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Beta Bionics, Inc.
(NASDAQ:BBNX)
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Rating:62Neutral
Price Target:
$20.50
▲(7.50% Upside)
Action:Reiterated
Date:09/18/26
The score is held back primarily by weak current profitability and persistent cash burn despite rapid revenue growth. Offsetting factors include strong technical momentum, constructive earnings-call updates (raised gross margin guidance and reiterated revenue outlook), and supportive corporate developments (Mint FDA clearance and added financing capacity).
Positive Factors
Revenue Growth and Margin Expansion
Rapid sales growth alongside expanding gross margin indicates increasing adoption and improving unit economics for the core platform. If sustained, this combination can support operating leverage, strengthen reinvestment capacity, and move the business closer to self-funded scale over the next several quarters.
Negative Factors
Persistent Losses and Cash Burn
The company is growing but still consumes substantial cash, while operating expenses exceed the revenue base needed for profitability. Continued losses require existing liquidity or external funding to support expansion, leaving less financial flexibility if the revenue ramp or margin improvement slows.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Margin Expansion
Rapid sales growth alongside expanding gross margin indicates increasing adoption and improving unit economics for the core platform. If sustained, this combination can support operating leverage, strengthen reinvestment capacity, and move the business closer to self-funded scale over the next several quarters.
Read all positive factors
Beta Bionics, Inc. Key Performance Indicators (KPIs)
Any
Revenue by Product
Shows how sales are split among devices, consumables, software, and service offerings, making it clear which products drive top-line growth and margins. Heavy reliance on a single product increases vulnerability to demand shocks or regulatory setbacks, whereas a balanced mix points to diversified revenue streams and opportunity for higher-margin upsells.
Shows how sales are split among devices, consumables, software, and service offerings, making it clear which products drive top-line growth and margins. Heavy reliance on a single product increases vulnerability to demand shocks or regulatory setbacks, whereas a balanced mix points to diversified revenue streams and opportunity for higher-margin upsells.
Data provided by:
The Fly
The FlyBeta Bionics, Inc. (BBNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$957.01M
Dividend YieldN/A
Average Volume (3M)1.35M
Price to Earnings (P/E)―
Beta (1Y)1.26
Revenue Growth52.54%
EPS Growth2.69%
CountryUS
Employees422
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.65
Shares Outstanding53,946,213
10 Day Avg. Volume1,023,857
30 Day Avg. Volume1,345,457
Financial Highlights & Ratios
PEG Ratio-0.41
Price to Book (P/B)4.29
Price to Sales (P/S)12.32
P/FCF Ratio-21.97
Enterprise Value/Market Cap0.55
Enterprise Value/Revenue4.40
Enterprise Value/Gross Profit7.55
Enterprise Value/Ebitda-7.34
Forecast
1Y Price Target
$24.57Price Target Upside28.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)-2.02
Revenue Forecast (FY)$126.68M
Beta Bionics, Inc. Business Overview & Revenue Model
Company Description
Beta Bionics, Inc. is a commercial-stage medical technology company dedicated to inventing, developing, and bringing to market solutions that improve the health and quality of life for individuals with diabetes who depend on insulin. The company's...
How the Company Makes Money
Beta Bionics primarily makes money by selling its iLet Bionic Pancreas system and related consumables used to operate the system. Key revenue streams include: (1) device revenue from the sale of the iLet insulin delivery pump/controller to patient...
Beta Bionics, Inc. Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Positive
Overall the call emphasized strong commercial momentum (38% YoY revenue growth), meaningful year‑over‑year margin improvement, a healthy cash position (~$225M), and tangible progress across the innovation pipeline (Mint manufacturing readiness, Type 2 pivotal trial alignment, bihormonal iteration plan). Offsetting factors include elevated operating expenses (37% YoY), Q2 operating expenses exceeding revenue, ongoing FDA remediation work, some near‑term revenue volatility from pharmacy stocking dynamics, and timing/clearance risks for new products. Taken together, the positives around growth, margin expansion, capital runway, and concrete product progress modestly outweigh the near‑term cost and regulatory risks.Positive Updates
Strong Q2 Revenue Growth
Net sales of $32.0 million in Q2 2026, representing approximately 38% year-over-year growth, driven by new patient starts and recurring pharmacy supply purchases.
Negative Updates
Operating Expenses Exceed Quarter Revenue
Total operating expenses of $44.5 million in Q2 2026, up 37% year‑over‑year; operating expense in the quarter exceeded net sales ($32.0 million), highlighting continued investment and negative operating leverage in the near term.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Q2 Revenue Growth
Net sales of $32.0 million in Q2 2026, representing approximately 38% year-over-year growth, driven by new patient starts and recurring pharmacy supply purchases.
Read all positive updates
Company Guidance
Beta Bionics reiterated full‑year 2026 revenue guidance of $131–$136 million and expects 37%–39% of new patient starts to be reimbursed through the pharmacy channel, while raising full‑year gross margin guidance to 58.5%–59.5% (up from prior 57.5%–59.5%) after reporting Q2 net sales of $32 million (+~38% YoY), Q2 gross margin of 59.0% (↑524 bps YoY, -45 bps QoQ), Q2 operating expenses of $44.5 million (+37% YoY), and sequential new patient starts growth of >10%–<20% (≈69% of starts from prior MDI users and a "high‑30s%" share of starts via pharmacy in Q2); the company ended June 30 with about $225 million in cash and investments, added at least 20 sales territories in H1 (expected to contribute in H2), expects a modest increase in OpEx in the second half (primarily sales and R&D) but no further field expansion in H2, and reaffirmed manufacturing readiness and timing for Mint (targeting full commercial launch by end‑Q2 2027, subject to FDA clearance), a Type 2 indication around mid‑2027, and <1 year of iterations before additional bihormonal Phase 2a trials.Beta Bionics, Inc. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
72
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 119.01M | 100.25M | 65.12M | 11.99M | 179.00K |
| Gross Profit | 69.40M | 55.54M | 35.89M | 6.31M | 179.00K |
| EBITDA | -71.42M | -70.32M | -52.47M | -42.01M | -62.66M |
| Net Income | -72.97M | -73.20M | -54.76M | -44.10M | -64.75M |
Balance Sheet | |||||
| Total Assets | 292.39M | 328.74M | 149.65M | 110.04M | 35.53M |
| Cash, Cash Equivalents and Short-Term Investments | 180.49M | 219.13M | 103.58M | 96.75M | 27.68M |
| Total Debt | 6.51M | 7.30M | 7.25M | 4.22M | 4.13M |
| Total Liabilities | 36.02M | 41.13M | 73.63M | 51.43M | 205.56M |
| Stockholders Equity | 256.37M | 287.61M | 76.01M | 58.61M | -170.03M |
Cash Flow | |||||
| Free Cash Flow | -61.41M | -56.22M | -51.67M | -32.85M | -60.98M |
| Operating Cash Flow | -55.81M | -50.92M | -48.27M | -32.45M | -60.21M |
| Investing Cash Flow | 58.92M | -162.81M | -3.48M | -69.69M | -769.00K |
| Financing Cash Flow | 6.14M | 214.87M | 55.62M | 101.03M | 56.78M |
Beta Bionics, Inc. Technical Analysis
Positive
19.07
Price Trends
19.08
Positive
17.24
Positive
14.93
Positive
Market Momentum
-0.38
Negative
55.72
Neutral
85.03
Negative
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 19.07 is above the 20-day moving average (MA) of 18.37, below the 50-day MA of 19.08, and above the 200-day MA of 14.93, indicating a bullish trend. The MACD of -0.38 indicates Negative momentum. The RSI at 55.72 is Neutral, neither overbought nor oversold. The STOCH value of 85.03 is Negative, 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $121.05B | 22.75 | 10.60% | 3.07% | 9.77% | 12.28% | |
76 Outperform | $30.29B | 30.99 | 36.19% | ― | 15.54% | 77.43% | |
70 Outperform | $173.92B | 32.34 | 9.12% | 2.51% | 10.00% | ― | |
68 Neutral | $9.89B | 26.47 | 26.69% | ― | 29.41% | 59.39% | |
62 Neutral | $957.01M | -10.95 | -26.30% | ― | 52.54% | 2.69% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | $1.15B | -17.61 | -45.97% | ― | 3.92% | 70.03% |
* General Sector Average
BBNX
Beta Bionics, Inc.
19.34
-0.68
-3.40%
ABT
Abbott Laboratories
102.51
-20.77
-16.85%
DXCM
Dexcom
78.32
7.26
10.22%
PODD
Insulet
148.12
-175.34
-54.21%
MDT
Medtronic
96.59
5.40
5.93%
TNDM
Tandem Diabetes Care
17.15
2.49
16.98%
Beta Bionics, Inc. Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Beta Bionics launches $150M public equity offering
Positive
Sep 17, 2026
On September 15, 2026, Beta Bionics, Inc. entered into an underwriting agreement for a public offering of 7,652,175 shares of common stock at $17.25 per share and pre-funded warrants for 1,043,484 shares at $17.2499 per warrant. Gross proceeds are...
Business Operations and StrategyLegal ProceedingsProduct-Related AnnouncementsRegulatory Filings and Compliance
Beta Bionics Secures FDA Clearance for Mint Patch Pump
Positive
Sep 15, 2026
On September 14, 2026, Beta Bionics announced U.S. FDA clearance for Mint, a patch pump for type 1 diabetes featuring a reusable–disposable architecture, no recharging requirement, CGM integration, and smartphone control, with full U.S. comm...
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.