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For individuals who invested in Nvidia inventory again within the day and held on, the returns have been staggering. It has delivered a 10-year annualised return of 75.3% in sterling phrases.
One FTSE 250 funding belief that has benefited is Baillie Gifford US Progress Belief. Between March 2018 and late 2025, its funding in Nvidia went up 3,155%!
Given Baillie Gifford’s observe report of unearthing prime progress shares like Nvidia and Tesla, it’s value keeping track of what new shares it has been shopping for. And one new identify within the US Progress Belief’s portfolio caught my eye.
Let’s take a better take a look at this under-the-radar firm — which lately went public and is already one of many belief’s bigger holdings — to see what the fuss is about.
The inventory
BillionToOne (NASDAQ:BLLN) is a medical diagnostics firm. Its Quantitative Counting Templates platform is the one patented know-how that may depend DNA molecules with singular precision at a big scale.
Having dug into the agency, I see just a few engaging issues right here. For starters, BillionToOne is working in two high-growth diagnostics markets: non-invasive prenatal and most cancers testing. The agency estimates its complete addressable market at roughly $100bn within the US alone.
It’s encouraging to see the agency making the most of this chance, with Q3 income surging 117% yr on yr to $83.5m. It delivered 165,000 checks, a rise of 52%.
Administration is guiding for 2026 income of $415m to $430m, which might symbolize progress of 40% to 45%. Most of its income comes from prenatal checks, which display screen for situations like cystic fibrosis and sickle cell utilizing solely the mom’s blood, however its most cancers checks are rising very strongly.
One other constructive is that the corporate isn’t burning by money. It expects to report constructive full-year working revenue, with sturdy gross margins of about 70%. So this has the potential to be a really high-margin enterprise.
Lastly, the corporate’s market cap at the moment is simply $3.9bn. At the moment, that’s actually not very large. The agency might change into a lot bigger if it seizes the industrial alternative forward.
In any case, Nvidia’s market cap was roughly this dimension again in 2013.
Our long-term objective is to construct a category-defining generational firm and change into a member of the S&P 500.
BillionToOne
My preliminary takeaway
Stepping again, I see just a few issues right here that point out BillionToOne might change into a prime progress inventory. In contrast to many early-stage progress corporations, it’s already guiding for sturdy margins and sustained profitability by 2026.
On prime of this, there’s stable institutional investor backing and an enormous worldwide growth alternative. It’s additionally engaged on checks that detect most cancers early, which might change into probably the most thrilling market of all.
Nevertheless, it’s far too early to name this one a slam-dunk winner, not to mention assign it Nvidia-esque potential. There’s a variety of competitors on this area from Guardant Well being and Natera, and I fear a brand new diagnostic breakthrough may threaten the agency’s know-how in some unspecified time in the future.
In the meantime, the price-to-sales a number of is sort of 10, so there’s loads of progress already baked into the present valuation.
For now, I reckon it’s one to keep watch over. BillionToOne will report This fall earnings in early March.
