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BillionToOne (BLLN) investor relations material

BillionToOne IPO Filing summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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IPO Filing summary7 Oct, 2025

Company overview and business model

  • Operates as a precision diagnostics company leveraging a proprietary single-molecule NGS (smNGS) platform for ultrasensitive molecular diagnostics in prenatal and oncology markets.

  • Product portfolio includes UNITY prenatal tests (fetal risk, aneuploidy, antigen NIPT) and Northstar oncology tests (therapy selection, response monitoring, MRD in development).

  • Business model is based on test volume and average selling price (ASP), with revenue primarily from third-party payors and direct sales to clinics.

  • Focuses on innovation, automation, and AI integration to drive operational efficiency and product differentiation.

Financial performance and metrics

  • Revenue grew from $8M in 2021 to $152.6M in 2024, with 113% YoY growth in 2024 and 82% YoY growth in H1 2025.

  • Gross margin improved from 24% in 2023 to 53% in 2024, reaching 65% in H1 2025.

  • Net loss narrowed from $82.7M in 2023 to $41.6M in 2024, and $4.2M in H1 2025.

  • Non-GAAP net operating income turned positive in H1 2025 ($1.2M), with EBITDA and adjusted EBITDA also showing improvement.

  • Cash and cash equivalents were $189M as of June 30, 2025, with a debt facility of up to $140M and $50M drawn.

Use of proceeds and capital allocation

  • Net proceeds from the IPO will be used for working capital, R&D, technology development, growth initiatives, and general corporate purposes.

  • May allocate a portion to acquisitions or investments in complementary products, technologies, or businesses.

  • Management has broad discretion over use of proceeds.

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