Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 143

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 143
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 Adding additional sales representatives enables our sales team to effectively access and convert new clinics in additional geographic regions. |

| • |     | Greater penetration within a covered territory: As the account access, provider education, and onboarding of a new                                                                                                                                      
 ordering provider within a clinic takes time, our sales representatives often onboard one clinic at a time. Approximately 35% of our sales team members have been in their territories for less than 18 months. As our sales representatives mature, we 
 expect them to further penetrate their territories. Even our most tenured continue to onboard new clinics.                                                                                                                                              |

| • |     | Expansion within a clinic: Once an ordering provider within a clinic first starts to use our tests, we often see                                                                                                                                         
 expansion of our tests to other providers within the clinic. We believe that our unique product offerings and exceptional end-to-end service drive this adoption. Our                                                                                    
 cohort analysis indicates that the net test retention, as defined by the total number of tests that are received from a cohort of clinics first onboarded in a particular quarter, even after accounting for any account or provider churn, is over 100% 
 after a year for the majority of quarterly cohorts.24                                                                                                                                                                                                    |

| • |     | Effective marketing execution to drive adoption: We support our field sales team with marketing collaterals, digital                                                
 campaigns, webinars, and other marketing channels to help educate physicians about our products and the unique advantages and value propositions that they provide. |

| • |     | Our ability to continue innovating our test portfolio: We are focused on continually innovating our product                                              
 portfolio and capitalizing on opportunities created by our smNGS platform. This enhances our competitive position and positions us for long-term growth. |

| • |     | Payor coverage, contracting, and more effective reimbursement operations |

Our ASPs and revenue depend heavily on our success in achieving and maintaining broad coverage and adequate reimbursement for our molecular diagnostic tests from third-party payors. Third-party reimbursement for our tests represented more than 90% of our revenue for each of the years ended December 31, 2023 and 2024, and we expect government and commercial third-party payors to continue to be our primary source of payments. Coverage and reimbursement by third-party payors, including commercial health insurers, managed care organizations, and government healthcare programs such as Medicare and Medicaid, can be limited and uncertain for the types of specialized molecular diagnostic tests we offer. Each payor makes its own determination as to whether to establish a policy to