Burning Rock Biotech Limited 4Q 2025 results 12 March 2026 Disclaimer This presentation has been prepared by Burning Rock Biotech Limited (the "Company") solely for information purpose and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers, or representatives as to, and no reliance should be placed upon, the accuracy, fairness, completeness or correctness of the information or opinions presented ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $190 million, representing an 11% year-over-year growth, while full-year revenue reached $727 million, a 10% increase over 2024 [8][23] - Adjusted gross profit improved by $5.8 million, or 7% year-over-year, with adjusted EBITDA at $13.4 million, up 10% [20] - Cash flow from operations was positive at $1 million for Q4, with total cash at $160 million, slightly down from Q3 [22] Business Line Data and Key Metrics Changes - Clinical business revenue increased by 16% year-over-year in Q4, driven by effective commercial strategies and growth in test volumes [8][20] - NGS revenue grew by 23% year-over-year, accounting for about one-third of total clinical revenue [21] - Non-clinical revenue declined by over 25% in Q4 and 24% for the full year, aligning with revised expectations [20][23] Market Data and Key Metrics Changes - The company holds a leadership position in the hematology testing market with over 25% market share [10] - Approximately 40% of active pathologists and oncologists ordered five or more tests from the company during the year, indicating significant market penetration [11] Company Strategy and Development Direction - The company aims to drive strategic, profitable growth through continued expansion of NGS revenues and market penetration for the PanTracer family and RaDaR ST [29] - The focus is on enhancing customer workflows and productivity through investments in technology and automation [29] - The company plans to expand its sales force to support the launch of RaDaR ST and penetrate the head and neck market [14][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue guidance for 2026, expecting revenues between $793 million and $801 million, with a focus on RaDaR ST and PanTracer Liquid contributions [25][27] - The company anticipates modest erosion in the pharma business for 2026, with a return to growth expected in 2027 [70][74] Other Important Information - The company is preparing for a full clinical launch of the RaDaR ST MRD assay, with expectations for revenue growth to accelerate in 2027 and beyond [14][27] - The integration of a common LIMS system is expected to enhance operational efficiencies and customer experience, with more pronounced benefits anticipated in 2027 and 2028 [59][63] Q&A Session Summary Question: Can you provide specifics on the RaDaR ST launch and sales rep expansion? - Management confirmed the full launch of RaDaR ST is planned for the end of the month, focusing on head and neck and breast cancer indications, with an initial sales force expansion targeting ENTs [34][38] Question: What is the impact of exiting low-value business on clinical volume? - Management indicated that exiting low-value contracts is expected to lead to higher AUP growth, with a focus on therapy selection and MRD driving overall revenue growth [45][46] Question: What are the expectations for the pharma business in 2026? - Management anticipates modest erosion in the pharma business for 2026, with a return to growth expected in 2027, driven by RaDaR ST [70][74] Question: How is the sales force performing after recent expansions? - The sales force is expected to contribute positively to growth, with oncology sales specialists focusing on therapy selection and supporting the RaDaR ST launch [90]

44th Annual J.P. Morgan Healthcare Conference Jacob Thaysen, PhD Chief Executive Officer January 13, 2026 © 2026 Illumina, Inc. All rights reserved. © 2026 Illumina, Inc. All rights reserved. Cautionary Notes On Forward Looking Statements This release may contain forward-looking statements that involve risks and uncertainties. Among the important factors to which our business is subject that could cause actual results to differ materially from those in any forward-looking statements are: J.P. Morgan Healthc ...

Summary of Twist Bioscience Conference Call Company Overview - **Company**: Twist Bioscience (NasdaqGS:TWST) - **Industry**: Biotechnology, specifically focusing on DNA, RNA, and protein synthesis - **Key Customers**: Academic researchers, clinical diagnostic companies, biopharmaceutical companies, industrial chemical companies [1][2] Financial Performance - **Q4 Revenue**: $99 million - **Annual Revenue**: $376.6 million - **Guidance Exceeded**: Exceeded initial guidance by approximately $7 million despite a challenging economic environment [8][9] - **Gross Margin Improvement**: Increased by 20 percentage points over the last two years, now above 50% [9] - **Agility Beta Break-Even**: Projected to reach break-even by Q4 2026, with a loss of $8 million in the last quarter [9][10] Market Dynamics - **Stock Performance**: Despite strong quarterly updates, the stock is down over 40% year-to-date, indicating a disconnect between market perception and company performance [2][3] - **NGS Segment**: - Revenue of $208 million last year, accounting for about 55% of total sales, with over 20% year-over-year growth. - Guidance for fiscal 2026 implies about 12% growth [25][29] - Addressable market for MRD liquid biopsy estimated at $2.2 billion [25] - Overall NGS opportunity estimated at $3 billion with less than 10% market share [29] Customer Dynamics - **Key Customer Transition**: One significant NGS customer transitioning from clinical trials to commercial ramp, causing short-term revenue fluctuations [10][34] - **Volume Growth**: Excluding the impact of the key customer, the business is growing at approximately 20% [34][36] Strategic Insights - **R&D Focus**: Shifted from gross margin optimization to revenue growth, with flat operating expenses from 2022 to 2025 while growing revenue by 85% [16][17] - **Market Adaptability**: The company is positioned to pivot based on market dynamics, with a blended R&D approach across segments [20][23] - **Emerging Opportunities**: Identified new revenue streams from AI companies, with over $25 million in order growth anticipated from 2024 to 2025 [21][22] Pricing and Sales Strategy - **Pricing Dynamics**: Average Selling Price (ASP) decreased by 11% in Q4, attributed to increased volume in therapeutics and competitive pricing strategies [53][55] - **Pharma Orders**: Significant pharma orders in Q4 are expected to provide visibility and revenue growth in the first half of the fiscal year [56][57] Future Outlook - **Growth Potential**: The company aims to leverage its technology and market position to explore new revenue opportunities, with a focus on maintaining a competitive edge in both NGS and DNA synthesis segments [20][24] - **Long-term Vision**: Emphasis on adaptability and customer proximity to capitalize on emerging market trends and demands [23][24] Conclusion - Twist Bioscience demonstrates strong financial performance and growth potential despite market challenges. The company is strategically positioned to capitalize on emerging opportunities in the biotechnology sector while addressing short-term customer dynamics and pricing strategies.

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $188 million, representing a year-over-year growth of 12% and a sequential increase of 4% from Q2 2025 [11][18] - Clinical revenue grew by 18% year-over-year, while non-clinical revenue declined by 27% due to weakness in pharma revenue [18] - Adjusted EBITDA was $12.2 million, marking the ninth consecutive quarter of positive earnings [18] - Average revenue per clinical test (AUP) increased by 3% year-over-year and 4% sequentially from Q2 [19] Business Line Data and Key Metrics Changes - Clinical business revenue growth was driven by a 15% increase in test volumes and a 4% increase in AUP, excluding the Pathline acquisition [11][19] - NGS revenue grew by 24% year-over-year, accounting for 33% of total clinical revenue year-to-date [19] - Non-clinical revenue accounted for less than 9% of total revenue in Q3, consistent with expectations [12] Market Data and Key Metrics Changes - The therapy selection and MRD markets represent over $40 billion of addressable market opportunity, with MRD cancer surveillance and monitoring growing at a 30% CAGR [10][14] - The company estimates that MRD market penetration is less than 10%, indicating significant growth potential [14] Company Strategy and Development Direction - The company is focused on advancing NGS and MRD long-term growth initiatives, including the launch of the Radar ST MRD assay [5][13] - The acquisition of Pathline enhances the company's presence in the Northeast, allowing for faster turnaround times and a broader test menu [7][8] - The company aims to consolidate send-out testing to simplify operational workflows and improve patient experience [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the significant opportunities in cancer testing, particularly in community settings where 80% of cancer care is delivered [6] - The company is committed to innovation and operational excellence, which are expected to drive sustainable and profitable growth [23] - Full-year consolidated revenue guidance is revised to a range of $720 to $726 million, representing growth of 9% to 10% over 2024 [21][22] Other Important Information - The company has received Moldex approval for Radar ST in subsets of head and neck and breast cancer, with a robust launch planned for Q1 2026 [13] - Cash flow from operations was positive at $9 million, with total cash at $164 million, enabling continued investment in business growth [20] Q&A Session Summary Question: How comfortable is the company with the guidance and the latest on PanTracer LBx? - Management believes they are in a good position to meet Q4 expectations and confirmed that approval for liquid biopsy is not needed to meet guidance [25][26] Question: What are the growth drivers expected for 2026? - Growth drivers for 2026 are expected to be similar to 2025, with strong clinical performance and ongoing NGS growth [30] Question: Where is the company seeing the most wins on the customer side for NGS? - Most growth is coming from community oncology practices, with strong performance from the PanTracer family of products [38][39] Question: What is driving the acceleration in the base clinical business? - Effective execution of the Protect, Expand, Acquire strategy, new product introductions, and salesforce expansion are key drivers [66][68] Question: How is the Radar ST MRD assay being received following the favorable summary judgment? - There is increasing positive sentiment in the community oncology setting regarding the ability to re-enter the market with Radar ST [81] Question: What is the company's strategy for the LIMS rollout? - The LIMS consolidation is expected to deliver efficiencies and cost benefits, with early benefits anticipated in 2026 [44][47]

Financial Performance - Clinical revenue increased by 18%[17], or 15% excluding Pathline[20] - Clinical volume grew by 15%[19], or 10% excluding Pathline[20] - NGS revenue increased by 24% year-over-year[20] - Adjusted gross profit was $85 million, a 7% increase from the prior year[19, 20] - Adjusted EBITDA was $12 million, representing a 9% decrease[19] Financial Overview (Q3 2025 vs Q3 2024) - Revenue increased by 11.9% to $187.8 million[22] from $167.8 million[22] - Adjusted gross profit increased by 6.6% to $85.4 million[22] from $80.1 million[22] - Adjusted gross margin decreased by 228 bps to 45.5%[22] from 47.8%[22] - Adjusted EBITDA decreased by 8.5% to $12.2 million[22] from $13.4 million[22] - Cash and cash equivalents decreased by 54.7% to $164.1 million[22] from $361.9 million[22] FY 2025 Guidance - Revenue is projected to be between $720 million and $726 million, representing a year-over-year growth of 9% to 10%[21] - Adjusted EBITDA is projected to be between $41 million and $44 million, representing a year-over-year growth of 3% to 10%[21]