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 March 31, 2024.
Recent Business Updates
-
Early Detection
-
THUNDER study for 6-cancer test was included in the Diagnosis and
Treatment Guidelines for Primary Liver Cancer (2024 Edition) and
the Expert Consensus on Detection and Clinical Application of Tumor
DNA Methylation Markers (2024 Edition), showing an impressive
performance of ELSA-seq using cfDNA in cancer detection and origin
prediction.
-
Pharma Services
-
Total value of new contracts during the first quarter of 2024
amounted to RMB218 million, representing a growth over 100% from
the same period in 2023.
First Quarter 2024 Financial
Results
Total Revenues were RMB125.6 million (US$17.4
million) for the three months ended March 31, 2024, representing a
11.9% decrease from RMB142.5 million for the same period in 2023,
as we transition from central-lab to more in-hospital based
testing. Importantly, in-hospital segment continued its
double-digit growth.
-
Revenue generated from in-hospital business was RMB57.4 million
(US$7.9 million) for the three months ended March 31, 2024,
representing a 11.3% increase from RMB51.6 million for the same
period in 2023, driven by an increase in sales volume.
-
Revenue generated from central laboratory business was RMB47.6
million (US$6.6 million) for the three months ended March 31, 2024,
representing a 23.0% decrease from RMB61.8 million for the same
period in 2023, primarily attributable to a decrease in the number
of tests, as we continued our transition towards in-hospital
testing.
-
Revenue generated from pharma research and development services was
RMB20.6 million (US$2.9 million) for the three months ended March
31, 2024, representing a 29.3% decrease from RMB29.2 million for
the same period in 2023, primarily attributable to decreased
testing services performed for our pharma customers due to timing
of lumpy projects.
Cost of revenues was RMB39.9 million (US$5.5
million) for the three months ended March 31, 2024, representing an
8.7% decrease from RMB43.7 million for the same period in 2023,
primarily due to a decrease in cost of central laboratory business,
which was in line with the decrease in revenue generated from this
business and partially offset by an increase in sales volume of
in-hospital business and a decrease in depreciation expense for all
kinds of business.
Gross profit was RMB85.7 million (US$11.9
million) for the three months ended March 31, 2024, representing a
13.2% decrease from RMB98.8 million for the same period in 2023.
Gross margin was 68.2% for the three months ended March 31, 2024,
compared to 69.3% for the same period in 2023. By channel, gross
margin of central laboratory business was 77.7% for the three
months ended March 31, 2024, compared to 77.8% during the same
period in 2023; gross margin of in-hospital business was 68.3% for
the three months ended March 31, 2024, compared to 66.7% during the
same period in 2023, primarily due to a decrease in amortization;
gross margin of pharma research and development services was 46.1%
for the three months ended March 31, 2024, compared to 55.8% during
the same period of 2023.
Non-GAAP gross profit, which excludes
depreciation and amortization expenses, was RMB93.0 million
(US$12.9 million) for the three months ended March 31, 2024,
representing a 13.8% decrease from RMB107.9 million for the same
period in 2023. Non-GAAP gross margin was 74.0% for the three
months ended March 31, 2024, compared to 75.7% for the same period
in 2023.
Operating expenses were RMB211.5 million
(US$29.3 million) for the three months ended March 31, 2024,
representing a 26.4% decrease from RMB287.2 million for the same
period in 2023. The decrease was primarily driven by improved
operating efficiency.
-
Research and development expenses were RMB66.0 million (US$9.1
million) for the three months ended March 31, 2024, representing a
30.1% decrease from RMB94.4 million for the same period in 2023,
primarily due to (i) a decrease in staff cost resulted from the
reorganization of our research and development department to
improve operating efficiency, and (ii) a decrease in the
expenditure for research projects.
-
Selling and marketing expenses were RMB46.9 million (US$6.5
million) for the three months ended March 31, 2024, representing a
27.7% decrease from RMB64.8 million for the same period in 2023,
primarily due to (i) a decrease in staff cost resulted from the
reorganization of the sales department and improvement in operating
efficiency; (ii) a decrease in conference fee; and (iii) a decrease
in travel expense.
-
General and administrative expenses were RMB98.7 million (US$13.7
million) for the three months ended March 31, 2024, representing a
22.9% decrease from RMB128.0 million for the same period in 2023,
primarily due to (i) a decrease in general and administrative
personnel’s staff cost, and (ii) a decrease in amortized expenses
for office building; (iii) a decrease in the provision for
allowance for doubtful accounts.
Net loss was RMB121.5 million (US$16.8 million)
for the three months ended March 31, 2024, compared to RMB185.3
million for the same period in 2023.
Cash, cash equivalents, restricted cash and
short-term investments were RMB572.7 million (US$79.3 million) as
of March 31, 2024.
2024 Financial Guidance
We currently expect to achieve breakeven
(measured by non-GAAP gross profit minus non-GAAP SG&A) for the
full year 2024.
Non-GAAP gross profit refers to gross profit
excluding depreciation and amortization. Non-GAAP SG&A refers
to selling and marketing expenses and general and administrative
expenses, both excluding their respective share-based compensation
and depreciation and amortization.
Corporate structure
reorganization
The Company moved its PRC onshore headquarter
from Beijing to Guangzhou in May 2024. Burning Rock Biotech
Limited, our ultimate Cayman Islands holding company, does not have
any substantive operations other than directly controlling
Guangzhou Burning Rock Biotech Limited, our new wholly foreign
owned entity, or WFOE, and indirectly controlling Burning Rock
(Beijing) Biotechnology Co., Ltd., the variable interest entity, or
VIE, through certain contractual arrangements. The equity change of
Beijing Burning Rock Biotech Limited had been completed, and
certain contractual agreements had been amended. The chart below
sets forth our corporate structure and identifies our principal
subsidiaries as of the date of this release:
Conference Call Information
Burning Rock will host a conference call to
discuss the first quarter 2024 financial results at 8:00 a.m. U.S.
Eastern Time (8:00 p.m. Hong Kong time) on May 29, 2024.
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/BIbdb6210ab73d4bb7b25e3ffbdc206d07.
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/ovj2q2n6.
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.
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 allows more meaningful
period-to-period comparisons.
Contact: IR@brbiotech.com
Selected Operating Data |
|
|
As of |
|
March 31,2023 |
|
June 30,2023 |
|
September 30,2023 |
|
December 31,2023 |
|
March 31,2024 |
In-hospital
Channel: |
|
|
|
|
|
|
|
|
|
Pipeline partner
hospitals(1) |
29 |
|
30 |
|
29 |
|
28 |
|
28 |
Contracted partner
hospitals(2) |
49 |
|
50 |
|
55 |
|
59 |
|
59 |
Total number of
partner hospitals |
78 |
|
80 |
|
84 |
|
87 |
|
87 |
(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.
Selected Financial Data |
|
|
For the three months ended |
Revenues |
March 31,2023 |
|
June 30,2023 |
|
September 30,2023 |
|
December 31,2023 |
|
March 31,2024 |
|
(RMB in thousands) |
Central laboratory
channel |
61,804 |
|
66,239 |
|
53,481 |
|
51,288 |
|
47,614 |
In-hospital channel |
51,561 |
|
53,835 |
|
54,496 |
|
28,809 |
|
57,387 |
Pharma research and
development channel |
29,151 |
|
26,194 |
|
19,589 |
|
40,988 |
|
20,622 |
Total
revenues |
142,516 |
|
146,268 |
|
127,566 |
|
121,085 |
|
125,623 |
|
For the three months ended |
Gross profit |
March 31,2023 |
|
June 30,2023 |
|
September 30,2023 |
|
December 31,2023 |
|
March 31,2024 |
|
(RMB in thousands) |
Central laboratory
channel |
48,090 |
|
51,876 |
|
41,487 |
|
41,886 |
|
37,002 |
In-hospital channel |
34,409 |
|
33,353 |
|
35,459 |
|
12,910 |
|
39,192 |
Pharma research and
development channel |
16,273 |
|
15,193 |
|
8,974 |
|
23,317 |
|
9,500 |
Total gross
profit |
98,772 |
|
100,422 |
|
85,920 |
|
78,113 |
|
85,694 |
|
For the three months ended |
Share-based compensation expenses |
March 31,2023 |
|
June 30,2023 |
|
September 30,2023 |
|
December 31,2023 |
|
March 31,2024 |
|
(RMB in thousands) |
Cost of revenues |
353 |
|
627 |
|
680 |
|
654 |
|
596 |
Research and development
expenses |
13,612 |
|
15,301 |
|
12,161 |
|
12,401 |
|
12,287 |
Selling and marketing
expenses |
1,606 |
|
3,389 |
|
2,848 |
|
1,816 |
|
508 |
General and administrative
expenses |
62,595 |
|
18,502 |
|
57,704 |
|
56,472 |
|
55,990 |
Total share-based
compensation expenses |
78,166 |
|
37,819 |
|
73,393 |
|
71,343 |
|
69,381 |
|
|
|
|
|
|
|
|
|
|
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 |
|
March 31,2023 |
|
June 30,2023 |
|
September 30,2023 |
|
December 31,2023 |
|
March 31,2024 |
|
March 31,2024 |
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Revenues |
142,516 |
|
|
146,268 |
|
|
127,566 |
|
|
121,085 |
|
|
125,623 |
|
|
17,399 |
|
Cost of
revenues |
(43,744 |
) |
|
(45,846 |
) |
|
(41,646 |
) |
|
(42,972 |
) |
|
(39,929 |
) |
|
(5,531 |
) |
Gross
profit |
98,772 |
|
|
100,422 |
|
|
85,920 |
|
|
78,113 |
|
|
85,694 |
|
|
11,868 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses |
(94,417 |
) |
|
(95,779 |
) |
|
(83,701 |
) |
|
(73,119 |
) |
|
(65,985 |
) |
|
(9,139 |
) |
Selling and marketing
expenses |
(64,774 |
) |
|
(70,842 |
) |
|
(62,310 |
) |
|
(49,785 |
) |
|
(46,856 |
) |
|
(6,489 |
) |
General and administrative
expenses |
(128,039 |
) |
|
(69,525 |
) |
|
(118,724 |
) |
|
(121,533 |
) |
|
(98,681 |
) |
|
(13,667 |
) |
Total operating
expenses |
(287,230 |
) |
|
(236,146 |
) |
|
(264,735 |
) |
|
(244,437 |
) |
|
(211,522 |
) |
|
(29,295 |
) |
Loss from
operations |
(188,458 |
) |
|
(135,724 |
) |
|
(178,815 |
) |
|
(166,324 |
) |
|
(125,828 |
) |
|
(17,427 |
) |
Interest income |
3,144 |
|
|
5,255 |
|
|
4,018 |
|
|
5,539 |
|
|
4,038 |
|
|
559 |
|
Other income (expense),
net |
599 |
|
|
(118 |
) |
|
(157 |
) |
|
160 |
|
|
434 |
|
|
60 |
|
Foreign exchange (loss) gain,
net |
(116 |
) |
|
(210 |
) |
|
423 |
|
|
(517 |
) |
|
(13 |
) |
|
(2 |
) |
Loss before income
tax |
(184,831 |
) |
|
(130,797 |
) |
|
(174,531 |
) |
|
(161,142 |
) |
|
(121,369 |
) |
|
(16,810 |
) |
Income tax expenses |
(422 |
) |
|
(445 |
) |
|
(450 |
) |
|
(1,071 |
) |
|
(180 |
) |
|
(25 |
) |
Net loss |
(185,253 |
) |
|
(131,242 |
) |
|
(174,981 |
) |
|
(162,213 |
) |
|
(121,549 |
) |
|
(16,835 |
) |
Net loss attributable
to Burning Rock Biotech Limited’s shareholders |
(185,253 |
) |
|
(131,242 |
) |
|
(174,981 |
) |
|
(162,213 |
) |
|
(121,549 |
) |
|
(16,835 |
) |
Net loss attributable
to ordinary shareholders |
(185,253 |
) |
|
(131,242 |
) |
|
(174,981 |
) |
|
(162,213 |
) |
|
(121,549 |
) |
|
(16,835 |
) |
Loss per share for
class A and class B ordinary shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary shares -
basic and diluted |
(1.81 |
) |
|
(1.28 |
) |
|
(1.71 |
) |
|
(1.58 |
) |
|
(1.19 |
) |
|
(0.16 |
) |
Class B ordinary shares -
basic and diluted |
(1.81 |
) |
|
(1.28 |
) |
|
(1.71 |
) |
|
(1.58 |
) |
|
(1.19 |
) |
|
(0.16 |
) |
Weighted average
shares outstanding used in loss per share
computation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary shares -
basic and diluted |
85,065,585 |
|
|
85,151,052 |
|
|
85,000,869 |
|
|
85,071,360 |
|
|
85,219,188 |
|
|
85,219,188 |
|
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 |
(5,659 |
) |
|
14,829 |
|
|
(1,955 |
) |
|
(3,026 |
) |
|
590 |
|
|
82 |
|
Total comprehensive
loss |
(190,912 |
) |
|
(116,413 |
) |
|
(176,936 |
) |
|
(165,239 |
) |
|
(120,959 |
) |
|
(16,753 |
) |
Total comprehensive
loss attributable to Burning Rock Biotech Limited’s
shareholders |
(190,912 |
) |
|
(116,413 |
) |
|
(176,936 |
) |
|
(165,239 |
) |
|
(120,959 |
) |
|
(16,753 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Burning Rock Biotech LimitedUnaudited
Condensed Consolidated Balance Sheets(In thousands) |
|
|
|
As of |
|
December 31,2023 |
|
March 31,2024 |
|
March 31,2024 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
615,096 |
|
572,616 |
|
79,306 |
Restricted cash |
120 |
|
58 |
|
8 |
Accounts receivable, net |
126,858 |
|
135,360 |
|
18,747 |
Contract assets, net |
22,748 |
|
23,063 |
|
3,194 |
Inventories, net |
69,020 |
|
63,121 |
|
8,742 |
Prepayments and other current
assets, net |
50,254 |
|
46,630 |
|
6,458 |
Total current
assets |
884,096 |
|
840,848 |
|
116,455 |
Non-current
assets: |
|
|
|
|
|
Equity method investment |
337 |
|
249 |
|
34 |
Convertible note
receivable |
5,320 |
|
5,320 |
|
737 |
Property and equipment,
net |
131,912 |
|
114,498 |
|
15,858 |
Operating right-of-use
assets |
12,284 |
|
19,655 |
|
2,722 |
Intangible assets, net |
964 |
|
747 |
|
103 |
Other non-current assets |
5,088 |
|
3,609 |
|
500 |
Total non-current
assets |
155,905 |
|
144,078 |
|
19,954 |
TOTAL
ASSETS |
1,040,001 |
|
984,926 |
|
136,409 |
|
|
|
|
|
|
Burning Rock Biotech LimitedUnaudited
Condensed Consolidated Balance Sheets (Continued)(in
thousands) |
|
|
|
As of |
|
December 31,2023 |
|
March 31,2024 |
|
March 31,2024 |
|
RMB |
|
RMB |
|
US$ |
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
18,061 |
|
|
24,630 |
|
|
3,411 |
|
Deferred revenue |
130,537 |
|
|
127,516 |
|
|
17,661 |
|
Accrued liabilities and other
current liabilities |
104,935 |
|
|
91,037 |
|
|
12,608 |
|
Customer deposits |
1,197 |
|
|
1,197 |
|
|
166 |
|
Current portion of operating
lease liabilities |
8,634 |
|
|
11,026 |
|
|
1,527 |
|
Total current
liabilities |
263,364 |
|
|
255,406 |
|
|
35,373 |
|
Non-current
liabilities: |
|
|
|
Non-current portion of
operating lease liabilities |
3,690 |
|
|
7,971 |
|
|
1,104 |
|
Other non-current
liabilities |
4,537 |
|
|
4,717 |
|
|
651 |
|
Total non-current
liabilities |
8,227 |
|
|
12,688 |
|
|
1,755 |
|
TOTAL
LIABILITIES |
271,591 |
|
|
268,094 |
|
|
37,128 |
|
Shareholders’
equity: |
|
|
|
Class A ordinary shares |
116 |
|
|
116 |
|
|
16 |
|
Class B ordinary shares |
21 |
|
|
21 |
|
|
3 |
|
Additional paid-in
capital |
4,849,337 |
|
|
4,918,718 |
|
|
681,235 |
|
Treasury stock |
(65,896 |
) |
|
(65,896 |
) |
|
(9,126 |
) |
Accumulated deficits |
(3,853,635 |
) |
|
(3,975,184 |
) |
|
(550,557 |
) |
Accumulated other
comprehensive loss |
(161,533 |
) |
|
(160,943 |
) |
|
(22,290 |
) |
Total shareholders’
equity |
768,410 |
|
|
716,832 |
|
|
99,281 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
1,040,001 |
|
|
984,926 |
|
|
136,409 |
|
|
|
|
|
|
|
|
|
|
Burning Rock Biotech LimitedUnaudited
Condensed Statements of Cash Flows(in thousands) |
|
|
For the three months ended |
|
March 31,2023 |
|
March 31,2024 |
|
March 31,2024 |
|
RMB |
|
RMB |
|
US$ |
Net cash used in operating activities |
(113,143 |
) |
|
(40,209 |
) |
|
(5,569 |
) |
Net cash used in investing
activities |
(4,059 |
) |
|
(2,386 |
) |
|
(330 |
) |
Net cash used in financing
activities |
(32 |
) |
|
- |
|
|
- |
|
Effect of exchange rate on
cash, cash equivalents and restricted cash |
(4,892 |
) |
|
53 |
|
|
7 |
|
Net decrease in cash,
cash equivalents and restricted cash |
(122,126 |
) |
|
(42,542 |
) |
|
(5,892 |
) |
Cash, cash equivalents and
restricted cash at the beginning of period |
925,268 |
|
|
615,216 |
|
|
85,206 |
|
Cash, cash equivalents
and restricted cash at the end of period |
803,142 |
|
|
572,674 |
|
|
79,314 |
|
|
|
|
|
|
Burning Rock Biotech
LimitedReconciliations of GAAP and Non-GAAP
Results |
|
|
|
For the three months ended |
|
March 31,2023 |
|
June 30,2023 |
|
September30, 2023 |
|
December 31,2023 |
|
March31, 2024 |
|
|
(RMB in thousands) |
Gross
profit: |
|
|
Central laboratory channel |
48,090 |
|
51,876 |
|
41,487 |
|
41,886 |
|
37,002 |
In-hospital channel |
34,409 |
|
33,353 |
|
35,459 |
|
12,910 |
|
39,192 |
Pharma research and
development channel |
16,273 |
|
15,193 |
|
8,974 |
|
23,317 |
|
9,500 |
Total gross
profit |
98,772 |
|
100,422 |
|
85,920 |
|
78,113 |
|
85,694 |
Add: depreciation and
amortization: |
|
|
|
|
|
Central laboratory
channel |
2,567 |
|
2,645 |
|
2,550 |
|
2,414 |
|
1,919 |
In-hospital channel |
2,582 |
|
2,637 |
|
2,751 |
|
2,728 |
|
1,524 |
Pharma research and
development channel |
3,974 |
|
3,665 |
|
3,863 |
|
3,808 |
|
3,856 |
Total depreciation and
amortization included in cost of revenues |
9,123 |
|
8,947 |
|
9,164 |
|
8,950 |
|
7,299 |
Non-GAAP gross
profit: |
|
|
|
|
|
Central laboratory
channel |
50,657 |
|
54,521 |
|
44,037 |
|
44,300 |
|
38,921 |
In-hospital channel |
36,991 |
|
35,990 |
|
38,210 |
|
15,638 |
|
40,716 |
Pharma research and
development channel |
20,247 |
|
18,858 |
|
12,837 |
|
27,125 |
|
13,356 |
Total non-GAAP gross
profit |
107,895 |
|
109,369 |
|
95,084 |
|
87,063 |
|
92,993 |
Non-GAAP gross
margin: |
|
|
|
|
|
Central laboratory
channel |
82.0% |
|
82.3% |
|
82.3% |
|
86.4% |
|
81.7% |
In-hospital channel |
71.7% |
|
66.9% |
|
70.1% |
|
54.3% |
|
70.9% |
Pharma research and
development channel |
69.5% |
|
72.0% |
|
65.5% |
|
66.2% |
|
64.8% |
Total non-GAAP gross
margin |
75.7% |
|
74.8% |
|
74.5% |
|
71.9% |
|
74.0% |
|
|
|
|
|
|
|
|
|
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/370e7914-309e-48a2-b52f-03fe37ffa17d
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