BillionToOne 2025 Q3 Earnings Profitability Surges 138% Amid Record Revenue

BillionToOne (NASDAQ: BLLN) delivered a strong earnings performance in Q3 2025, with revenue surging 117% year-over-year to $83.52 million, well above expectations. However, GAAP EPS of $0.10 fell short of estimates by $0.22, marking a mixed result. The company raised full-year revenue guidance to $293–$299 million and affirmed positive operating income for 2025, signaling confidence in its growth trajectory.

Revenue

BillionToOne’s Q3 revenue growth was driven by robust demand across its core segments. Prenatal testing accounted for the lion’s share, contributing $74.07 million, a 102% year-over-year increase. Oncology revenue expanded dramatically by 664% to $8.69 million, reflecting growing adoption of its liquid biopsy tests. Clinical trial support services added $761,000, rounding out the $83.52 million total. The company attributed the performance to expanded geographic reach, health system partnerships, and automation advancements.

Earnings/Net Income

The company’s financial turnaround was equally striking. Net income surged to $5.71 million in Q3 2025, reversing a $14.9 million loss in the prior-year period—a 138.3% positive swing. EPS improved from a loss of $1.47 to $0.14, marking a 109.5% improvement. This profitability milestone underscores BillionToOne’s operational efficiency and cost discipline amid rapid growth.

Post-Earnings Price Action Review

The strategy of buying BLLN shares following a revenue miss and holding for 30 days carries high risk and high reward. While Q3 revenue exceeded forecasts by $0.6 million, the EPS miss by $0.22 created mixed market sentiment. Short-term volatility remains a concern, as the stock has fluctuated 1.67% in a single day and 3.67% month-to-date. However, the company’s 92%–96% full-year revenue guidance and 70% gross margins suggest long-term potential. Investors should consider stop-loss orders and diversification to mitigate risks.

CEO Commentary

CEO Oguzhan Atay highlighted the company’s 51% year-over-year test growth and 117% revenue increase, driven by geographic expansion and automation. He emphasized 70% gross margins and strategic priorities like Epic EMR integration and payer coverage expansion. Atay reiterated confidence in the $100B U.S. market opportunity and the company’s path to S&P 500 inclusion, stressing disciplined growth.

Guidance

BillionToOne projected 2025 full-year revenue of $293–$299 million (93%–96% YoY growth) and Q4 revenue of $84–$90 million (86%–100% YoY growth). The company expects positive GAAP operating income for both periods, with gross margins maintained in the high 60s to 70s. Key milestones include Medicare coverage for NorthStar Response by late 2026 and MRD test launches leveraging tumor-naive technology.

Additional News

BillionToOne announced the appointment of Genmab CFO Anthony Pagano to its board, effective January 2026, signaling a strategic shift toward financial expertise. The company also launched its IPO on November 7, 2025, raising $314 million in gross proceeds. Meanwhile, JPMorgan lowered its price target to $145 from $150 but maintained an “overweight” rating, citing 43.5% upside potential. Other analysts, including BTIG and William Blair, also expressed optimism, with price targets ranging from $110 to $160.

The stock’s recent 9% weekly decline contrasts with strong fundamentals, including 95% YoY revenue growth in the first nine months of 2025. As the company expands its lab capacity and pursues Medicare coverage, investors will likely monitor execution against its ambitious guidance.