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Burning Rock Biotech
(NASDAQ:BNR)
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Rating:50Neutral
Price Target:
$9.00
▼(-0.11% Downside)
Action:Reiterated
Date:07/10/26
The score is held back primarily by continued losses and negative free cash flow despite improvement versus prior years, alongside uneven top-line performance. Offsetting factors include very strong gross margins and a conservative balance sheet, while technicals are mixed (short-term strength but weaker longer-term trend). Valuation remains difficult to assess due to negative earnings and no dividend data.
Positive Factors
High gross margins
Sustained ~75% gross margins indicate durable per-test economics and pricing power for NGS diagnostics. High unit profitability supports reinvestment in labs and R&D, cushions SG&A absorption during volume swings, and underpins long-term route to operating leverage if volumes recover.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow indicate the business still consumes capital to fund operations. Over 2–6 months this limits investment flexibility and forces reliance on cash reserves or external funding, constraining capacity to scale labs, sales, or R&D consistently.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained ~75% gross margins indicate durable per-test economics and pricing power for NGS diagnostics. High unit profitability supports reinvestment in labs and R&D, cushions SG&A absorption during volume swings, and underpins long-term route to operating leverage if volumes recover.
Read all positive factors
Burning Rock Biotech Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows income generated from each business segment, indicating which areas drive growth and contribute most to the company's top line.
Shows income generated from each business segment, indicating which areas drive growth and contribute most to the company's top line.
Data provided by:
The Fly
The FlyBurning Rock Biotech (BNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$97.71M
Dividend YieldN/A
Average Volume (3M)22.64K
Price to Earnings (P/E)―
Beta (1Y)1.81
Revenue Growth-0.21%
EPS Growth75.40%
CountryUS
Employees667
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-56.30
Shares Outstanding8,813,858
10 Day Avg. Volume13,298
30 Day Avg. Volume22,645
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)0.28
Price to Sales (P/S)0.28
P/FCF Ratio-4.51
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Burning Rock Biotech Business Overview & Revenue Model
Company Description
Headquartered in Guangzhou, China, and established in 2014, Burning Rock Biotech Limited is primarily engaged in developing and providing diagnostic solutions for cancer therapy selection within the People's Republic of China. Its operations are s...
How the Company Makes Money
Burning Rock Biotech primarily makes money by selling NGS-based oncology testing products and services, with revenue typically generated from (1) clinical testing and (2) pharma/biopharma services.
1) Clinical testing revenue: The company earns f...
Burning Rock Biotech Earnings Call Summary
Earnings Call Date:May 29, 2024
(Q1-2024)
| % Change Since: |
Next Earnings Date:Sep 02, 2026
Earnings Call Sentiment Positive
The earnings call presented a positive financial turnaround with significant improvements in sales efficiency, profitability, and in-hospital revenue growth. Despite industry challenges, the company demonstrated a strong cash position and strategic adaptability.Positive Updates
Record Low Sales and Marketing Expenses
Achieved sales and marketing expenses as a percentage of revenue at 35%, marking a historic low and the most efficient quarter in recent operating history.
Negative Updates
Industry Operating Environment Challenges
Faced changes in the industry's operating environment starting July last year, impacting revenue distribution and necessitating a transition strategy.
Read all updates
Q1-2024 Updates
Positive
Negative
Record Low Sales and Marketing Expenses
Achieved sales and marketing expenses as a percentage of revenue at 35%, marking a historic low and the most efficient quarter in recent operating history.
Read all positive updates
Company Guidance
During Burning Rock's Q1 2024 earnings call, the company provided optimistic guidance, highlighting significant improvements in their financial metrics. The sales and marketing expenses were reduced to 35% of revenue, marking a historic efficiency level, which underpins their operating profitability. The company's gross profit minus SG&A expenses turned positive again in Q1 2024, after a challenging Q3 and Q4 in 2023. Burning Rock ended the quarter with an RMB 573 million cash balance and projected a cash outflow between RMB 150 million to RMB 200 million for 2024. They also noted a successful transition in their revenue model, with more income now coming from in-hospital services than from Central Labs, contributing to a 4% increase in overall revenue quarter-over-quarter. The company aims to maintain positive non-GAAP gross profit minus SG&A for the entirety of 2024 and anticipates further cash flow improvements into 2025.Burning Rock Biotech Financial Statement Overview
Summary
Income Statement
43
Neutral
Balance Sheet
72
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 514.43M | 539.57M | 515.82M | 537.43M | 563.24M | 507.86M |
| Gross Profit | 383.52M | 402.91M | 362.40M | 363.23M | 380.04M | 364.15M |
| EBITDA | -23.10M | -32.00M | -270.23M | -517.90M | -845.15M | -746.50M |
| Net Income | -59.32M | -55.35M | -346.63M | -653.69M | -971.23M | -796.70M |
Balance Sheet | ||||||
| Total Assets | 787.78M | 820.90M | 885.30M | 1.04B | 1.59B | 2.28B |
| Cash, Cash Equivalents and Short-Term Investments | 446.00M | 481.39M | 519.85M | 615.10M | 905.45M | 1.50B |
| Total Debt | 50.86M | 43.15M | 52.32M | 12.32M | 50.79M | 86.69M |
| Total Liabilities | 271.33M | 285.29M | 304.48M | 271.59M | 429.13M | 433.28M |
| Stockholders Equity | 516.46M | 535.60M | 580.83M | 768.41M | 1.16B | 1.85B |
Cash Flow | ||||||
| Free Cash Flow | -39.47M | -33.69M | -98.24M | -265.17M | -518.84M | -691.33M |
| Operating Cash Flow | -34.22M | -28.44M | -92.26M | -255.78M | -456.81M | -477.89M |
| Investing Cash Flow | -3.22M | -4.39M | -4.41M | -9.30M | -7.46M | 81.70M |
| Financing Cash Flow | 1.90M | 1.90M | -72.00K | -48.83M | -86.24M | -52.90M |
Burning Rock Biotech Technical Analysis
Negative
9.01
Price Trends
9.17
Negative
12.95
Negative
17.71
Negative
Market Momentum
-0.08
Negative
43.98
Neutral
22.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BNR, the sentiment is Negative. The current price of 9.01 is below the 20-day moving average (MA) of 9.27, below the 50-day MA of 9.17, and below the 200-day MA of 17.71, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 43.98 is Neutral, neither overbought nor oversold. The STOCH value of 22.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BNR.
Burning Rock Biotech Risk Analysis
Burning Rock Biotech disclosed 88 risk factors in its most recent earnings report. Burning Rock Biotech reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Burning Rock Biotech Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | $251.01M | -7.57 | -788.19% | ― | 34.46% | 43.48% | |
52 Neutral | $13.90M | -0.32 | -71.38% | ― | 10.03% | 91.68% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $78.71M | -2.93 | -46.71% | ― | -35.19% | 21.75% | |
50 Neutral | $97.71M | -1.06 | -10.96% | ― | -0.21% | 75.40% | |
45 Neutral | $7.60M | -0.14 | 74.16% | ― | 86.32% | 21.31% | |
41 Neutral | $7.65M | -0.19 | 68.09% | ― | -13.28% | 39.65% |
* Healthcare Sector Average
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18.05%
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Burning Rock Biotech Corporate Events
Burning Rock Biotech Posts Lower Q1 2026 Revenue as Shift to In-Hospital Testing Weighs on Growth
Jun 9, 2026
Burning Rock Biotech reported first-quarter 2026 results on June 9, 2026, showing revenues of RMB107.9 million for the three months ended March 31, down 18.9% year-on-year, as central lab, in-hospital, and pharma RD service revenues all declined a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.