BillionToOne Inc. (BLLN), a California-based molecular diagnostics company, reported third-quarter results for the period ended September 30, 2025, returning to profit on the back of higher revenue.
Net income available to common shareholders was $1.5 million, or $0.10 per share in Q3, 2025, compared to a net loss of $14.9 million, or $1.47 per share, in the prior-year period.
Revenue is generated primarily from the sale of diagnostic tests to physicians and other healthcare providers.
The company's core product is UNITY, the first non-invasive prenatal test (NIPT) that uses cell-free DNA, or cfDNA, to provide fetal risk assessment for recessive conditions such as sickle cell disease and cystic fibrosis without requiring a paternal sample or invasive procedures such as amniocentesis. It also offers oncology products, namely Northstar Select, the most sensitive Circulating tumor DNA (ctDNA) liquid biopsy to guide therapy selection by detecting actionable alterations, even in low tumor fraction samples, and Northstar Response, the only tissue-free treatment monitoring test.
The company's total revenue for the third quarter of 2025 rose to $83.5 million, up 117% from $38.4 million in the third quarter of 2024, driven by a 52% increase in total tests delivered and a 44% increase in overall average selling price.
The company accessioned 162,900 tests in the third quarter of 2025, versus 107,900 a year ago, and delivered 165,000 tests, versus 108,500 a year ago.
Gross profit increased to $58.4 million from $20.2 million, with gross margin expanding to 70% from 53% a year earlier, reflecting higher ASPs and lower cost-per-test.
Operating income was $9.6 million versus an operating loss of ($12.6) million in Q3 2024.
As of September 30, 2025, BillionToOne held $195.2 million in cash and cash equivalents and generated a positive cash flow of $6.2 million in the third quarter of 2025.
In November 2025, the company closed its initial public offering, raising gross proceeds of $314.0 million and receiving approximately $286.4 million of net proceeds.
For the fourth quarter of 2025, the company expects revenue of $84 million to $90 million, representing 86% to 100% year-over-year growth.
Looking ahead to full-year 2025, total revenue is anticipated to be in the range of $293 million to $299 million, representing growth of 93% to 96% compared to $153 million reported in full-year 2024.
BLLN has thus far hit a low of $88 and a high of $138.70. The stock closed yesterday's trading at $109.53, up 4.65%.
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