Companies

BillionToOne’s Revenue Growth Slowed for a Second Straight Quarter

The Tip Desk · August 5, 2026 · 3 min read

The molecular diagnostics company reported $109.4 million in second-quarter revenue and maintained its full-year forecast after two successive increases.

BillionToOne, Inc. (BLLN), a molecular diagnostics company, posted a second consecutive quarter of slowing revenue growth, while operating profit fell from the preceding quarter. Year-over-year sales growth eased to 64% in the three months ended June 30, following 84% in the first quarter and 113% in the final quarter of 2025. The company retained the annual revenue forecast it had raised in each of its previous two reports.

The company attributed the latest quarter’s revenue increase to growth in both testing volumes and average selling prices. It delivered 196,000 tests, an increase of 35%, while its overall average selling price rose 21% to $551. BillionToOne said both prenatal and oncology testing recorded year-over-year volume growth. The results extended expansion in the company’s testing business, although the overall revenue growth rate continued to ease.

Prenatal clinical testing remained the largest business, generating $94.2 million in revenue. Its growth slowed to 55% from 72% in the first quarter. Oncology clinical testing contributed $13.7 million, while clinical trial support and other services generated $1.5 million. The revenue mix left prenatal testing as the principal source of sales even as the company continued to develop additional applications for its oncology platform.

Gross margin also reversed its earlier sequential improvement. It stood at 70%, following 73% in the first quarter and 71% in the final quarter of last year. The company said overall cost per test increased slightly year over year: lower costs within its prenatal and oncology products were offset by faster growth in oncology products, which carried higher costs per test.

Operating income fell to $5.5 million from $17.8 million in the first quarter, leaving an operating margin of 5%. Operating expenses totaled $71.6 million. Selling, general and administrative spending accounted for most of that total, with research and development making up the remainder. The company remained profitable at the operating level, but the latest quarter produced substantially less operating income than the preceding period.

Net income was $8.1 million, or $0.15 a diluted share. The company generated $5.1 million in free cash flow, which it defined as operating cash flow less purchases of property and equipment. Cash and cash equivalents stood at $548.6 million on June 30. BillionToOne expects profitability similar to current levels even with significant continued investments; in its first-quarter report, the company had said it expected profitability approaching current levels.

For full-year 2026, revenue guidance remains $450 million to $465 million, representing growth of 48% to 52%. BillionToOne expects to continue generating profitability similar to current levels while making significant continued investments. The outlook left the revenue range intact after the earlier increases.

The product schedule included additions to both major testing businesses. BillionToOne said an expanded Unity Fetal Risk Screen, featuring a 130-gene panel, is scheduled for commercial availability on August 17. The company said the expansion would broaden Unity’s addressable market. It followed May’s launch of Unity Confirm, an assay designed to confirm high-risk screening results using intact fetal cells isolated from a maternal blood draw.

In oncology, the company had already launched Northstar PGx and Northstar Select CH earlier in the year. Those add-on applications addressed chemotherapy safety and clonal hematopoiesis, extending the uses of its Northstar Select test beyond genomic profiling. BillionToOne said its next addition, Northstar Origin, is scheduled to become commercially available on September 1. The tissue-of-origin feature is intended for patients with unknown or uncertain diagnoses.

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