BillionToOne Reports Third Quarter 2026 Results and Raises 2026 Revenue Guidance
BillionToOne, Inc. (BLLN) filed an SEC Form 8-K — Results of Operations and Financial Condition. BillionToOne Reports Third Quarter 2026 Results and Raises 2026 Revenue Guidance MENLO PARK, CA, November 4, 2026 - BillionToOne, Inc. (NASDAQ: BLLN), a next-generation molecular diagnostics company with a mission to create powerful and accurate tests that are accessible to all,
How this was made
The 30-second read
Why it matters
The raised guidance and strong earnings beat suggest a bullish outlook for the stock, though execution risk remains.
Market read
The earnings beat and guidance raise are likely to move BLLN higher in the short term.
What to watch
Potential execution risk on upcoming product launches and capital‑intensive growth plans.
BillionToOne Reports Third Quarter 2026 Results and Raises 2026 Revenue Guidance
Third-quarter total revenue increased 47% to $123.0 million, gross margin increased to 71%, the company reported $17.4 million of net income and $8.6 million of free cash flow, and it raised full-year 2026 revenue guidance to $460.0 million to $470.0 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30, 2026GAAP | $123M | – | 47% |
| Gross profit, three months ended September 30, 2026GAAP | $87.1M | – | – |
| Gross margin, three months ended September 30, 2026GAAP | 71% | – | a one percentage-point increase year-over-year |
| Cost of revenue, three months ended September 30, 2026GAAP | $35.84M | – | – |
| Research and development expense, three months ended September 30, 2026GAAP | $20.22M | – | – |
| Selling, general and administrative expense, three months ended September 30, 2026GAAP | $55.91M | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $76.1M | – | 56% |
| Income from operations, three months ended September 30, 2026GAAP | $11M | – | – |
| Operating margin, three months ended September 30, 2026GAAP | 9% | – | – |
| Interest income, three months ended September 30, 2026GAAP | $4.91M | – | – |
| Interest expense, three months ended September 30, 2026GAAP | $6K | – | – |
| Change in fair value of term loan, three months ended September 30, 2026GAAP | $1.48M | – | – |
| Other income (expense), net, three months ended September 30, 2026GAAP | −$19K | – | – |
| Income before provision for income taxes, three months ended September 30, 2026GAAP | $17.39M | – | – |
| Provision for income taxes, three months ended September 30, 2026GAAP | $1K | – | – |
| Net income, three months ended September 30, 2026GAAP | $17.4M | – | – |
| Net income attributable to common stockholders, three months ended September 30, 2026GAAP | $17.39M | – | – |
| Diluted net income per share, three months ended September 30, 2026GAAP | $0.32 per diluted share | – | – |
| Basic net income per share, three months ended September 30, 2026GAAP | $ 0.37 | – | – |
| EBITDA, three months ended September 30, 2026non-GAAP | $14.46M | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $22.68M | – | – |
| Net cash provided by operating activities, three months ended September 30, 2026GAAP | $12.55M | – | – |
| Purchases of property and equipment, three months ended September 30, 2026GAAP | −$3.95M | – | – |
| Free cash flow, three months ended September 30, 2026non-GAAP | $8.6M | – | – |
| Total revenue, nine months ended September 30, 2026GAAP | $340.8M | – | 63% |
| Gross profit, nine months ended September 30, 2026GAAP | $243.3M | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | $209.0M | – | – |
| Income from operations, nine months ended September 30, 2026GAAP | $34.36M | – | – |
| Net income, nine months ended September 30, 2026GAAP | $43.41M | – | – |
| Diluted net income per share, nine months ended September 30, 2026GAAP | $ 0.81 | – | – |
| EBITDA, nine months ended September 30, 2026non-GAAP | $34.73M | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $64.85M | – | – |
| Free cash flow, nine months ended September 30, 2026non-GAAP | $24.65M | – | – |
| Total tests accessioned, three months ended September 30, 2026other | 207,000 | – | 27% |
| Total tests delivered, three months ended September 30, 2026other | 206,000 | – | 25% |
| Overall ASP, three months ended September 30, 2026other | $ 589 | – | 18% |
| Total tests accessioned, nine months ended September 30, 2026other | 593,000 | – | 32% |
| Total tests delivered, nine months ended September 30, 2026other | 590,000 | – | 34% |
| Overall ASP, nine months ended September 30, 2026other | $ 571 | – | 22% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Prenatal, three months ended September 30, 2026Both prenatal and oncology delivered strong test volume growth year-over-year. | $104.3M | – | 41% |
| Oncology, three months ended September 30, 2026Both prenatal and oncology delivered strong test volume growth year-over-year. | $17.1M | – | 96% |
| Clinical trial support and other services, three months ended September 30, 2026No driver reported. | $1.6M | – | 115% |
| Prenatal, nine months ended September 30, 2026No driver reported. | $295.1M | – | 54% |
| Oncology, nine months ended September 30, 2026No driver reported. | $41.4M | – | 162% |
| Clinical trial support and other services, nine months ended September 30, 2026No driver reported. | $4.3M | – | 92% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full year 2026 outlook
- Revenue$460.0 million to $470.0 million
- NoteGrowth of 51% to 54% compared to full year 2025.
- NoteExpects to operate the business such that it will continue to generate profitability similar to current levels, even with significant continued investments.
What drove it
- The increase in total revenue was driven by a 25% increase in the number of total tests delivered and an 18% increase in Overall ASP.
- An increase in Overall ASP drove the improvement in gross profit margin compared to the third quarter of 2025.
- The increase in overall cost-per-test was driven by the faster growth of oncology products, which have higher costs per test, and a slight increase in prenatal cost per test, partially offset by improvements in cost-per-test for both oncology products.
- Northstar Clear will be commercially available on December 15, 2026.
- Northstar Response agreed on the direction of ctDNA change in 94% of sequential pairs (67 of 71).
- Unity Fetal Risk Screen data demonstrated 94.4% sensitivity and 99.5% specificity.
Concerns
- Total operating expenses increased 56% to $76.1 million in the third quarter of 2026.
- Overall cost-per-test increased slightly in the third quarter of 2026 compared to last year.
- Oncology products have higher costs per test.
- Long-term debt was $ 88,982 (in thousands) as of September 30, 2026.
What to watch
- Commercial availability of Northstar Clear on December 15, 2026.
- Delivery of full-year 2026 total revenue guidance of $460.0 million to $470.0 million.
- Whether the company continues to generate profitability similar to current levels while making significant continued investments.
- Oncology product growth and its effect on overall cost-per-test.
Balance sheet and cash flow
- Cash and cash equivalents were $ 561,512 (in thousands) as of September 30, 2026, compared to $ 495,975 (in thousands) as of December 31, 2025.
- Long-term debt was $ 88,982 (in thousands) as of September 30, 2026, compared to $ 57,226 (in thousands) as of December 31, 2025.
- Total assets were $ 760,490 (in thousands) as of September 30, 2026, compared to $ 632,654 (in thousands) as of December 31, 2025.
- Total liabilities were $ 193,944 (in thousands) as of September 30, 2026, compared to $ 152,549 (in thousands) as of December 31, 2025.
- Net cash provided by operating activities was $ 37,113 (in thousands) for the nine months ended September 30, 2026, compared to $ 13,803 (in thousands) for the nine months ended September 30, 2025.
- Purchases of property and equipment were $ (12,466) (in thousands) for the nine months ended September 30, 2026, compared to $ (7,344) (in thousands) for the nine months ended September 30, 2025.
- Proceeds from issuance of debt were $ 30,000 (in thousands) for the nine months ended September 30, 2026.
- Net cash provided by financing activities was $ 40,890 (in thousands) for the nine months ended September 30, 2026, compared to net cash used in financing activities of $ (2,784) (in thousands) for the nine months ended September 30, 2025.
- Net increase in cash and cash equivalents was $ 65,537 (in thousands) for the nine months ended September 30, 2026, compared to $ 3,675 (in thousands) for the nine months ended September 30, 2025.
Analysis
BillionToOne reported third-quarter total revenue of $123.0 million, up 47% from $83.5 million. The increase was driven by 25% growth in total tests delivered to 206,000 and an 18% increase in Overall ASP to $589. Prenatal revenue was $104.3 million, up 41%, while oncology revenue was $17.1 million, up 96%. For the nine months ended September 30, 2026, total revenue was $ 340,817 (in thousands), up 63% from $ 209,059 (in thousands).
The company maintained GAAP profitability while growing operating expenses. Gross profit was $87.1 million and gross margin was 71%, compared with $58.4 million and 70% in the prior-year quarter. Management attributed the margin improvement to higher Overall ASP. It also said overall cost-per-test increased slightly because oncology, which has higher costs per test, grew faster and prenatal cost per test increased slightly, partly offset by cost-per-test improvements in both oncology products. Total operating expenses increased 56% to $76.1 million, while income from operations was $11.0 million and operating margin was 9%.
Third-quarter net income was $17.4 million, or $0.32 per diluted share, compared with $1.5 million, or $0.10 per diluted share. Adjusted EBITDA was $ 22,680 (in thousands), compared with $ 15,797 (in thousands), and free cash flow was $8.6 million. For the nine months ended September 30, 2026, net cash provided by operating activities was $ 37,113 (in thousands), purchases of property and equipment were $ (12,466) (in thousands), and free cash flow was $ 24,647 (in thousands). Cash and cash equivalents were $ 561,512 (in thousands) at September 30, 2026, while long-term debt was $ 88,982 (in thousands).
Management raised full-year 2026 total revenue guidance to $460.0 million to $470.0 million from its previous guidance of $450.0 million to $465.0 million. The guide represents growth of 51% to 54% compared with full-year 2025. The company expects profitability similar to current levels despite significant continued investments. Operating milestones include the planned December 15, 2026 commercial availability of Northstar Clear and recently published data for Northstar Response and Unity Fetal Risk Screen.
Management, verbatim
Our third quarter was another period of strong execution.
Dr. Oguzhan Atay, Co-Founder and CEO of BillionToOne
We delivered rapid growth with continued GAAP profitability, and more clinicians are choosing our tests in both prenatal and oncology.
Dr. Oguzhan Atay, Co-Founder and CEO of BillionToOne
Overall, we are proud of our performance so far in 2026 and believe we are still in the early chapters of what our platform can achieve.
Dr. Oguzhan Atay, Co-Founder and CEO of BillionToOne
Not in the filing
stated, not guessed- No share repurchases, dividends, or other capital-return activity were reported.
- No non-GAAP EPS was reported.
- No full-year 2026 guidance was provided for gross margin, operating expenses, tax rate, free cash flow, EBITDA, or adjusted EBITDA.
- No third-quarter 2026 cash flow statement subtotals other than net cash provided by operating activities, purchases of property and equipment, and free cash flow were reported.
- No prior-quarter comparisons were reported for the operating metrics.
- No nine-month gross-margin percentage was reported.
- No separate previous-release outlook section was provided for formal actual-versus-prior-guidance comparison.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
BillionToOne is a Nasdaq‑listed molecular diagnostics company reporting its Q3 2026 results via an SEC Form 8‑K.
Ticker impact
BillionToOne raised its 2026 revenue guidance to $460‑$470 million, up from $450‑$465 million, and reported Q3 revenue of $123 million, a 47% YoY increase.
likely upward pressure as investors price in higher revenue expectations
The company disclosed materially higher revenue and an upward revision to full‑year guidance, which is new information and typically drives buying interest.
Market effects
Strengthens the molecular diagnostics sector, highlighting demand for prenatal and oncology testing.
Positive for US biotech and healthcare investors.
Limited to biotech investors; no broad macro impact.
Counterpoint
If the guidance upgrade is already priced in, the stock may face a short‑term pull‑back.
Key entities
- companyBillionToOne, Inc.
NASDAQ‑listed molecular diagnostics firm
