 GUANGZHOU, China, Aug. 11, 2020 GLOBE NEWSWIRE -- Burning Rock Biotech Limited NASDAQ: 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 June 30, 2020.Second Quarter 2020 Highlights Revenues of RMB107.0 million US15.1 million for the three months ended June 30, 2020, representing a 26.1 increase over the corresponding period in 2019. Key publications: BENEFIT biomarker study with AstraZeneca published in Journal of Thoracic Oncology1 Blood-based MSI validation published in Journal of Molecular Diagnostics2 NSCLC liquid-biopsy real-world validation COMPASS published in Translational Lung Cancer Research3 Clinical validation and genetic landscape studies on multiple cancer types including breast cancer,4 lymphoma,5 etc. Entered into collaboration with Illumina on developing IVD kit solutions on the NextSeq 550Dx system, building on the two companies successful collaboration back in 2015 on the MiSeq Dx system that led to the first NMPA National Medical Products Administration approved NGS panel for the China market. Entered into collaboration with CStone Pharmaceuticals 2616.HK on CDx development for pralsetinib. Progressing on the training and validation of the Companys 6-cancer test, which builds on the Companys 3-cancer test demonstrated in January 2020, with improved assay and bioinformatics. Launched the PREDICT Pan-CanceR Early DetectIon ProjeCT study, a prospective, multi-center study that is expected to enroll 14,000 patients in China, to develop and validate the Companys pan-cancer early detection test. Completed initial public offering and concurrent private placement, with an aggregate offering size of US281.2 million giving effect to the full exercise of the over-allotment option.We appreciate existing and new shareholders valuable support towards our IPO in June, the largest IPO by a molecular diagnostics company from China, as we look to leveraging the proceeds raised to catalyze our growth trajectory, said Yusheng Han, chairman and chief executive officer of Burning Rock. Amid sporadic COVID incidents in China during the second quarter, we returned to positive year-over-year revenue growth. We continued our efforts to bring NGS testing capability in-house for hospitals through our decentralized, kit based, in-hospital channel; we also advanced our market leadership position in the central-laboratory channel where samples are sent out to third-party laboratories for testing. For early cancer detection, after four years of internal RD, we launched the 14,000 patient PREDICT study during the second quarter, the first early detection study in multiple cancer types in China, to further develop and validate our blood-based test.Second Quarter 2020 Financial ResultsRevenues were RMB107.0 million US15.1 million for the three months ended June 30, 2020, representing a 26.1 increase from RMB84.8 million for the same period in 2019. Revenue generated from central laboratory business was RMB74.6 million US10.6 million for the three months ended June 30, 2020, representing a 17.7 increase from RMB63.4 million for the same period in 2019, primarily attributable to resumed volume growth of the Companys central laboratory business. This reversed the 37 year-over-year decreasing trend during the first quarter. Number of patients tested in the central laboratory channel increased by 19.9 to 7,252 for the three months ended June 30, 2020 from 6,047 for the same period in 2019. Revenue generated from in-hospital business was RMB27.6 million US3.9 million for the three months ended June 30, 2020, representing a 69.0 increase from RMB16.3 million for the same period in 2019, driven by resumed kit revenue growth of existing contracted hospitals and ramp-up of newly contracted hospitals. This reversed the 36 year-over-year decreasing trend during the first quarter. Number of contracted partner hospitals in the in-hospital channel increased to 24 as of June 30, 2020 from 21 as of March 31, 2020 and 19 as of December 31, 2019. Revenue generated from pharma research and development services was RMB4.8 million US0.6 million for the three months ended June 30, 2020, representing a 6.2 decrease from RMB5.1 million for the same period in 2019.Cost of revenues was RMB28.6 million US4.0 million for the three months ended June 30, 2020, representing a 25.6 increase from RMB22.8 million for the same period in 2019, which was in line with the Companys continued business growth.Gross profit was RMB78.4 million US11.1 million for the three months ended June 30, 2020, representing a 26.3 increase from RMB62.0 million for the same period in 2019. Gross margin was 73.3 for the three months ended June 30, 2020, compared to 73.2 for the same period in 2019.Operating expenses were RMB151.4 million US21.4 million for the three months ended June 30, 2020, representing a 67.3 increase from RMB90.5 million for the same period in 2019. Research and development expenses were RMB71.2 million US10.1 million for the three months ended June 30, 2020, representing an 103.4 increase from RMB35.0 million for the same period in 2019, primarily due to an increase in share-based compensation expenses for options granted to research and development personnel. Selling and marketing expenses were RMB38.0 million US5.4 million for the three months ended June 30, 2020, representing an 8.8 increase from RMB34.9 million for the same period in 2019. General and administrative expenses were RMB42.2 million US5.9 million for the three months ended June 30, 2020, representing an 105.1 increase from RMB20.6 million for the same period in 2019, primarily due to i an increase in staff cost, which was in line with the continued growth of the Companys business, and ii expenses related to the Companys initial public offering.Net loss was RMB71.1 million US10.1 million, compared to RMB26.0 million for the same period in 2019.Cash, cash equivalents and restricted cash were RMB2.6 billion US363.2 million as of June 30, 2020.2020 Financial GuidanceAssuming no significant resurgence of the COVID pandemic in China, Burning Rock expects its full year 2020 revenues to be approximately RMB420 million US59.4 million, implying a 28 year-over-year growth in the second half of 2020 compared with the same period in 2019.Conference Call InformationBurning Rock will host a conference call to discuss the second quarter 2020 financial results at 8:00 a.m. U.S. Eastern Time 8:00 p.m. Hong Kong time on August 11, 2020.Details of the conference call are as follows:International:65 67135090 U.S.:18665194004 U.K.:08082346646 Hong Kong:852 30186771 China Mobile:4006208038 China Landline:8008190121 Conference ID:4765946 A replay of the conference call will be available for two weeks dial-in number: 61 2 8199 0299; same conference ID as shown above. About Burning RockBurning Rock Biotech Limited NASDAQ: 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, with the leading market share in China and over 185,000 tissue and liquid-based tests completed cumulatively, and ii NGS-based cancer early detection, which has moved beyond proof-of-concept RD into the clinical validation stage.For more information about Burning Rock, please visit: Harbor StatementThis 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 Rocks beliefs and expectations, are forward-looking statements. Such statements are based upon managements 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 Rocks 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.___1 Refined Stratification Based on Baseline Concomitant Mutations and Longitudinal circulating tumor DNA Monitoring in Advanced EGFR-mutant Lung Adenocarcinoma under Gefitinib Treatment. Accepted, Journal of Thoracic Oncology.2 Detection of Microsatellite Instability from Circulating Tumor DNA by Targeted Deep Sequencing. Journal of Molecular Diagnostic. 