BNR - Burning Rock Biotech stock gains ~18% after co affirms FY 2022 revenue guidance

• U.S.-listed shares of Burning Rock Biotech ( NASDAQ: BNR ) jumped 17.7% to $3.83 in Wednesday afternoon trading, after the Chinese pharmaceutical company kept its FY 2022 revenue guidance unchanged despite a significant impact due to COVID-19 restrictions.
• It is worth noting that BNR stock had been on a runup ahead of today's earnings results, with shares on track to end in the green for a fifth straight day .
• BNR earlier today reported Q2 GAAP EPS of -$0.37 which missed estimates by $0.01 . Its revenue of $19.5M also missed expectations by $2.94M .
• The company said revenue from its in-hospital business fell 15.6% Y/Y, primarily due to severe declines in testing volume in Shanghai due to COVID lockdowns and, to a lesser extent, declines in testing volume in Beijing.
• However, BNR said that pharma service revenue, new products and the in-hospital business outside of Shanghai and Beijing have shown "strong growth momentum."
• The company retained its FY 2022 revenue guidance of about RMB 620M.

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