

      (210,837 )      (222,175 )      (190,912 )      (116,413 )      (176,936 )      (24,250 ) 

 

6

Burning Rock Biotech Limited

Unaudited Condensed Statements of Comprehensive Loss

(in thousands, except for number of shares and per share data)

 

     For the nine months ended  
     September 30,
2022		     September 30,
2023		     September 30,
2023		  
     RMB     RMB     US$  

Revenues

      421,001       416,350       57,065  

Cost of revenues

      (142,225 )      (131,236 )      (17,987 ) 
  

 

 

    

 

 

    

 

 

  

Gross profit

      278,776       285,114       39,078  

Operating expenses:

       

Research and development expenses

      (321,041 )      (273,897 )      (37,541 ) 

Selling and marketing expenses

      (285,120 )      (197,926 )      (27,128 ) 

General and administrative expenses

      (435,579 )      (316,288 )      (43,351 ) 
  

 

 

    

 

 

    

 

 

  

Total operating expenses

      (1,041,740 )      (788,111 )      (108,020 ) 
  

 

 

    

 

 

    

 

 

  

Loss from operations

      (762,964 )      (502,997 )      (68,942 ) 

Interest income

      6,620       12,417       1,702  

Other income, net

      236       324       44  

Foreign exchange gain net

      1,184       97       14  
  

 

 

    

 

 

    

 

 

  

Loss before income tax

      (754,924 )      (490,159 )      (67,182 ) 

Income tax expenses

      (84 )      (1,317 )      (181 ) 
  

 

 

    

 

 

    

 

 

  

Net loss

      (755,008 )      (491,476 )      (67,363 ) 
  

 

 

    

 

 

    

 

 

  

Net loss attributable to Burning Rock Biotech Limited’s shareholders

      (755,008 )      (491,476 )      (67,363 ) 

Net loss attributable to ordinary shareholders

      (755,008 )      (491,476 )      (67,363 ) 

Loss per share for class A and class B ordinary shares:

       

Class A ordinary shares—basic and diluted

      (7.23 )      (4.80 )      (0.66 ) 

Class B ordinary shares—basic and diluted

      (7.23 )      (4.80 )      (0.66 ) 

Weighted average shares outstanding used in loss per share computation:

       

Class A ordinary shares—basic and diluted

      87,097,027       85,070,921       85,070,921  

Class B ordinary shares—basic and diluted

      17,324,848       17,324,848       17,324,848  

Other comprehensive income (loss), net of tax of nil:

       

Foreign currency translation adjustments

      47,296       7,215       989  

Total comprehensive loss

      (707,712 )      (484,261 )      (66,374 ) 

Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders

      (707,712 )      (484,261 )      (66,374 ) 

 

7

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

 

     As of  
     December 31,
2022		      September 30,
2023		      September 30,
2023		  
     RMB      RMB      US$  

ASSETS

         

Current assets:

         

Cash and cash equivalents

      905,451        636,293        87,211  

Restricted cash

      19,817        456        63  

Accounts receivable, net

      109,954        141,155        19,347  

Contract assets, net

      41,757        58,320        7,993  

Inventories, net

      130,321        86,522        11,859  

Prepayments and other current assets, net

      51,462        44,282        6,069  
  

 

 

     

 

 

     

 

 

  

Total current assets

      1,258,762        967,028        132,542  
  

 

 

     

 

 

     

 

 

  

Non-current assets:

         

Equity method investment

      690        387        53  

Convertible note receivable

      5,105        5,105        700  

Property and equipment, net

      251,829        161,715        22,165  

Operating right-of-use assets

      48,205        20,380        2,793  

Intangible assets, net

      1,986        1,277        175  

Other non-current assets

      20,890        10,819        1,483  
  

 

 

     

 

 

     

 

 

  

Total non-current assets

      328,705        199,683        27,369  
  

 

 

     

 

 

     

 

 

  

TOTAL ASSETS

      1,587,467        1,166,711        159,911  
  

 

 

     

 

 

     

 

 

  

 

8

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets (Continued)

(in thousands)

 

     As of  
     December 31,
2022		     September 30,
2023		     September 30,
2023		  
     RMB     RMB     US$  

LIABILITIES AND SHAREHOLDERS’ EQUITY

       

Current liabilities:

       

Accounts payable

      50,947       24,103       3,304  

Deferred revenue

      147,633       144,287       19,776  

Accrued liabilities and other current liabilities

      173,832       111,595       15,295  

Customer deposits

      1,803       1,197       164  

Current portion of operating lease liabilities

      37,236       13,985       1,917  
  

 

 

    

 

 

    

 

 

  

Total current liabilities

      411,451       295,167       40,456  
  

 

 

    

 

 

    

 

 

  

Non-current liabilities:

       

Non-current portion of operating lease liabilities

      13,551       5,110       700  

Other non-current liabilities

      4,124       3,468       475  
  

 

 

    

 

 

    

 

 

  

Total non-current liabilities

      17,675       8,578       1,175  
  

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES

      429,126       303,745       41,631  
  

 

 

    

 

 

    

 

 

  

Shareholders’ equity:

       

Class A ordinary shares

      117       116       16  

Class B ordinary shares

      21       21       3  

Additional paid-in capital

      4,582,790       4,778,636       654,967  

Treasury stock

      (58,919 )      (65,878 )      (9,029 ) 

Accumulated deficits

      (3,199,946 )      (3,691,422 )      (505,952 ) 

Accumulated other comprehensive loss

      (165,722 )      (158,507 )      (21,725 ) 
  

 

 

    

 

 

    

 

 

  

Total shareholders’ equity

      1,158,341       862,966       118,280  
  

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

      1,587,467       1,166,711       159,911  
  

 

 

    

 

 

    

 

 

  

 

9

Burning Rock Biotech Limited

Unaudited Condensed Statements of Cash Flows

(in thousands)

 

     For the three months ended  
     September 30,
2022		     September 30,
2023		     September 30,
2023		  
     RMB     RMB     US$  

Net cash used in operating activities

      (135,467 )      (47,417 )      (6,499 ) 

Net cash used in investing activities

      (20,148 )      (1,985 )      (272 ) 

Net cash used in financing activities

      (2,671 )      (45,888 )      (6,289 ) 

Effect of exchange rate on cash, cash equivalents and restricted cash

      19,242       (1,239 )      (170 ) 

Net decrease in cash, cash equivalents and restricted cash

      (139,044 )      (96,529 )      (13,230 ) 

Cash, cash equivalents and restricted cash at the beginning of period

      1,153,050       733,278       100,504  

Cash, cash equivalents and restricted cash at the end of period

      1,014,006       636,749       87,274  

 

     For the nine months ended  
     September 30,
2022		     September 30,
2023		     September 30,
2023		  
     RMB     RMB     US$  

Net cash used in operating activities

      (389,101 )      (239,764 )      (32,862 ) 

Net cash used in investing activities

      (2,430 )      (8,972 )      (1,230 ) 

Net cash used in financing activities

      (76,164 )      (46,923 )      (6,431 ) 

Effect of exchange rate on cash, cash equivalents and restricted cash

      42,590       7,140       978  

Net decrease in cash, cash equivalents and restricted cash

      (425,105 )      (288,519 )      (39,545 ) 

Cash, cash equivalents and restricted cash at the beginning of period

      1,439,112       925,268       126,819  

Cash, cash equivalents and restricted cash at the end of period

      1,014,007       636,749       87,274  

 

10

Burning Rock Biotech Limited

Reconciliations of GAAP and Non-GAAP Results

 

     For the three months ended  
     September 30,
2022		     December 31,
2022		     March 31,
2023		     June 30,
2023		     September 30,
2023		  
                                
     (RMB in thousands)  

Gross profit:

     

Central laboratory channel

      69,991       54,507       48,090       51,876       41,487  

In-hospital channel

      31,593       26,999       34,409       33,353       35,459  

Pharma research and development channel

      7,010       19,757       16,273       15,193       8,974  

Total gross profit

      108,594       101,263       98,772       100,422       85,920  

Add: depreciation and amortization:

           

Central laboratory channel

      3,138       3,609       2,567       2,645       2,550  

In-hospital channel

      2,479       2,449       2,582       2,637       2,751  

Pharma research and development channel

      2,805       3,065       3,974       3,665       3,863  

Total depreciation and amortization included in cost of revenues

      8,422       9,123       9,123       8,947       9,164  

Non-GAAP gross profit:

           

Central laboratory channel

      73,129       58,116       50,657       54,521       44,037  

In-hospital channel

      34,072       29,448       36,991       35,990       38,210  

Pharma research and development channel

      9,815       22,822       20,247       18,858       12,837  

Total non-GAAP gross profit

      117,016       110,386       107,895       109,369       95,084  

Non-GAAP gross margin:

           

Central laboratory channel

      81.3 %      80.8 %      82.0 %      82.3 %      82.3 % 

In-hospital channel

      68.6 %      69.2 %      71.7 %      66.9 %      70.1 % 

Pharma research and development channel

      65.4 %      82.3 %      69.5 %      72.0 %      65.5 % 

Total non-GAAP gross margin

      75.7 %      77.6 %      75.7 %      74.8 %      74.5 % 

 

11

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