BillionToOne, Inc.
billiontoone.comWhat Do They Do?
Sells prenatal genetic screening and cancer-testing services based on blood samples to patients through their physicians.
10-K for FY2025, filed Mar 11, 2026BillionToOne is transforming healthcare by redefining molecular diagnostics. Our revolutionary single molecule next-generation sequencing…View ↗
Our product portfolio of ultrasensitive tests touches everyone from the beginning of life, with prenatal genetic testing, to the end of…View ↗
Our UNITY Fetal Risk Screen directly addressed these challenges and is the first test that uses cfDNA to provide precise fetal risk…View ↗
In the oncology setting, ultrasensitive tests with real-time insights are required to effectively detect, diagnose, and treat patients with…View ↗
How Do They Make Money?
Patients request tests through physicians; the company generally bills the patient or their insurer, Medicare or Medicaid when results are delivered. For its Johnson & Johnson partnerships, it receives milestone payments and reimbursement for testing services.
10-K for FY2025, filed Mar 11, 2026The Company generates revenue primarily from prenatal and oncology testing services, which are referred to as testing services or test…View ↗
The Company enters into contracts with third-party payors, including insurance carriers, Medicaid and Medicare, to set the pricing for…View ↗
In January 2023, the Company entered a partnership with Johnson & Johnson ("J&J") under which the Company is licensing the Company’s…View ↗
In July 2025, the Company entered into a partnership with J&J for the development and commercialization of a companion diagnostic (CDx)…View ↗
The Company recognizes revenue for the single performance obligation for each of the J&J partnership agreements over the period the…View ↗
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10-K for FY2025, filed Mar 11, 2026
FY2025 revenue by product or service ↗
$305.1M
-
10-K for FY2025, filed Mar 11, 2026
$305.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Prenatal
Sold outright
10-K for FY2025, filed Mar 11, 2026 |
91% |
Prenatal, FY2025
$277.1M Sources
|
Sold outright |
|
Oncology
Sold outright
10-K for FY2025, filed Mar 11, 2026 |
8.2% |
Oncology, FY2025
$25M Sources
|
Sold outright |
|
Clinical trial support and other services
|
1.0% |
Clinical trial support and other services, FY2025
$3.1M Sources
|
Who Are Their Customers?
Patients are the primary customers and request tests through physicians. The company generally bills insurers, Medicare, Medicaid or patients; Johnson & Johnson is a customer for clinical trial and companion diagnostic work.
10-K for FY2025, filed Mar 11, 2026The Company generates revenue primarily from prenatal and oncology testing services, which are referred to as testing services or test…View ↗
The Company enters into contracts with third-party payors, including insurance carriers, Medicaid and Medicare, to set the pricing for…View ↗
In January 2023, the Company entered a partnership with Johnson & Johnson ("J&J") under which the Company is licensing the Company’s…View ↗
In July 2025, the Company entered into a partnership with J&J for the development and commercialization of a companion diagnostic (CDx)…View ↗
Segment revenues are derived from prenatal and oncology testing services delivered to patients, the Company's primary customers; both the…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.
10-K for FY2025, filed Mar 11, 2026
$16MView ↗
10-K for FY2025, filed Mar 11, 2026
$7.5MView ↗
10-K for FY2025, filed Mar 11, 2026
$15.7MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
$8.1MView ↗
- ▲ Now profitable
- vs −$246K in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Aug 5, 2026
BillionToOne reiterated its 2026 revenue guidance.
The company continues to expect full-year revenue of $450.0 million to $465.0 million.
Sources
8-K, filed Aug 5, 2026
BillionToOne continues to expect full year 2026 total revenue of $450.0 million to $465.0 million, representing growth of 48% to 52%…View ↗
Growing.
Revenue grew 4.3x in 2 years, from $71.7M in FY2023 to $305.1M in FY2025, about 106% a year.
10-K for FY2025, filed Mar 11, 2026
Who Do They Compete With?
Competes with Illumina, Verinata, Laboratory Corporation of America Holdings, Myriad Genetics, Natera, Quest Diagnostics, Fulgent Genetics, Caris Life Sciences, Foundation Medicine, Roche Holdings, Guardant Health, NeoGenomics Laboratories, Tempus AI, Exact Sciences, Grail, and Haystack
10-K for FY2025, filed Mar 11, 2026In the prenatal market, our main competitors offering NIPTs include Illumina, through its subsidiary Verinata, Laboratory Corporation of…View ↗
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