智通财经APP获悉，分子诊断公司BillionToOne(专注于基于单分子测序平台开发产前与肿瘤诊断技术)于 周二向美国证券交易委员会(SEC)提交申请，计划通过首次公开发行(IPO)募集至多1亿美元资金。 2023年，公司进一步推出两款互补性泛癌液体活检检测产品：一款是用于指导治疗方案选择的Northstar Select，另一款是基于甲基化技术的Northstar Response——该检测可在单分子水平上量化癌症负荷，且 无需进行组织活检。 这家总部位于美国加利福尼亚州门洛帕克的公司成立于2016年，截至2025年6月30日的12个月内实现营 收2.09亿美元。公司计划在纳斯达克证券交易所上市，股票代码为"BLLN"。此前，BillionToOne已于 2025年6月20日以保密形式提交了IPO申请。此次交易的联席账簿管理人包括摩根大通、派珀·桑德勒 (Piper Sandler)、杰富瑞、威廉·布莱尔(William Blair)、斯蒂费尔(Stifel)、富国证券及BTIG。目前，公司 尚未披露IPO定价相关条款。 BillionToOne聚焦分子诊断领域，依托其单分子下一代测序(smNGS)平台开 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [2][9]. Core Views - The company has shown resilience in performance amidst geopolitical risks, with steady growth in global sequencing installations. The core sequencing business is experiencing robust growth, supported by domestic market recovery and accelerated overseas expansion [2][6]. - The company achieved a revenue of 3.01 billion yuan in 2024, reflecting a year-on-year growth of 3.48%. However, the net profit attributable to the parent company was -601 million yuan, a slight improvement of 1.10% year-on-year [3][6]. - The report highlights the company's competitive advantage as a domestic leader in sequencing instruments, with a global market share of approximately 7.1% based on revenue and 28.2% based on new installations [6]. Summary by Sections Financial Performance - The company forecasts revenues of 3.61 billion yuan for 2025, with a growth rate of 20%. The net profit is expected to improve significantly, reaching -177 million yuan, a 70% year-on-year increase [2][7]. - In Q1 2025, the company reported a revenue of 455 million yuan, a decline of 14.26% year-on-year, while the net profit attributable to the parent company was -133 million yuan, an increase of 33.67% year-on-year [3][6]. Market Position - The company has accelerated its global expansion, with nearly 900 overseas marketing personnel and a significant increase in installed sequencing machines, totaling over 4,500 units globally by the end of 2024 [6]. - The domestic market share for newly installed instruments reached approximately 63.8%, with revenue market share increasing to 39% [6]. Cost and Efficiency - The report notes a decrease in sales expense ratio to 25.42% and a slight increase in management expense ratio to 19.98%. The R&D expense ratio decreased to 24.77%, indicating improved operational efficiency [6]. - The gross margin for 2024 was reported at 55.51%, a decrease of 3.96 percentage points year-on-year, primarily due to changes in product mix [6]. Future Outlook - The company is expected to continue benefiting from innovative products and global channel development, with projected revenues of 4.5 billion yuan in 2026 and 5.6 billion yuan in 2027, reflecting a growth rate of 25% and 24% respectively [2][6]. - The net profit is anticipated to turn positive by 2026, reaching 182 million yuan by 2027, indicating a significant turnaround from previous losses [2][6].