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BillionToOne Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary9 Dec, 2025
Executive summary
Achieved Q3 2025 revenue of $83.5 million, up 117% year-over-year, with strong growth in both prenatal and oncology testing and 165,000 tests delivered, a 51% increase YoY.
Transitioned to profitability with Q3 2025 GAAP operating income of $9.6 million (11.5% margin) and net income of $1.5 million, reversing prior year losses.
Raised $314 million in gross proceeds ($286.4 million net) from a November IPO, significantly strengthening the balance sheet.
Focused on differentiated molecular diagnostics in prenatal and oncology, leveraging proprietary technology and exclusive companion diagnostic partnerships.
Published multiple peer-reviewed studies validating product superiority and expanded payor contracts to cover approximately 235 million lives.
Financial highlights
Q3 2025 revenue reached $83.5 million, up from $38.4 million in Q3 2024, with prenatal revenue at $74.8 million (up 101–102% YoY) and oncology revenue at $8.7 million (up 664–7.6x YoY).
Gross margin expanded to 70% in Q3 2025 from 53% a year earlier, driven by higher ASPs and lower cost per test ($151, down 10% YoY).
Operating margin was 11.5% in Q3 2025, with net income per diluted share of $0.10.
Cash and equivalents at quarter-end were $195.2 million, with additional IPO proceeds post-Q3.
Adjusted EBITDA for Q3 2025 was $14.2 million, up from $(8.8) million in Q3 2024.
Outlook and guidance
2025 full-year revenue guidance set at $293–$299 million, representing 92–96% growth over 2024.
Q4 2025 revenue expected between $84–$90 million, up 86–100% year-over-year.
Positive GAAP operating income projected for both Q4 and full year 2025.
Management expects continued revenue growth driven by increased test volumes and higher ASPs, with further details for 2026 to be provided at the JPMorgan Healthcare Conference.
Sufficient liquidity to fund operations for at least the next 12 months following the IPO.
Detail cost-per-test reductions for gross margin
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Next BillionToOne earnings date
Q4 202524 Mar, 2026
Next BillionToOne earnings date
Q4 202524 Mar, 2026
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