Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 154

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 154
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 2024, primarily as a result of a 52% increase in the number of tests processed and a 22% increase in our Overall ASP. 105

We derive our revenue primarily from the number of tests processed and results delivered to the ordering physician. All tests processed are accessioned in our laboratories. The increase in test volume was driven by higher volumes of our prenatal tests primarily as a result of expansion of our sales force for our prenatal products. In addition, volumes for both our Northstar Select and Northstar Response oncology tests increased as a result of expansion of our oncology sales force. The increase in our ASP per test was driven by several factors. Over the last 12 months we increased the number of contracts we have with payors for our prenatal tests which drove increases in ASP in the first half of 2025 compared to the same period in the prior year. In addition, during the second half of 2024 we began to benefit from a new proprietary PLA code for our prenatal tests, as when utilized the new PLA code is typically reimbursed at a higher rate than the codes for which we previously billed, which contributed to an increase in ASPs during the first half of 2025. We also benefited from an increased attachment and ordering rate of 22q11.2 micro deletion testing (our 22q test) along with our aneuploidy test and the resulting incremental reimbursement, and coverage of our RhD test from more payors. Furthermore, our ASPs for our Northstar Select oncology test increased as Medicare began to reimburse for this test during the first quarter of 2025, and we began to bill for our Northstar Response oncology test for the first time at the beginning of 2025. Cost of revenue

|                 |     | Six months ended       
 June 30,               
 2024                   
 (dollars in thousands) |        |     | 2025 |        |     | $ Change |       |     | % Change |     |
|:----------------|:----|:-----------------------|-------:|:----|:-----|-------:|:----|:---------|------:|:----|:---------|:----|
| Cost of revenue |     | $                      | 34,105 |     | $    | 44,098 |     | $        | 9,993 |     |          | 29% |

Cost of revenue increased $10.0 million, or 29%, for the six months ended