BillionToOne 2025 Q3 Earnings Record Net Income Surges 138.3%

BillionToOne (NASDAQ: BLLN) delivered a strong Q3 2025 performance, with revenue soaring 117% to $83.5M and net income turning positive at $5.7M. The company exceeded revenue expectations by $0.6M but missed EPS estimates by $0.22. It raised 2025 full-year revenue guidance to $293–299M, reflecting 92–96% YoY growth, and projected positive GAAP operating income for Q4 and the full year.

Revenue

Prenatal revenue surged to $74.07 million, while oncology and clinical trial support services added $8.69 million and $761,000 respectively, driving total revenue to $83.52 million—a 117.4% increase from 2024 Q3. The prenatal segment dominated, accounting for 88.7% of total revenue, with oncology growth accelerating despite higher costs.

Earnings/Net Income

BillionToOne returned to profitability with EPS of $0.14 in Q3 2025, reversing from a $1.47 loss per share in 2024. Net income reached $5.71 million, a 138.3% positive swing from a $14.9M net loss. The company achieved a record high in Q3 net income, underscoring its operational turnaround. The EPS miss of $0.22 highlights a disconnect between revenue growth and earnings expectations.

Price Action

Following the earnings release, BLLN shares climbed 1.67% in a single trading day and 3.67% month-to-date as of Dec 10, 2025. The stock’s performance reflects investor optimism amid the company’s profitability milestone and revenue guidance.

Post-Earnings Price Action Review

The stock’s post-earnings trajectory has shown resilience, with a 1.67% intraday gain and 3.67% monthly appreciation. Analysts attribute this to the company’s profitability turnaround and strong revenue growth, despite the EPS miss. However, the stock fell nearly 9% over the past week, potentially pressured by broader market sentiment and valuation concerns. The IPO-driven liquidity and recent analyst coverage, including JPMorgan’s $145 price target, suggest a cautiously optimistic outlook for near-term price action.

CEO Commentary

CEO Oguzhan Atay highlighted record-breaking Q3 performance, driven by 51% test volume growth and 117% revenue growth YoY. Strategic priorities include scaling sales teams, integrating with Epic’s EMR systems, and securing Medicare coverage for NorthStar Response by late 2026. Atay emphasized the company’s “20-mile march to enter S&P 500,” reflecting confidence in sustained hypergrowth.

Guidance

BillionToOne projected 2025 full-year revenue of $293–299 million (92–96% YoY growth) and Q4 revenue of $84–90 million (86–100% YoY growth). The company anticipates positive GAAP operating income for Q4 and the full year, with diluted shares outstanding estimated at $55–56 million post-IPO.

Additional News

BillionToOne recently appointed Genmab CFO Anthony Pagano to its board, effective January 1, 2026, to strengthen financial oversight amid its public listing. JPMorgan reduced its price target to $145 from $150 but maintained an “overweight” rating, signaling 43.5% upside potential. The company also released a 10-Q report showing $209.1 million in nine-month revenue and a $1.5 million net income, reflecting improved operational efficiency and profitability.

The company’s 95% YoY revenue growth in the first nine months of 2025 underscores its market expansion, driven by prenatal test dominance and oncology innovation.

Financial Highlights

• Total Revenue (9M 2025):

  $209.1M (+95% YoY)

• Gross Profit:

  $139.9M

• Net Income:

  $1.5M vs. $30.1M loss in 9M 2024

• Prenatal Test Volume:

  162,900 tests processed in Q3 2025 (+52% YoY)

BillionToOne’s strategic expansion, including a second Union City lab, positions it to meet rising demand and scale operations efficiently.