BillionToOne 2025 Q3 Earnings Record Net Income of $5.71M, 138.3% Increase

BillionToOne (BLLN) delivered a standout third-quarter 2025 performance, reporting $83.52 million in revenue and a $5.71 million net income, far exceeding expectations. The results reflect a 117% YoY revenue surge and a dramatic turnaround from a $14.9 million net loss in 2024 Q3. The company also raised full-year revenue guidance to $293–$299 million, signaling robust growth and operational momentum.

Revenue

Driven by a 52% increase in total tests delivered and a 44% rise in average selling price (ASP), BillionToOne’s revenue skyrocketed to $83.52 million in Q3 2025. Prenatal testing dominated performance, with $74.07 million in revenue (+102% YoY), fueled by expanded geographic coverage and health system adoptions. Oncology revenue surged to $8.69 million (+664% YoY), while clinical trial support services added $761,000, complementing the core prenatal business.

Earnings/Net Income

The company’s profitability rebounded sharply, with a $0.14 EPS in Q3 2025, reversing a $1.47 loss per share in the prior-year period. Net income soared to $5.71 million, a 138.3% improvement from a $14.9 million loss, marking a record high for fiscal Q3. This turnaround underscores the company’s operational discipline and margin expansion.

Price Action

BillionToOne’s stock gained 1.67% on the latest trading day, 0.91% over the week, and 3.67% month-to-date. Post-earnings, the stock initially dipped after missing EPS estimates by $0.22, but analysts remain cautiously optimistic. JPMorgan cut its price target to $145 from $150, while others like Stifel and William Blair maintained or upgraded their ratings.

Post-Earnings Price Action Review

Despite the EPS miss, the stock’s post-earnings trajectory remains mixed. A 9% weekly decline coincided with the appointment of Genmab’s CFO Anthony Pagano to the board and JPMorgan’s revised price target. However, long-term analysts highlight the company’s 70% gross margin and $195 million cash balance as tailwinds. The IPO’s $286.4 million net proceeds further bolster confidence in disciplined growth.

CEO Commentary

CEO Oguzhan Atay emphasized the 51% test growth and 70% gross margin expansion, reiterating the long-term goal of S&P 500 inclusion. Strategic priorities include scaling the commercial team, advancing Medicare coverage for NorthStar Response, and leveraging Epic EMR integration to boost prenatal adoption.

Guidance

BillionToOne forecasts $293–$299 million in full-year 2025 revenue (92–96% YoY growth) and $84–$90 million in Q4 revenue (86–100% YoY growth). The company expects positive GAAP operating income for Q4 and the full year, supported by cost-per-test reductions and ASV expansion.

Additional News

1. Board Appointment: BillionToOne appointed Genmab’s CFO Anthony Pagano to its board, effective January 2026, strengthening financial expertise amid its public listing.

2. Analyst Reactions: JPMorgan lowered its price target to $145 but maintained an "overweight" rating, while BTIG and William Blair upgraded the stock.

3. 10-Q Report: The 95% YoY revenue growth in the first nine months of 2025 highlighted operational efficiency, with $139.9 million in gross profit and a $5.7 million operating income.

Financial Highlights

• Total Revenue: $83.5M (+117% YoY)

• Net Income: $5.71M (+138.3% swing)

• Gross Margin: 70% (vs. 53% prior year)

• Cash Balance: $195.2M as of Q3 2025

Strategic Focus

• Geographic Expansion: Prenatal test volume grew to 162,900 tests in Q3 2025.

• Technology Advancements: Epic EMR integration to boost prenatal adoption.

• Regulatory Milestones: Targeting Medicare coverage for NorthStar Response by late 2026.

Analyst Ratings

• Buy/Outperform: Stifel, William Blair, BTIG

• Equal Weight: Wells Fargo

• Consensus Target: $137.83

Risks

• Valuation Concerns: Stock currently trades at a premium to its fair value.

• Competitive Landscape: No material impact observed, but market entrants remain a long-term risk.

Conclusion

BillionToOne’s Q3 results demonstrate a compelling turnaround, driven by revenue growth, margin expansion, and strategic investments. While short-term EPS misses and valuation concerns persist, the company’s long-term vision and operational execution position it for sustained growth. Investors should monitor Medicare coverage progress and gross margin trends in upcoming quarters.