Shares of BillionToOne (BLLN) rose following the company's presentation at the Wells Fargo 21st Annual Healthcare Conference on September 9, 2026, where CEO and founder Oguzhan Atay outlined second-quarter results and long-term growth strategy across its prenatal and oncology diagnostic platforms.
Second-quarter revenue grew 64 percent year over year, while test volume climbed 35 percent. Oncology revenue accelerated sharply, surging 176 percent in the quarter. The company reported operating margins of more than 30 percent in its prenatal segment.
BillionToOne says approximately 300 million lives are currently covered in-network for its prenatal testing products. Its estimated market share in independent obstetrician-gynecologist clinics stands at roughly 20 percent, with provider awareness in the prenatal testing space reaching about 50 percent after six to seven years in market.
The company distinguished between its two prenatal market segments. Independent OBGYN clinics account for roughly 40 percent of the prenatal market and generate the vast majority of current test volume, while health systems represent the remaining 60 percent and are viewed as the larger long-term opportunity. Each health-system contract adds between 3,000 and 5,000 tests per quarter. A health-system win in the second quarter of 2025 boosted quarterly volumes to approximately 15,000 tests across the second and third quarters. Atay noted that onboarding a new health system typically takes six to 18 months, due to electronic medical record integration—such as with Epic Aura—alongside legal sign-offs and phlebotomy logistics.
Average selling price for prenatal testing currently sits at roughly $500. With full component coverage, Atay projected the ASP could reach $800 or more, compared with earlier internal modeling that assumed $375 to $400. A large payer rollout left about $10 million in claims temporarily pending as state-by-state code implementations proceeded, with management coordinating weekly.
In oncology, the Northstar Select platform posted gross margins between 60 percent and 70 percent without reliance on ADLT pricing. The company also reported that Northstar Response became gross-margin positive even without Medicare coverage, and Atay set a target product-design gross margin of about 80 percent at scale. FDA approval for Northstar Select, potentially via ADLT designation, could triple the product's ASP over the medium to long term.
BillionToOne's stock trades at a price-to-earnings ratio of 128, and the company carries a financial health score of 3.38 out of 5, rated "great."
