Beta Bionics, Inc. (BBNX)
NASDAQ:BBNX
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Beta Bionics, Inc.
(NASDAQ:BBNX)
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Rating:52Neutral
Price Target:
$10.50
▼(-19.11% Downside)
Action:Reiterated
Date:05/23/26
BBNX scores as a neutral-risk opportunity: strong growth, improving gross margins and a low-leverage balance sheet are offset by very large ongoing losses and significant cash burn (the biggest drag on the score). The latest earnings call improves the outlook via raised guidance and pharmacy-mix momentum, while technicals and valuation remain mixed given negative profitability and a still-weak longer-term trend.
Positive Factors
Sustained Revenue Growth
Strong, repeatable top-line growth driven by new patient adoption and rising recurring pharmacy revenue suggests durable market demand. Persistent high conversion from MDI and revenue scale support continued unit growth and expand the installed base that should lower per-patient costs over time.
Negative Factors
Persistent Negative Cash Flow
Sustained negative operating and free cash flow requires ongoing external funding or drawdown of cash reserves. Continued cash consumption constrains strategic optionality, risks dilution or higher-cost financing, and creates execution pressure to materially narrow losses before cash becomes self-sustaining.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Strong, repeatable top-line growth driven by new patient adoption and rising recurring pharmacy revenue suggests durable market demand. Persistent high conversion from MDI and revenue scale support continued unit growth and expand the installed base that should lower per-patient costs over time.
Read all positive factors
Beta Bionics, Inc. (BBNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$569.94M
Dividend YieldN/A
Average Volume (3M)797.22K
Price to Earnings (P/E)―
Beta (1Y)1.46
Revenue Growth57.87%
EPS Growth7.83%
CountryUS
Employees352
SectorHealthcare
Sector Strength45
IndustryMedical - Equipment & Services
Share Statistics
EPS (TTM)-1.51
Shares Outstanding44,561,695
10 Day Avg. Volume720,067
30 Day Avg. Volume797,218
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)4.29
Price to Sales (P/S)12.32
P/FCF Ratio-21.97
Enterprise Value/Market Cap0.91
Enterprise Value/Revenue4.69
Enterprise Value/Gross Profit8.20
Enterprise Value/Ebitda-7.44
Forecast
1Y Price Target
$17.67Price Target Upside36.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-2.21
Revenue Forecast (FY)$133.64M
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
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Beta Bionics, Inc. Earnings Call Summary
Earnings Call Date:Apr 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive commercial momentum: strong 57% YoY revenue growth, meaningful gross margin expansion (59.5% in Q1), accelerating pharmacy channel adoption, raised full-year guidance and clear pipeline progress (Mint timing reiterated and Phase IIa for bihormonal started). Offsetting risks include a seasonal sequential decline in new patient starts, materially higher operating expenses (S&M at ~75% of revenue), ongoing FDA warning letter remediation, one-time tailwinds to Q1 gross margin that may not repeat, and continued investment-driven cash burn (~$25M in Q1). On balance, the positive operating results, guidance raises, cash runway and product/pipeline execution outweigh the near-term challenges and investments.Positive Updates
Strong Revenue Growth
Q1 net sales of $27.6 million, representing 57% year-over-year growth driven by new patient starts and recurring pharmacy revenue.
Negative Updates
Sequential Decline in New Patient Starts
New patient starts declined between more than 10% but less than 20% quarter-over-quarter (Q4 2025 to Q1 2026), which management attributes to typical seasonal demand patterns.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Q1 net sales of $27.6 million, representing 57% year-over-year growth driven by new patient starts and recurring pharmacy revenue.
Read all positive updates
Company Guidance
Beta Bionics raised its 2026 outlook, guiding total revenue of $131–136 million (up from $130–135M), pharmacy mix of 37–39% of new patient starts (vs. prior 36–38%), and full‑year gross margin of 57.5–59.5% (up from 55.5–57.5%), driven by strong Q1 results that included $27.6 million in net sales (+57% YoY), Q1 gross margin of 59.5% (+864 bps YoY, +52 bps QoQ), a “high‑30s” percentage of new starts reimbursed via pharmacy (vs. low‑30s in Q4 and low‑20s in Q1 2025), new patient starts down >10% but <20% vs Q4, roughly 70% of new starts converting from MDI, cash and investments of ~$240 million at March 31, Q1 operating expenses of $40.7M (+47% YoY) with sales & marketing ~75% of revenue, Q1 cash burn ~ $25M (adjusted EBITDA ≈ $17M), and management noting they crossed the pharmacy‑installed‑base >3x new‑starts threshold (making pharmacy accretive) while expecting OpEx growth to accelerate for the rest of 2026 and continued gross margin expansion from pharmacy mix and manufacturing leverage.Beta Bionics, Inc. Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
72
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 110.24M | 100.25M | 65.12M | 11.99M | 179.00K |
| Gross Profit | 63.00M | 55.54M | 35.89M | 6.31M | 179.00K |
| EBITDA | -69.42M | -73.20M | -44.10M | -34.62M | -63.40M |
| Net Income | -66.44M | -73.20M | -54.76M | -44.10M | -64.75M |
Balance Sheet | |||||
| Total Assets | 304.42M | 328.74M | 149.65M | 110.04M | 35.53M |
| Cash, Cash Equivalents and Short-Term Investments | 199.52M | 219.13M | 103.58M | 96.75M | 27.68M |
| Total Debt | 6.91M | 7.30M | 7.25M | 4.22M | 4.13M |
| Total Liabilities | 33.17M | 41.13M | 73.63M | 51.43M | 22.53M |
| Stockholders Equity | 271.25M | 287.61M | 76.01M | 58.61M | 13.00M |
Cash Flow | |||||
| Free Cash Flow | -61.12M | -56.22M | -51.67M | -32.85M | -60.98M |
| Operating Cash Flow | -54.78M | -50.92M | -48.27M | -32.45M | -60.21M |
| Investing Cash Flow | 38.16M | -162.81M | -3.48M | -69.69M | -769.00K |
| Financing Cash Flow | 4.38M | 214.87M | 55.62M | 101.03M | 56.78M |
Beta Bionics, Inc. Technical Analysis
Positive
12.98
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 12.98 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $21.13B | 22.63 | 10.91% | 1.14% | 7.34% | 30.39% | |
62 Neutral | $3.73B | 54.23 | 2.18% | ― | 12.15% | ― | |
62 Neutral | $1.45B | -3.19 | -79.12% | ― | 0.86% | 42.65% | |
53 Neutral | $1.27B | -13.04 | -68.29% | ― | 4.54% | 49.66% | |
52 Neutral | $569.94M | -8.33 | -23.00% | ― | 57.87% | 7.83% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
43 Neutral | $901.66M | -3.57 | -161.87% | ― | ― | -6.15% |
* Healthcare Sector Average
BBNX
Beta Bionics, Inc.
12.45
-7.00
-35.99%
LH
Labcorp Holdings
258.92
7.21
2.86%
TNDM
Tandem Diabetes Care
18.03
-2.15
-10.65%
NVST
Envista Holdings
22.40
3.65
19.47%
SANA
Sana Biotechnology
3.12
0.80
34.48%
FTRE
Fortrea Holdings Inc.
15.63
10.40
198.85%
Beta Bionics, Inc. Corporate Events
Executive/Board ChangesShareholder Meetings
Beta Bionics Stockholders Approve Directors and Auditor Ratification
Positive
May 22, 2026
On May 21, 2026, Beta Bionics, Inc. held its 2026 Annual Meeting of Stockholders, where shareholders elected two Class I directors, Sean D. Carney and Christy Jones, to serve until the 2029 Annual Meeting or until earlier departure. The vote total...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Beta Bionics Targets 2027 Commercial Launch of Mint Pump
Positive
May 21, 2026
On May 21, 2026, Beta Bionics announced it plans to fully commercialize Mint, its patch insulin pump in development, by the end of the second quarter of 2027, contingent on FDA clearance as an alternate controller enabled insulin pump. The company...
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.