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Burning Rock Biotech
(NASDAQ:BNR)
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Rating:47Neutral
Price Target:
$12.00
▲(14.94% Upside)
Action:Reiterated
Date:10/20/26
The score is primarily held back by ongoing unprofitability and persistent cash burn (including a weaker TTM 2026 free cash flow trend), despite strong gross margins and low leverage. Technicals also weigh on the score, with the stock trading below key moving averages and showing weak momentum. Valuation provides limited support because the company has negative earnings and no dividend yield data.
Positive Factors
Strong Gross Margins
Sustained gross margins in the mid-70% range indicate attractive underlying economics for BNR’s NGS testing and services. This provides a foundation for operating leverage if revenue stabilizes and allows more of each incremental dollar of sales to support research, commercialization, and eventual profitability.
Negative Factors
Persistent Cash Burn
Continued negative operating and free cash flow means BNR is not yet funding its operations internally. The deterioration in TTM 2026 free cash flow increases reliance on external funding and may constrain investment capacity until the business achieves sustainable cash profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Gross Margins
Sustained gross margins in the mid-70% range indicate attractive underlying economics for BNR’s NGS testing and services. This provides a foundation for operating leverage if revenue stabilizes and allows more of each incremental dollar of sales to support research, commercialization, and eventual profitability.
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
$124.33M
Dividend YieldN/A
Average Volume (3M)38.93K
Price to Earnings (P/E)―
Beta (1Y)2.28
Revenue Growth-3.65%
EPS Growth51.30%
CountryUS
Employees667
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-64.30
Shares Outstanding8,813,858
10 Day Avg. Volume24,110
30 Day Avg. Volume38,931
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 Cap0.29
Enterprise Value/Revenue0.07
Enterprise Value/Gross Profit0.10
Enterprise Value/Ebitda-0.85
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
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:Nov 17, 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
46
Neutral
Balance Sheet
64
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 500.78M | 539.57M | 515.82M | 537.43M | 563.24M | 507.86M |
| Gross Profit | 373.34M | 402.91M | 362.40M | 363.23M | 380.04M | 364.15M |
| EBITDA | -42.24M | -32.00M | -270.23M | -517.90M | -845.15M | -746.50M |
| Net Income | -68.05M | -55.35M | -346.63M | -653.69M | -971.23M | -796.70M |
Balance Sheet | ||||||
| Total Assets | 750.88M | 820.90M | 885.30M | 1.04B | 1.59B | 2.28B |
| Cash, Cash Equivalents and Short-Term Investments | 419.26M | 481.39M | 519.85M | 615.10M | 905.45M | 1.50B |
| Total Debt | 45.13M | 43.15M | 52.32M | 12.32M | 50.79M | 86.69M |
| Total Liabilities | 253.62M | 285.29M | 304.48M | 271.59M | 429.13M | 433.28M |
| Stockholders Equity | 497.26M | 535.60M | 580.83M | 768.41M | 1.16B | 1.85B |
Cash Flow | ||||||
| Free Cash Flow | -17.47M | -33.69M | -98.24M | -265.17M | -518.84M | -691.33M |
| Operating Cash Flow | -12.22M | -28.44M | -92.26M | -255.78M | -456.81M | -477.89M |
| Investing Cash Flow | -5.91M | -4.39M | -4.41M | -9.30M | -7.46M | 81.70M |
| Financing Cash Flow | -200.00K | 1.90M | -72.00K | -48.83M | -86.24M | -52.90M |
Burning Rock Biotech Technical Analysis
Negative
10.44
Price Trends
13.03
Negative
11.10
Positive
16.71
Negative
Market Momentum
-0.32
Positive
39.59
Neutral
29.93
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 10.44 is below the 20-day moving average (MA) of 15.04, below the 50-day MA of 13.03, and below the 200-day MA of 16.71, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 39.59 is Neutral, neither overbought nor oversold. The STOCH value of 29.93 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | $223.47M | -6.68 | -788.19% | ― | 34.46% | 43.48% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $13.31M | -0.30 | -78.78% | ― | 10.03% | 91.68% | |
49 Neutral | $80.08M | -3.03 | -46.71% | ― | -35.19% | 21.75% | |
47 Neutral | $124.33M | -1.22 | -12.97% | ― | -3.65% | 51.30% | |
45 Neutral | $4.86M | -0.04 | 77.10% | ― | 86.32% | 21.31% | |
42 Neutral | $4.71M | -0.16 | 48.72% | 1.23% | -13.28% | 39.65% |
* Healthcare Sector Average
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1.03%
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Burning Rock Biotech Corporate Events
Burning Rock Biotech Posts Q2 2026 Revenue Decline but Advances Fast-Track Reviews for Oncology NGS Kits
Sep 10, 2026
On September 10, 2026, Burning Rock Biotech reported second-quarter 2026 results, showing revenues of RMB134.7 million for the three months ended June 30, down 9.3% year-on-year and a widened net loss of RMB18.4 million. The company’s in-hos...
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.