Financial Data and Key Metrics Changes - For the full year 2025, the company achieved 100% year-over-year growth with an adjusted EBITDA margin of 13%, a positive GAAP operating margin, and positive cash flow [6][26] - Total revenue in Q4 2025 was $96.1 million, representing a 113% year-over-year increase, driven by rapid increases in tests delivered and ASPs across both product lines [21][29] - Gross profit in Q4 2025 was $68.6 million, resulting in a gross margin of 71.4%, compared to 57% in Q4 2024 [31] Business Line Data and Key Metrics Changes - Prenatal revenue in Q4 was $86.9 million, up 98% year-over-year, reaching an annualized run rate of $348 million [21][29] - Oncology revenue reached $9.1 million in Q4, achieving a 736% year-over-year increase, driven by increasing adoption of both Select and Response [22][29] - The number of tests delivered in 2025 grew 51% to 610,000, with overall ASP increasing 35% to $495 [33] Market Data and Key Metrics Changes - The company achieved a gross margin profile above 70%, despite subscale ASPs, particularly in oncology [11] - The overall ASP increased another 12% quarter-over-quarter from $501 to $561, reflecting several converging tailwinds [23] Company Strategy and Development Direction - The long-term goal remains to build a category-defining business and enter the S&P 500, with a focus on continuous improvement and operational efficiency [11][42] - The company is positioned to address more than $100 billion in U.S. market opportunity over time, leveraging its revolutionary technology platform [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, citing strong momentum in both prenatal and oncology segments, and the potential for further ASP expansion [37][40] - The recent contract with UnitedHealthcare is expected to enhance ASPs and reduce friction in patient access to tests [60] Other Important Information - The company ended the year with approximately $496 million in cash and equivalents and just $50 million in term debt, positioning it for strong growth moving forward [34] - The company achieved GAAP profitability in both Q4 2025 and full year 2025, with significant improvements in net margin and operating margin [26][34] Q&A Session Summary Question: Awareness of UNITY among providers - Management noted that around 50% of providers do not know about UNITY, indicating significant growth potential as awareness increases [46][47] Question: Conversations with MFMs regarding test uptake - MFMs are crucial decision-makers for high-risk pregnancies, and their advocacy for UNITY can significantly influence OBs' test choices [49][50] Question: New provider metrics for Northstar - The company reported a significant increase in active ordering providers in Q4, indicating strong growth potential for Q1 [54][55] Question: Gross margin expectations - Management expects gross margins to remain in the high 60% range, with potential for slight fluctuations based on product mix [57] Question: Impact of UnitedHealthcare contract - The in-network contract is expected to lead to higher ASPs, as previous contracts have not resulted in ASP decreases [60][61] Question: Competitive landscape and market impact - Management indicated that they have not seen significant impact from competitors, as evidenced by strong test volume growth and increased prenatal revenues [64]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved 100% year-over-year growth with an adjusted EBITDA margin of 13%, a positive GAAP operating margin, and positive cash flow [6][26] - Total revenue in Q4 2025 was $96.1 million, representing a 113% year-over-year increase, with prenatal revenue at $86.9 million (up 98%) and oncology revenue at $9.1 million (up 736%) [29][21] - Gross margins improved to 71.4% in Q4 2025, a 14.3 percentage point increase year-over-year [25][31] Business Line Data and Key Metrics Changes - Test volumes grew by 51% year-over-year, reaching approximately 170,000 tests in Q4 2025 [20][33] - The average selling price (ASP) increased by 35% year-over-year to $495 for the full year 2025, with a significant sequential increase of $60 per test in Q4 [23][34] - Oncology revenue growth was driven by the adoption of Northstar Select and Response, with a quarter-over-quarter growth of 29% excluding true-up revenue [22][30] Market Data and Key Metrics Changes - The company reached an annualized revenue run rate of $384 million in Q4 2025, indicating strong market demand and growth potential [10][21] - The company has secured Medicare coverage for Northstar Select and signed contracts covering over 250 million lives in the U.S. [8][10] Company Strategy and Development Direction - The company aims to build a category-defining business and enter the S&P 500, focusing on innovation in prenatal and oncology diagnostics [11][46] - The launch of new products, including expanded fetal antigen NIPT and Northstar Select PGx, is expected to drive future growth [12][40] - The company emphasizes operational efficiency and cost reduction, achieving GAAP profitability while maintaining high growth rates [11][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth, citing strong test volume momentum and the impact of new clinical guidelines on market adoption [37][38] - The company anticipates that the recent contract with UnitedHealthcare will enhance ASPs and reduce friction in patient access to tests [42][63] - Management believes that the current guidance for 2026 is conservative, with several growth drivers not fully reflected in the projections [35][79] Other Important Information - The company ended 2025 with approximately $496 million in cash and only $50 million in term debt, positioning it well for future growth [34][35] - The company achieved a significant milestone by going public during a challenging market environment, demonstrating resilience and execution capability [5][6] Q&A Session Summary Question: Awareness of UNITY among providers - Management noted that around 50% of providers are unaware of UNITY, indicating significant growth potential as awareness increases [49][50] Question: Conversations with health systems regarding MFMs - Management highlighted the importance of MFMs in driving test adoption and the ongoing discussions to increase uptake among larger health systems [52][53] Question: New provider metrics for Northstar - Management reported a record increase in active ordering providers in Q4, signaling strong growth potential for Q1 2026 [56][58] Question: Gross margin expectations - Management indicated that gross margins are expected to remain stable in the high 60% to low 70% range, without aggressive expectations for expansion [60] Question: Impact of UnitedHealthcare contract - Management expects higher ASPs from the in-network contract with UnitedHealthcare, which covers both prenatal and oncology products [63][65] Question: Competitive landscape and impact from Natera - Management stated that they have not seen any negative impact from competition, as evidenced by strong test volume growth and increased prenatal revenues [68]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved 100% year-over-year growth with an adjusted EBITDA margin of 13%, a positive GAAP operating margin, and positive cash flow [5][34] - Total revenue in Q4 2025 was $96.1 million, representing an increase of 113% compared to $45.1 million in Q4 2024 [29][30] - Gross profit in Q4 2025 was $68.6 million, resulting in a gross margin of 71.4%, up from 57% in Q4 2024 [31][34] - The overall ASP increased from $368 in 2024 to $495 in 2025, a 35% year-over-year increase [33][24] Business Line Data and Key Metrics Changes - Prenatal revenue in Q4 was $86.9 million, up 98% year-over-year, reaching an annualized run rate of $348 million [21][29] - Oncology revenue reached $9.1 million in Q4, achieving a 736% year-over-year increase, with an annualized revenue run rate of $36 million [23][29] - Test volumes grew by 51% year-over-year, with approximately 170,000 tests delivered in Q4 [20][33] Market Data and Key Metrics Changes - The company signed 44 payer contracts, adding more than 25 million lives, reaching a total of 250 million contracted lives in the U.S. [6] - The company achieved a gross margin profile above 70%, despite subscale ASPs, particularly in oncology [10] Company Strategy and Development Direction - The long-term goal remains to build a category-defining business and enter the S&P 500 [10] - The company is focused on expanding its prenatal and oncology product lines, with recent launches aimed at solidifying its competitive advantage [11][18] - The company aims to leverage its revolutionary technology platform to address a market opportunity exceeding $100 billion in the U.S. [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong performance across all teams and the potential for further market penetration [4][7] - The company anticipates continued momentum in both prenatal and oncology segments, driven by new product launches and increased awareness among healthcare providers [37][41] - Management highlighted the importance of the recent in-network contract with UnitedHealthcare, which is expected to enhance ASPs and reduce friction in patient access to tests [41][60] Other Important Information - The company ended the year with approximately $496 million in cash and equivalents and only $50 million in term debt, positioning it for strong growth moving forward [34][35] - The company achieved GAAP profitability in both Q4 2025 and the full year 2025, with significant improvements in net and operating margins [27][34] Q&A Session Summary Question: Awareness of UNITY among providers - Management noted that around 50% of providers are unaware of UNITY, indicating significant growth potential as awareness increases [47][48] Question: Conversations with MFMs regarding test uptake - Management emphasized the influence of MFMs on test selection and the importance of building relationships with them to drive adoption [50][51] Question: New provider metrics for Northstar - Management reported a record increase in active ordering providers, indicating strong growth potential for Q1 2026 [54][55] Question: Gross margin expectations - Management expects gross margins to remain stable in the high 60% range, with no aggressive expectations for expansion [56] Question: Impact of UnitedHealthcare contract - Management anticipates higher ASPs from the in-network contract with UnitedHealthcare, which is expected to streamline reimbursement processes [60][61] Question: Coverage discussions with CMS - Management is in discussions with CMS regarding coverage for Northstar Response, with expectations for a decision by the end of the year [78]

Q4 2025 & FY 2025 Business Update March 4, 2026 Disclaimer & Forward Looking Statement This presentation contains certain "forward-looking statementsˮ within the meaning of applicable securities laws. These statements relate to future events and results of BillionToOne, Inc. (the "Company,ˮ "we,ˮ "us,ˮ or "ourˮ) and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materiall ...

Company Overview - BillionToOne, Inc. is a healthcare diagnostics company specializing in molecular counting technology for single-molecule DNA detection, focusing on non-invasive prenatal testing and oncology liquid biopsy solutions [6] - The company generates revenue by providing advanced molecular testing services to healthcare providers and laboratories, leveraging proprietary molecular counting technology for high-sensitivity DNA analysis [8] Financial Metrics - As of February 13, 2026, the company's stock price was $88.61, reflecting a 48% increase from its November IPO price of $60 [7][10] - The market capitalization of BillionToOne is $4.06 billion, with a revenue of $254.14 million and a net income of -$14.20 million for the trailing twelve months (TTM) [4] Recent Developments - On February 13, 2026, Napean Trading & Investment disclosed a new position in BillionToOne, acquiring 233,333 shares valued at $19,095,973, which accounts for 3.71% of the fund's reportable U.S. equity assets under management [1][9] - The company reiterated its 2025 revenue guidance of $293 million to $299 million and projected 2026 revenue between $415 million and $430 million, indicating a growth rate of 40% to 45% at the midpoint [10] Market Position - BillionToOne's offerings include precision molecular diagnostics such as UNITY Complete (non-invasive prenatal screening), Northstar Select (liquid biopsy for tumor mutation profiling), and Northstar Response (cancer burden monitoring) [8] - The company is positioned to address critical needs in precision medicine and clinical diagnostics, with primary customers including hospitals, clinics, and research institutions focused on prenatal care and oncology diagnostics [6][8]

Core Insights - BillionToOne has launched two new add-on applications, Northstar PGx and Northstar Select CH, to enhance the Northstar Select platform for liquid biopsy testing, which is designed for advanced solid tumors [1] Group 1: Product Launch and Features - Northstar PGx provides pharmacogenomic insights into key variants in DPYD and UGT1A1, which are critical for fluoropyrimidine and irinotecan-based therapies, helping inform treatment planning without extending turnaround time [1] - Northstar Select CH addresses clonal hematopoiesis, which can lead to false positives in cfDNA testing, achieving over 99% accuracy in distinguishing tumor-derived alterations from non-tumor findings [1] - The integration of these applications into the Northstar workflow allows for comprehensive insights from a single blood draw, enhancing clinical decision-making without adding complexity [1] Group 2: Clinical Validation and Performance - Northstar Select demonstrated superior performance in detecting clinically actionable alterations, identifying 51% more pathogenic single nucleotide variants and 109% more copy number variants compared to other liquid biopsy tests [1] - The assay showed 98% concordance with results from digital droplet PCR, validating its sensitivity and accuracy in clinical settings [1] Group 3: Industry Context and Implications - The launch reflects a commitment to improving oncologists' ability to select appropriate therapies, thereby avoiding ineffective treatments and potential chemotherapy toxicity [1] - Recent guidelines emphasize the importance of broader testing, which aligns with the capabilities of Northstar PGx and Northstar Select CH, supporting the trend towards personalized medicine in oncology [1]

JPM Healthcare Conference 2026 Redefining Molecular Diagnostics with Single-Molecule Precision 2 Disclaimer & Forward Looking Statement 2025 Q3 Business Update This presentation contains certain "forward-looking statementsˮ within the meaning of applicable securities laws. These statements relate to future events and results of BillionToOne, Inc. (the "Company,ˮ "we,ˮ "us,ˮ or "ourˮ) and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, p ...

Financial Data and Key Metrics Changes - Total revenue in Q3 2025 was $83.5 million, representing a 117% increase compared to $38 million in Q3 2024 [20][25] - Gross profit was $58.4 million with a gross margin of 70%, up from 53% in Q3 2024, marking a 17 percentage point increase [23][19] - Operating income was $9.6 million, with a positive GAAP operating margin of 11.5%, compared to an operating loss of $12.6 million in Q3 2024 [24][25] - Net income available to common shareholders was $1.5 million, or $0.10 per diluted share, compared to a net loss of $14.9 million, or $1.47 per diluted share for the same period in 2024 [25] Business Line Data and Key Metrics Changes - Prenatal revenues were $74.1 million, increasing over 100% year-over-year, while oncology revenues grew 664% to $8.7 million [21][16] - Total test accession grew 51% year-over-year to 163,000 tests, driven by expanded geographic coverage and increased commercial density [13][16] - Average selling prices (ASVs) increased significantly, with a blended ASV of $501 in Q4, a 44% year-over-year increase [17] Market Data and Key Metrics Changes - The company has approximately 235 million contracted lives, contributing to the expansion of payer coverage [17] - The oncology business is growing faster than the prenatal business, indicating a shift in market dynamics [16] Company Strategy and Development Direction - The company aims to build a category-defining generational company and become a member of the S&P 500 [9] - Investments are being made in expanding the sales team and enhancing EMR integration to drive growth [30][49] - The company is focused on maintaining capital efficiency while achieving profitability [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue growing profitably, with expectations for positive GAAP operating income in Q4 and for the full year of 2025 [28] - The company believes it is well-positioned to address a $100 billion market opportunity in the U.S. [8] - Management noted that competitive product launches have not impacted business growth, indicating strong market positioning [14][89] Other Important Information - The company completed a successful IPO, raising $314 million in gross proceeds [5] - The company has established an exclusive agreement with Johnson & Johnson for hemolytic disease of fetus and newborn, enhancing its market position [11] Q&A Session Summary Question: Future GAAP net income expectations - Management aims to continue growing profitably and will provide more guidance at the JPMorgan Healthcare Conference [33] Question: Timing for oncology test reimbursements - The first Medicare coverage for Northstar Select Response is expected before the end of 2026 [35] Question: Guidance process as a public company - The company has been operating close to a public company for years and has been conservative in its projections [39] Question: Impact of EMR investment - EMR integration is expected to significantly accelerate adoption in large health systems, addressing a key barrier to growth [49] Question: Clinical spending compared to competitors - The company recognizes the importance of investing in clinical studies but aims to focus on studies that answer specific physician questions [55] Question: Mix between monitoring and therapy selection tests - There is a two-to-one ratio of response tests to select tests, with most providers using both together [60] Question: Sales force expansion expectations - The company plans to add 8-10 net reps in prenatal and 4-6 in oncology each quarter [65] Question: Contribution of Medicaid to ASP growth - The carrier code's incorporation into Medicaid coverage can significantly impact ASPs, although the full effect will take time to materialize [68]

2025 Q3 Business Update December 9, 2025 Disclaimer & Forward Looking Statement 2025 Q3 Business Update This presentation contains certain "forward-looking statementsˮ within the meaning of applicable securities laws. These statements relate to future events and results of BillionToOne, Inc. (the "Company,ˮ "we,ˮ "us,ˮ or "ourˮ) and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industr ...

Core Viewpoint - BillionToOne, a molecular diagnostics company, is set to raise $200 million through its IPO by offering 3.8 million shares priced between $49 and $55 per share, resulting in a fully diluted market capitalization of $2.7 billion at the midpoint of the proposed price range [1][2] Company Overview - Founded in 2016, BillionToOne focuses on prenatal screening and cancer treatment monitoring, utilizing its Quantitative Counting Templates technology to detect DNA molecules with single-base pair precision [2] - The company plans to list on NASDAQ under the ticker symbol BLLN, with joint bookrunners including JPMorgan, Jefferies, Wells Fargo Securities, and BTIG [2] Product Development - BillionToOne has developed a single-molecule next-generation sequencing (smNGS) platform for prenatal and oncology products, allowing significant insights through simple blood collection [1] - In 2019, the company launched its first prenatal product, UNITY, which is a non-invasive prenatal test for assessing the risk of recessive genetic diseases without requiring paternal samples or invasive procedures [1] - In 2023, BillionToOne introduced two complementary pan-cancer liquid biopsy tests: Northstar Select for guiding treatment choices and Northstar Response, a methylation-based test that quantifies cancer severity at the single-molecule level without tissue biopsy [1] Financial Performance - For the 12 months ending June 30, 2025, BillionToOne reported revenue of $209 million [2]