BLLN

BillionToOne is a molecular-diagnostics company with prenatal screening and oncology (liquid-biopsy) test lines, and its growth is genuinely exceptional: revenue doubled to $305M in FY2025 (from $71.7M in FY2023), gross profit rose 157.6% to $208M, and the company crossed into profitability with $7.45M of net income — its first profit after losses of -$82.7M and -$41.6M in the prior two years. The 68.3% gross margin and the 10-K's emphasis on growing operational headcount far slower than test volume point to real, widening operating leverage. The balance sheet is pristine for a young growth company: $496M cash, only $57.2M long-term debt, $480M equity and a 0.32x liabilities/equity ratio, with positive operating cash flow of $24.6M.

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