Beta Bionics, Inc.
- Open
- 17.20
- Day high
- 17.57
- Day low
- 16.19
- Prev close
- 16.95
- Volume
- 1.5M
- Mkt cap
- $751M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.8
- P/S
- 6.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$937K over the last 3 months (0 open-market buys, 16 sales)
- 🏛Institutions accumulating (13F)
Beta Bionics, Inc. (BBNX) is a Healthcare company listed on NASDAQ. The stock is up 32% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 16 sales (SEC Form 4).
Beta Bionics, Inc. (BBNX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BBNX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 21, 2026 | $-0.53 | $-0.49 | +7.5% | $28M | +2.5% |
| Feb 17, 2026 | $-0.42 | $-0.30 | +28.6% | $32M | +18.5% |
| Oct 28, 2025 | $-0.45 | $-0.33 | +26.7% | $27M | -5.7% |
| Jul 29, 2025 | $-0.51 | $-0.39 | +23.5% | $23M | +6.1% |
| Mar 25, 2025 | $-0.42 | $-1.82 | -333.3% | $20M | +26.6% |
| Dec 31, 2023 | — | $-3.13 | — | $8M | — |
| Sep 30, 2023 | — | $-1.71 | — | $3M | — |
BBNX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Feider Stephenofficer: Chief Financial Officer | Option | 5,104 | $5.10 |
| Jul 2, 2026 | Feider Stephenofficer: Chief Financial Officer | Sell | 4,896 | $17.03 |
| Jul 2, 2026 | Feider Stephenofficer: Chief Financial Officer | Option | 4,896 | $5.10 |
| Jul 2, 2026 | Feider Stephenofficer: Chief Financial Officer | Sell | 5,104 | $17.05 |
| Jun 30, 2026 | Feider Stephenofficer: Chief Financial Officer | Sell | 5,104 | $17.05 |
| Jun 30, 2026 | Feider Stephenofficer: Chief Financial Officer | Sell | 4,896 | $17.03 |
| Jun 30, 2026 | Feider Stephenofficer: Chief Financial Officer | Option | 4,896 | $5.10 |
| Jun 30, 2026 | Feider Stephenofficer: Chief Financial Officer | Option | 4,982 | $5.10 |
| Jun 25, 2026 | Hopman Markofficer: Chief Commercial Officer | Sell | 1,258 | $15.01 |
| Jun 25, 2026 | Jones Christydirector | Sell | 1,406 | $15.00 |
| Jun 5, 2026 | Jones Christydirector | Sell | 2,811 | $14.00 |
| Jun 5, 2026 | Hopman Markofficer: Chief Commercial Officer | Sell | 275 | $12.31 |
| Jun 3, 2026 | Feider Stephenofficer: Chief Financial Officer | Sell | 6,676 | $12.61 |
| Jun 3, 2026 | Mensinger Mikeofficer: Chief Product Officer | Sell | 4,378 | $12.61 |
| Jun 3, 2026 | Hopman Markofficer: Chief Commercial Officer | Sell | 5,329 | $12.61 |
Source: BBNX SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full BBNX insider & 13F page →Beta Bionics, Inc. company profile
Overview
Beta Bionics, Inc. (NASDAQ:BBNX) is a commercial-stage medical device company founded in 2015 and based in Irvine, California. The company specializes in developing automated insulin delivery systems for people with diabetes, with its flagship product being the iLet Bionic Pancreas. Beta Bionics went public on January 30, 2025, representing a significant milestone for the company as it transitions from development to commercial expansion in the diabetes management market.
Business
Beta Bionics operates in the diabetes management technology sector, specifically focusing on automated insulin delivery systems, commonly known as "artificial pancreas" devices. The company's core product is the iLet Bionic Pancreas, an FDA-approved insulin delivery device designed for treating type 1 diabetes in adults and children six years of age and older. The iLet Bionic Pancreas represents a significant advancement in diabetes care technology. Unlike traditional insulin pumps that require users to manually calculate and program insulin doses, the iLet uses an adaptive closed-loop algorithm that automatically adjusts insulin delivery based on continuous glucose monitoring data. This system mimics the function of a healthy pancreas by continuously monitoring blood glucose levels and delivering appropriate amounts of insulin without requiring users to count carbohydrates or calculate doses manually. The diabetes management device market addresses a critical healthcare need, as diabetes affects millions of people worldwide who require daily insulin injections to survive. Traditional diabetes management involves multiple daily finger pricks, insulin injections, and complex calculations to determine proper dosing. Automated insulin delivery systems like the iLet significantly reduce this burden while potentially improving glucose control and quality of life. Beta Bionics is also developing several pipeline products: 1. A Patch Pump designed to adhere directly to the skin without tubing, scheduled for launch by end of 2027. 2. A Bihormonal iLet that combines automated delivery of both insulin and glucagon for enhanced glucose control. 3. An expanded indication for the iLet to treat insulin-dependent type 2 diabetes patients. Based on recent financial data, the company generates revenue primarily from iLet device sales, with approximately 20-25% of new patient starts being type 2 diabetes patients, indicating successful market expansion beyond the initial type 1 diabetes indication.
Revenue model
Beta Bionics generates revenue through direct sales of its iLet Bionic Pancreas devices and related supplies. The company operates through two primary distribution channels: traditional durable medical equipment (DME) providers and a growing pharmacy channel. The pharmacy channel has shown particularly strong growth, representing over 20% of new patient starts as of Q1 2025, driven by partnerships with health plans and pharmacy benefit managers like Prime Therapeutics. The company's customers are primarily diabetes patients who purchase the device through insurance coverage, with healthcare providers serving as the prescribing intermediaries. Payers (insurance companies) are increasingly supportive of the pharmacy channel because it simplifies warranty management and aligns with their belief that insulin pumps improve overall patient health outcomes, potentially reducing long-term healthcare costs. Beta Bionics' business model benefits from several factors that could increase margins: 1. The growing acceptance of automated insulin delivery systems among healthcare providers and patients creates expanding market opportunities. 2. The pharmacy channel offers operational efficiencies and faster patient onboarding compared to traditional DME channels. 3. The company's unique adaptive algorithm provides differentiation from competitors, potentially supporting premium pricing. However, several factors could pressure margins: 1. Manufacturing costs and supply chain complexities for sophisticated medical devices. 2. Competitive pressure from larger medical device companies like Medtronic and Tandem Diabetes Care. 3. Regulatory compliance costs and the need for ongoing clinical studies. 4. Reimbursement pressures from payers seeking to control healthcare costs. 5. The need for continuous investment in research and development to maintain technological leadership. The company's gross margin of approximately 51% in Q1 2025 reflects the challenges of scaling a complex medical device business while investing in growth and development initiatives.
Competitive moat
Beta Bionics possesses a moderate competitive moat centered around its proprietary adaptive closed-loop algorithm technology. The company's iLet Bionic Pancreas differentiates itself through its unique approach that requires minimal user input compared to competing systems. While other automated insulin delivery systems require users to announce meals and calculate carbohydrate content, the iLet's algorithm adapts automatically, reducing user burden significantly. The company's moat is strengthened by several factors: 1. FDA regulatory approval provides a significant barrier to entry, as competitors must navigate lengthy and expensive clinical trials. 2. Clinical data demonstrating efficacy creates credibility with healthcare providers and payers. 3. Established relationships with key partners like Abbott Diabetes Care for continuous glucose monitoring integration. 4. Growing network of healthcare provider relationships and patient testimonials. However, Beta Bionics faces substantial competitive threats that limit the strength of its moat: 1. Large, well-capitalized competitors like Medtronic, Tandem Diabetes Care, and Insulet have significantly more resources for research, development, and marketing. 2. The automated insulin delivery market is rapidly evolving, with multiple companies developing similar closed-loop systems. 3. Technology advantages in medical devices can be relatively short-lived as competitors develop alternative approaches. 4. The company lacks the scale and financial resources of established medical device giants. The competitive landscape suggests that while Beta Bionics has carved out a differentiated position, its moat is not particularly wide or durable. Success will likely depend on execution speed, continued innovation, and the ability to build market share before larger competitors fully mobilize their resources in this space.
Risks & safety
Beta Bionics presents a mixed margin of safety profile typical of a commercial-stage growth company with significant cash burn but strong balance sheet fundamentals. • **Cash Position**: $42.5 million in cash and short-term investments as of Q1 2025, providing operational runway but requiring careful cash management given current burn rates. • **Debt Level**: Very low debt-to-equity ratio of 0.022, indicating minimal financial leverage and reduced solvency risk. • **Cash Burn**: Negative free cash flow of $20.3 million in Q1 2025 and $51.7 million for full year 2024, representing significant ongoing cash consumption that will require future funding. • **Liquidity**: Exceptional current ratio of 15.88 and quick ratio of 14.93, indicating very strong short-term liquidity position. • **Valuation Metrics**: Trading at negative P/E ratios due to losses, but with revenue growth of 36% year-over-year suggesting operational momentum. • **Other Considerations**: Recent IPO provides additional capital cushion, growing revenue base with 48% increase in new patient starts, and established partnerships with major healthcare companies provide some operational stability. The company's margin of safety is primarily derived from its strong balance sheet and cash position rather than profitability metrics, making it dependent on successful execution of growth plans and eventual path to profitability.
Recent development
Over the past few years, Beta Bionics has executed several key strategic initiatives to accelerate commercial growth and expand its market presence. The company successfully launched multiple product enhancements including Libre 3 Plus Integration, enabling compatibility with Abbott's latest continuous glucose monitoring technology, and introduced the Color iLet to provide patients with more personalized device options. A significant strategic development has been the expansion of the pharmacy channel distribution model, which has grown faster than expected and now represents over 20% of new patient starts. This channel offers operational advantages including simplified patient onboarding and warranty management, supported by partnerships with major pharmacy benefit managers like Prime Therapeutics. The company has substantially expanded its commercial infrastructure, growing from 43 to 63 sales territories in Q1 2025 alone, representing a 47% increase in field presence. This expansion supports the company's strategy to broaden physician adoption beyond traditionally hard-to-manage diabetes patients to a wider patient population. Beta Bionics has also made significant progress on its product pipeline. The Patch Pump development remains on track for a late 2027 launch, representing a next-generation insulin delivery system that eliminates tubing. Additionally, the company began bridging studies for its bihormonal pump program, which will combine insulin and glucagon delivery for enhanced glucose control. Strategic partnerships continue to play a crucial role, with ongoing collaboration agreements with Abbott Diabetes Care for integrated continuous glucose monitoring and with Xeris Pharmaceuticals for pump-compatible glucagon formulation development. The company is also exploring label expansion opportunities for type 2 diabetes patients, who already represent approximately 20-25% of new patient starts despite the current type 1 diabetes indication.
BBNX company profile · for informational purposes only — not investment advice.
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