Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.</li>
<li>The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.</li>
<li>BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.</li>
</ul>


BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.
The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.
BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.


BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Natera reported a promising financial and operational performance for Q2 2025.</li><li>The company's revenue reached $547 million, representing a 32% year-on-year increase, which, when excluding revenue adjustments, marked an organic growth of 34%.</li><li>This performance was bolstered by substantial demand for its oncology products, particularly Signatera, which saw a record of 189,000 processed tests during the quarter.</li></ul>

Natera reported a promising financial and operational performance for Q2 2025.The company's revenue reached $547 million, representing a 32% year-on-year increase, which, when excluding revenue adjustments, marked an organic growth of 34%.This performance was bolstered by substantial demand for its oncology products, particularly Signatera, which saw a record of 189,000 processed tests during the quarter.

Natera Inc.: An Insight Into Its Strategic Collaborations, AI Initiatives & Other Major Drivers!

<ul><li>Natera, Inc. reported strong financial results for the first quarter of 2025, highlighting significant revenue growth and operational achievements, which present a mixed yet promising outlook for potential investors.</li><li>The company reported a notable increase in revenue to $502 million, up 37% from $368 million in the same period last year.</li><li>This growth was driven by high demand across multiple product lines, particularly within women's health and the oncology segment, where Signatera clinical volumes grew by 52% year-on-year.</li></ul>

Natera, Inc. reported strong financial results for the first quarter of 2025, highlighting significant revenue growth and operational achievements, which present a mixed yet promising outlook for potential investors.The company reported a notable increase in revenue to $502 million, up 37% from $368 million in the same period last year.This growth was driven by high demand across multiple product lines, particularly within women's health and the oncology segment, where Signatera clinical volumes grew by 52% year-on-year.

Natera Inc.: Is The Recent Growth in Signatera Volumes Here To Stay?

<ul><li>Natera Inc. presented its fourth quarter 2024 financial results, signaling a robust period for the company as they continue to expand and enhance their operations.</li><li>The company's revenues for the quarter reached $476 million, marking a substantial 53% increase year-on-year and exceeding their January pre-announcement by $4 million.</li><li>This robust revenue growth is attributed to an increase in test volumes across their product lines, with a particular highlight on the 60% clinical volume growth of Signatera compared to the fourth quarter of 2023.</li></ul>

Natera Inc. presented its fourth quarter 2024 financial results, signaling a robust period for the company as they continue to expand and enhance their operations.The company's revenues for the quarter reached $476 million, marking a substantial 53% increase year-on-year and exceeding their January pre-announcement by $4 million.This robust revenue growth is attributed to an increase in test volumes across their product lines, with a particular highlight on the 60% clinical volume growth of Signatera compared to the fourth quarter of 2023.

Natera Inc.: Strong Execution in Revenue Per Test Powering Our Optimism!

<ul><li>Natera, Inc. reported a significant quarter for Q3 2024, demonstrating positive developments and some challenges inherent in its operations.</li><li>The company achieved a notable revenue increase, reaching $439.8 million, marking a 64% rise compared to the previous year.</li><li>This growth is largely attributed to robust performance across its testing portfolio, particularly within the oncology sector, where the company performed around 137,000 oncology tests, reflecting a substantial 54% year-over-year increase.</li></ul>

Natera, Inc. reported a significant quarter for Q3 2024, demonstrating positive developments and some challenges inherent in its operations.The company achieved a notable revenue increase, reaching $439.8 million, marking a 64% rise compared to the previous year.This growth is largely attributed to robust performance across its testing portfolio, particularly within the oncology sector, where the company performed around 137,000 oncology tests, reflecting a substantial 54% year-over-year increase.

Natera Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

United States

Natera, Inc. operates as a diagnostics company. The Company provides preconception and prenatal genetic testing services. Natera also offers pre-implantation genetic diagnosis, aneuploidy screening, translocation, and single gene testing services.

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Natera Inc (NTRA US)

BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...

Andrei Zakharov

Natera Inc.: An Insight Into Its Strategic Collaborations, AI Initiatives & Other Major Drivers!

Natera reported a promising financial and operational performance for Q2 2025. The company's revenue reached $547 million, representing a 32%...

Baptista Research

Natera Inc.: Is The Recent Growth in Signatera Volumes Here To Stay?

Natera, Inc. reported strong financial results for the first quarter of 2025, highlighting significant revenue growth and operational...

Baptista Research

Natera Inc.: Strong Execution in Revenue Per Test Powering Our Optimism!

Natera Inc. presented its fourth quarter 2024 financial results, signaling a robust period for the company as they continue to expand and enhance...

Baptista Research

Natera Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

Natera, Inc. reported a significant quarter for Q3 2024, demonstrating positive developments and some challenges inherent in its operations. The...

Baptista Research

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BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

​Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...

Andrei Zakharov

Natera Inc.: An Insight Into Its Strategic Collaborations, AI Initiatives & Other Major Drivers!

Natera reported a promising financial and operational performance for Q2 2025. The company's revenue reached $547 million, representing a 32%...

Baptista Research

Natera Inc.: Is The Recent Growth in Signatera Volumes Here To Stay?

Natera, Inc. reported strong financial results for the first quarter of 2025, highlighting significant revenue growth and operational...

Baptista Research

Natera Inc.: Strong Execution in Revenue Per Test Powering Our Optimism!

Natera Inc. presented its fourth quarter 2024 financial results, signaling a robust period for the company as they continue to expand and enhance...

Baptista Research

Natera Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

Natera, Inc. reported a significant quarter for Q3 2024, demonstrating positive developments and some challenges inherent in its operations. The...

Baptista Research

Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...