Burning Rock Biotech Limited (BNR) saw its shares surge 6.23% in pre-market trading on Wednesday, following the release of its third quarter 2024 financial results.
The company reported revenue growth and margin expansion across its business segments. Total revenue increased 0.8% year-over-year to RMB128.6 million ($18.3 million), driven by a 17% increase in revenue from the in-hospital business and a 27.1% rise in pharma research and development services revenue.
Gross margins also improved significantly, with the company's overall gross margin rising to 71.4% from 67.4% a year ago. Non-GAAP gross margin reached 76%, compared to 74.5% in the prior-year period.
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