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Earnings analysis · 10-Q

BLLN earnings analysis

Filed May 6, 2026 · Our reading of the company's report

The latest report

BillionToOne (BLLN) delivered strong Q2 2026 results, with revenue increasing by 83.8% year-over-year to $108.4 million, significantly surpassing estimates. Earnings per share (EPS) of $0.34 also exceeded projections,…

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BillionToOne (BLLN) delivered strong Q2 2026 results, with revenue increasing by 83.8% year-over-year to $108.4 million, significantly surpassing estimates. Earnings per share (EPS) of $0.34 also exceeded projections, leading to a raised full-year revenue guidance of $450 million to $465 million, highlighting robust demand for their molecular diagnostic tests in both prenatal and oncology segments.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

73% Gross margin Operating margin Dec 2025 May 2026

One point per quarterly or annual filing. Both margins are shares of that report's revenue.

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $27 Operating expenses $57 Left as operating profit $16

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish Dec 2025 May 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$0.34
Segment
Prenatal Tests: 89%
Segment
Oncology Tests: 10%

What stood out

  • Revenue Growth of 83.8%

    Revenue surged to $108.4 million in Q2 2026 from $58.96 million in Q2 2025, reflecting strong demand.

  • EPS Surprise

    Reported EPS of $0.34 exceeded estimates of $0.09, indicating strong profitability.

  • Improved Gross Margin

    Gross margin rose to 73% from 64% year-over-year, thanks to operational efficiencies.

  • Increased Test Volume

    Total test volume increased by 44%, reaching approximately 188,000 tests in Q2 2026.

  • Raised Full-Year Guidance

    Full-year revenue guidance increased to $450-$465 million from $430-$445 million.

  • Robust Operating Cash Flow

    Operating cash flow was $15.4 million in Q2 2026, up from $2.6 million a year ago.

What to watch

  • Increased Operating Expenses

    Operating expenses rose 52.1% to $61.3 million vs $40.3 million YoY, driven by higher R&D and SG&A costs.

  • Dependence on Insurance Payor Agreements

    Over 90% of revenue depends on third-party payer reimbursement, which can be uncertain.

  • Material Weaknesses in Internal Control

    Continued reporting of material weaknesses in financial reporting controls as of March 31, 2026.

Management's outlook

Raised full-year 2026 revenue guidance to $450 million - $465 million, reflecting advancements in sales and market dynamics.

Earlier filings 2

10-K · March 11, 2026

BillionToOne emphasizes a durable technical moat built on its patented smNGS platform and QCTs that enable single-molecule quantification and low-cost, high-precision cfDNA assays. The company highlights commercial…

10-Q · December 10, 2025

BillionToOne reported a strong Q3 2025 quarter with revenue of $83,523 (in thousands) and GAAP net income of $5,711 (in thousands), reversing prior-year losses. Revenue more than doubled year-over-year driven by…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.