Burning Rock Biotech Limited Q1 FY2023 earnings call

• Goals for 2023: Breakeven excluding R&D during the quarter, 20% revenue growth, leading position in multi-cancer early detection. - Q1 2023 results: Narrowed loss from -$84M per quarter in Q2 2022 to -$3.8M in Q1 2023; testing volumes rebounded in March, with in-hospital segment leading growth; revenues grew 5% YOY, driven by Pharma projects. - Pipeline update: Early detection business had milestones like paper in Nature Biomedical Engineering and clinical study in Annals Oncology; MRD product brPROPHET detailed with MEDAL study updates showing strong detection sensitivity and prognostic value.

Therapy selection: Continues to improve sales productivity by strengthening in-hospital model. MRD: Launched in-hospital MRD product in early May, expected to impact revenue in Q4 2023; installation of platform takes time. Pharma: Contract value grew 27% YOY, revenues grew triple-digit in Q1 2023, backlog up 27% YOY. Early detection: Clinical trials on track, dialogues with NMPA and FDA ongoing. Revenue contribution: Revenues grew 5% YOY in Q1 2023, with Pharma segment being a key contributor to growth.

• Reiterated 20% top line growth for 2023. - Cash balance sufficient to fund next three years, burn rate dropping, approaching breakeven on commercial operations, with cash runway unchanged from previous results.

Q: Could you share more color on MRD products' current hospital coverage, revenue contribution to full-year guidance, future commercialization targets, and April/May performance trend and impact of COVID?

A: Yusheng Han mentioned MRD in-hospital product launched in May, impact on revenue expected in Q4; Leo Li stated recent trends premature to conclude Q2, April on track with low base YOY comparisons