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Visual24 Oct 2025
The rise of Alphabet
BillionToOne (BLLN) investor relations material
BillionToOne IPO filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.IPO filing summary17 Oct, 2025
Company overview and business model
Specializes in precision molecular diagnostics using a proprietary single-molecule NGS (smNGS) platform for prenatal and oncology testing.
Offers category-defining products: UNITY for prenatal screening and Northstar for oncology liquid biopsy, both leveraging high sensitivity and quantification.
Business model is based on test volume and average selling price (ASP), with revenue primarily from third-party payors.
Focuses on expanding test menu, automation, and AI integration to drive operational efficiency and product innovation.
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 decreased from $82.7M in 2023 to $41.6M in 2024, and to $4.2M in H1 2025.
Non-GAAP operating income turned positive in H1 2025 ($1.2M), with EBITDA and adjusted EBITDA also showing improvement.
As of June 30, 2025, cash and cash equivalents were $188.96M, with $52.1M in long-term debt and an accumulated deficit of $286.4M.
Use of proceeds and capital allocation
Net proceeds of ~$180.4M (or $208.3M if underwriters' option exercised) to be used for working capital, R&D, technology development, and general corporate purposes.
May use a portion for acquisitions or investments in complementary products, technologies, or businesses.
No current plans for dividends; all earnings to be retained for growth and operations.
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