BLLN · BillionToOne, Inc.

BillionToOne delivered exceptional Q1 2026 results with total revenue surging 84% to $108.4 million, driven by 44% growth in tests delivered to 188,000 and 28% higher average selling price of $571. Prenatal testing, the core revenue driver at $96.5 million, grew 72%, while oncology testing exploded 392% to $10.7 million, highlighting successful product expansion. Gross margin improved to 73% from 64% due to higher ASP, despite stable cost-per-test, with oncology's higher costs offset by pricing power. Operating expenses rose 52% to $61.3 million on scaling R&D and SG&A, yet operating income flipped to $17.8 million (16% margin) from a $2.3 million loss, with net income of $18.0 million or $0.34 diluted EPS. Cash generation strengthened, with operating cash flow minus capex at $11.0 million. The company raised full-year 2026 revenue guidance to $450-465 million (48-52% growth over 2025, up from prior $430-445 million), expecting sustained profitability amid investments. Key momentum includes May launch of Unity Confirm, a non-invasive fetal cell assay reducing need for invasive procedures, expanded payor contracts to $300 million lives, and new prenatal/oncology offerings. CEO Oguzhan Atay emphasized platform potential in addressing complex healthcare challenges, positioning BillionToOne for continued execution.