BLLN earnings analysis
What we found in BLLN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.34
- Gross margin
- 73%
- Operating margin
- 16.4%
- Segment
- Prenatal Tests: 89%
- Segment
- Oncology Tests: 10%
What they said about what is next.
Raised full-year 2026 revenue guidance to $450 million - $465 million, reflecting advancements in sales and market dynamics.
The filing reads better than the one before it.
What came before.
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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