BillionToOne, Inc. (BLLN) · Nov 4, 2026 · Earnings
Beat — Diluted EPS $0.32 vs ~$0.15 consensus
BillionToOne earnings beat consensus on revenue and diluted EPS, while stronger oncology growth and a Northstar launch support higher 2026 guidance.
BillionToOne is scaling a prenatal-testing franchise while building oncology diagnostics into its next growth engine; its Northstar portfolio is expanding from treatment selection and monitoring toward a broader, pan-cancer liquid-biopsy platform. The company’s official investor materials describe UNITY as its prenatal foundation and Northstar as its oncology growth platform.
The quarter clearly beat the published bar. Revenue reached $123.0 million, ahead of the roughly $116–118 million consensus range, while diluted EPS was $0.32 versus published estimates around $0.15–$0.16. Revenue growth was broad: prenatal rose 41%, oncology surged 96%, and total tests delivered increased 25%. The result is not just a volume story—average selling price also rose 18%.
| Metric | Q3 2026 | Q3 2025 | Consensus |
|---|---|---|---|
| Revenue (Financial Highlights) | $123.0M (+47%) | $83.5M | ~$116–118M |
| Diluted EPS (Income Statement) | $0.32 | $0.10 | ~$0.15–$0.16 |
| Prenatal revenue (Segment results) | $104.3M (+41%) | $74.1M | |
| Oncology revenue (Segment results) | $17.1M (+96%) | $8.7M | |
| Gross margin (Financial Highlights) | 71% | 70% | |
| Adjusted EBITDA (Adjusted EBITDA reconciliation) | $22.7M | $15.8M |
The more important change is the raised full-year outlook. Management lifted 2026 revenue guidance to $460.0–$470.0 million from $450.0–$465.0 million, raising both ends and moving the midpoint from $457.5 million to $465.0 million. That is a meaningful upgrade against a standing expectation for roughly $455 million of full-year revenue, not merely a confirmation of the prior plan.
Oncology is becoming a more credible second growth pillar, although prenatal still carries the business. Oncology revenue nearly doubled year over year and now represents about 14% of quarterly revenue, versus roughly 10% a year ago. The filing also sets a December 15 commercial launch for Northstar Clear, a tissue-free MRD test intended for all solid tumors, while citing recent head-to-head evidence for Northstar Response. 〔0〕
Profitability and cash generation improved, but the headline EPS beat deserves some qualification. Operating income rose only 14% to $11.0 million as selling, general and administrative expense and research spending increased, while diluted share count was far above the prior-year level. Still, operating cash flow reached $12.5 million in the quarter and free cash flow was $8.6 million, so the business is funding expansion rather than relying solely on external capital.
Bottom line: This was a genuine execution beat with a second consecutive upward step in full-year revenue expectations. The event strengthens BillionToOne’s existing growth story and makes the oncology expansion—and the Northstar Clear launch—the next test of whether that story can broaden beyond prenatal diagnostics.
Northstar Clear commercial launch, December 15, 2026
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