Beta Bionics, Inc. (BBNX)
NASDAQ:BBNX
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Beta Bionics, Inc.
(NASDAQ:BBNX)
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Rating:47Neutral
Price Target:
$14.50
▲(63.66% Upside)
Action:ReiteratedDate:01/31/26
The score is held down primarily by weak financial quality (ongoing losses and negative free cash flow) and bearish technicals (price below major moving averages with negative MACD). Positives from the earnings call—rapid revenue growth, margin improvement, and raised revenue guidance—provide support, but are tempered by sharply higher operating expenses and added regulatory risk from the FDA warning letter.
Positive Factors
Revenue Growth
Sustained 60%+ YoY revenue growth indicates accelerating commercial adoption of the iLet platform and successful patient acquisition. Durable top-line momentum expands recurring consumable sales, improves unit economics with scale, and underpins a credible path to long-term margin expansion.
Negative Factors
Ongoing Unprofitability and Negative Free Cash Flow
Persistent operating losses and negative free cash flow create reliance on external financing. Continued cash burn can shorten runway, force dilution, or necessitate cost cuts that constrain growth. This structural cash-flow weakness is a core risk to sustainable execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained 60%+ YoY revenue growth indicates accelerating commercial adoption of the iLet platform and successful patient acquisition. Durable top-line momentum expands recurring consumable sales, improves unit economics with scale, and underpins a credible path to long-term margin expansion.
Read all positive factors
Beta Bionics, Inc. (BBNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$393.23M
Dividend YieldN/A
Average Volume (3M)1.05M
Price to Earnings (P/E)―
Beta (1Y)0.96
Revenue Growth67.01%
EPS Growth-39.19%
CountryUS
Employees352
SectorHealthcare
Sector Strength45
IndustryMedical - Equipment & Services
Share Statistics
EPS (TTM)-0.30
Shares Outstanding44,382,145
10 Day Avg. Volume1,001,168
30 Day Avg. Volume1,052,051
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)4.29
Price to Sales (P/S)12.32
P/FCF Ratio0.00
Enterprise Value/Market Cap1.14
Enterprise Value/Revenue4.46
Enterprise Value/Gross Profit8.06
Enterprise Value/Ebitda-7.08
Forecast
1Y Price Target
$22.33Price Target Upside152.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)-1.98
Revenue Forecast (FY)$132.68M
Beta Bionics, Inc. Business Overview & Revenue Model
Company Description
Beta Bionics, Inc., a commercial-stage medical device company, engages in the design, development, and commercialization of solutions to enhance the health and quality of life of insulin-requiring people with diabetes. It offers iLet Bionic Pancre...
How the Company Makes Money
Beta Bionics generates revenue primarily through the sales of its flagship product, the iLet Bionic Pancreas, which is expected to be marketed to hospitals, healthcare providers, and directly to consumers. The company may also explore partnerships...
Beta Bionics, Inc. Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 21, 2026
Earnings Call Sentiment Positive
The call presented a strong operational and commercial performance in 2025 — marked by substantial revenue growth (+54% YoY), accelerating user adoption (≈20,000 new users), improving gross margins (Q4 59%) and meaningful pipeline progress (Mint and bihormonal milestones). The company is well-capitalized ($265M) and has broadened PBM/pharmacy coverage. Key negatives include a recent FDA warning letter tied to quality systems and MDR timing (remediation in progress), materially higher operating expenses (+42% YoY in Q4), and short-term margin and seasonality headwinds related to pharmacy mix and Q1 cadence. Management reiterated confidence in remediation timelines and in their 2026 guidance, while opting for a deliberate sales force ramp and slightly reduced public granularity on new patient starts.Positive Updates
Strong Revenue Growth
Full year 2025 net sales of $100.3M, up 54% year-over-year; Q4 2025 net sales $32.1M, up 57% year-over-year.
Negative Updates
FDA Warning Letter and Quality System Observations
Received a warning letter in late January related to a June 2025 inspection: issues cited include complaint handling/reportability definitions, late MDR filings, tracking/trending, CAPA effectiveness, and corrections/removals reporting for certain software updates. Remediation underway; company expects remediation of old filings by end of Q2 and states timelines are not impacted.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Full year 2025 net sales of $100.3M, up 54% year-over-year; Q4 2025 net sales $32.1M, up 57% year-over-year.
Read all positive updates
Company Guidance
Beta Bionics guided to $130–$135 million of revenue for full‑year 2026, with 36%–38% of new patient starts expected to be reimbursed through the pharmacy channel and gross margin projected at 55.5%–57.5%; management plans to add at least 20 sales territories (up from 63 territories exiting Q4), expects Q1 revenue to decline sequentially from Q4 2025 (with Q1 gross margin down vs. H2 2025) and then sequential gross‑margin improvement each quarter, and anticipates a modestly higher revenue weighting in H1 versus 2025. They said OpEx and CapEx will rise as a percentage of revenue (with S&M and R&D accelerating, G&A up slightly and CapEx increasing mainly for Mint), flagged a low single‑digit price increase for pharmacy supplies and stable DME pricing, noted pharmacy mix and sales‑force expansion are key variables that could materially affect near‑term results, confirmed ~$265 million in cash and investments at 12/31/25 to fund initiatives, and will stop disclosing exact quarterly new patient starts while continuing to report revenue by product/channel, pharmacy mix, and trend commentary.Beta Bionics, Inc. Financial Statement Overview
Summary
Income Statement
40
Negative
Balance Sheet
55
Neutral
Cash Flow
48
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 100.25M | 65.12M | 11.99M | 179.00K |
| Gross Profit | 55.54M | 35.89M | 6.31M | 179.00K |
| EBITDA | -73.20M | -44.10M | -34.62M | -63.40M |
| Net Income | -73.20M | -54.76M | -44.10M | -64.75M |
Balance Sheet | ||||
| Total Assets | 328.74M | 149.65M | 110.04M | 35.53M |
| Cash, Cash Equivalents and Short-Term Investments | 219.22M | 103.58M | 96.75M | 27.68M |
| Total Debt | 12.67M | 7.25M | 4.22M | 4.13M |
| Total Liabilities | 41.13M | 73.63M | 51.43M | 22.53M |
| Stockholders Equity | 287.61M | 76.01M | 58.61M | 13.00M |
Cash Flow | ||||
| Free Cash Flow | 0.00 | -51.67M | -32.85M | -60.98M |
| Operating Cash Flow | 0.00 | -48.27M | -32.45M | -60.21M |
| Investing Cash Flow | 0.00 | -3.48M | -69.69M | -769.00K |
| Financing Cash Flow | 0.00 | 55.62M | 101.03M | 56.78M |
Beta Bionics, Inc. Technical Analysis
Positive
8.86
Price Trends
23.34
Positive
19.39
Positive
Market Momentum
1.55
Negative
55.71
Neutral
64.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BBNX, the sentiment is Positive. The current price of 8.86 is below the 20-day moving average (MA) of 24.82, below the 50-day MA of 23.34, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of 1.55 indicates Negative momentum. The RSI at 55.71 is Neutral, neither overbought nor oversold. The STOCH value of 64.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BBNX.
Beta Bionics, Inc. Risk Analysis
Beta Bionics, Inc. disclosed 87 risk factors in its most recent earnings report. Beta Bionics, Inc. reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Beta Bionics, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $21.50B | 23.81 | 10.28% | 1.14% | 8.28% | 97.24% | |
61 Neutral | $4.32B | 77.60 | 1.52% | ― | 4.73% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $858.33M | -1.60 | -102.41% | ― | -0.54% | -259.57% | |
47 Neutral | $393.23M | -22.93 | -24.45% | ― | 67.01% | -39.19% | |
45 Neutral | $1.31B | -7.22 | -141.98% | ― | 17.87% | -57.03% | |
44 Neutral | $824.62M | -4.22 | -141.99% | ― | ― | 31.16% |
* Healthcare Sector Average
BBNX
Beta Bionics, Inc.
8.86
-1.60
-15.30%
LH
Labcorp Holdings
260.93
35.31
15.65%
TNDM
Tandem Diabetes Care
19.18
2.15
12.62%
NVST
Envista Holdings
26.39
10.77
68.95%
SANA
Sana Biotechnology
3.09
1.28
70.72%
FTRE
Fortrea Holdings Inc.
9.18
3.82
71.27%
Beta Bionics, Inc. Corporate Events
Business Operations and StrategyLegal ProceedingsRegulatory Filings and Compliance
Beta Bionics Receives FDA Warning Letter, Begins Remediation
Negative
Jan 30, 2026
On January 29, 2026, Beta Bionics, Inc. disclosed that it received an FDA warning letter following a June 9–26, 2025 inspection of its Irvine, California facility, in which regulators cited deficiencies in the company’s responses to a ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.