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BillionToOne, Inc.
$1.7B
Market Cap
584.6
P/E
PEG
17.2%
ROCE
2.3%
ROE
0.23
D/E
5.3%
OPM
-29.4%
% from 52W High
56
α RS
🔍 BLLN is showing a sector-leadership setup because Sector RRG has Health Care in the Leading quadrant with the trail still strengthening, it matches 2 of 39 tracked screener presets, and an ECS of 87.3 last quarter. Net: Broad signal stack, not a recommendation. ? RRG Conviction ECS
Sources
Health Care in Leading quadrant · Conviction 2/39 · ECS 87.3
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🌏 Global Investor Returns
Currency-adjusted total returns for BLLN including FX impact
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📈 Price History
Ratio Health
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About

BillionToOne, Inc., a precision diagnostics company, quantifies biology to create molecular diagnostics. The company provides molecular counting platform, which is designed to detect and measure DNA molecules at the single-count level to help enhance disease detection. It also offers UNITY Complete, a non-invasive prenatal screen that assesses fetal risk for aneuploidies, recessive conditions, and fetal antigens from a maternal blood draw; Northstar Select, a liquid biopsy test that provides a list of mutations that are present in the tumor and types of mutations detected that include deletions, insertions, and point mutations; and Northstar Response, a methylation-based assay that quantifies the amount of cancer at the single molecule level without requiring a tissue biopsy, enabling real-time monitoring of patient response to therapy with unprecedented precision. BillionToOne, Inc. was incorporated in 2016 and is headquartered in Menlo Park, California.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding BLLN
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 51.3K $4.0M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Q1 2026 revenue $108.4M, 84% YoY growth, GAAP operating margin 16%, 44% test volume growth
Revenue & Profitability
Total revenue in Q1 2026 was $108.4 million, up 84% year-over-year. Net income available to common shareholders was $18.0 million ($0.34 per diluted share), compared to a net loss of $4.0 million in Q1 2025. Operating income was $17.8 million, representing a 16% GAAP operating margin. Adjusted EBITDA margin was 24%. Cash and equivalents stood at $537.5 million at quarter end.
Outlook
Management sees a large and growing market, estimating the U.S. opportunity for prenatal and oncology cfDNA at over $100 billion over time. They expect continued strong demand driven by multiple reinforcing factors: product innovation, expanding payer coverage, and clinical evidence. Specific macro headwinds mentioned include seasonality (Q4 slower due to holidays) and the temporary reset of coinsurance/deductibles at the start of the year.
Growth Drivers
Growth is driven by 44% year-over-year test volume growth (prenatal +10% QoQ, oncology +25% QoQ) and 28% ASP expansion to $571 per test. New product launches (UNITY Confirm, Fetal Antigen NIPT, PGx, CH) and in-network contracts (Anthem, UnitedHealthcare) support ASPs. Oncology growth is particularly strong, with Northstar Select and Response adoption, and a 2:1 ratio of Response to Select tests. The company expects the oncology ramp to continue.
Balance Sheet & CapEx
Not discussed in this earnings call. The company mentioned efficient operations incorporating AI and automation, and achieved positive cash flow ($11 million after capex in Q1), but no specific capex guidance or investment amounts were provided.
Margins
Gross margin was 73% in Q1 2026, up 9 percentage points year-over-year, driven by higher prenatal ASPs and oncology COGS reductions. COGS per test was $153, down 5% sequentially. Management expects overall gross margins to remain above 70% for the year, with potential quarterly volatility due to faster oncology growth. Long-term, both segments target above 75% gross margins.
Key Risks
Risks flagged include seasonality (Q4 slower due to holidays), resetting of coinsurance/deductibles at year-start affecting ASPs temporarily, and the variable timeline for health system adoption. The faster growth of oncology (lower-margin) could pressure overall margins. There is a risk of delays in MolDX coverage decisions, but management stated they are on track and not seeing issues. No other macro risks were discussed.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (4 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (4)
Q2 2026 Q2 2026 2026-08-05
Q2 2026 saw 64% revenue growth, strong gross margins above 70%, and positive operating income, driven by robust prenatal and oncology test volume increases. New product launches and rapid EMR integration position the company for continued growth, with 2026 revenue guidance reiterated at $450–$465 million.
Q1 2026 Q1 2026 2026-05-06
Q1 2026 saw 84% revenue growth, strong profitability, and major product launches, including UNITY Confirm. Gross margins reached 73%, and 2026 revenue guidance was raised to $450–$465 million, driven by higher ASPs and expanded payer coverage.
Q4 2025 Q4 2025 2026-03-04
Delivered 100% year-over-year revenue growth in 2025, with Q4 revenue up 113% and gross margin reaching 71.4%. Raised 2026 revenue guidance to $430–$445 million, driven by strong prenatal and oncology growth, new product launches, and expanded payer coverage.
Q3 2025 Q3 2025 2025-12-09
Achieved 117% year-over-year revenue growth and 70% gross margin in Q3 2025, with strong performance in both prenatal and oncology segments. Raised $314 million in IPO, issued 2025 guidance for 92–96% revenue growth, and expects continued profitability.
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Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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