Beta Bionics, Inc. BBNX
We are a commercial-stage medical device company engaged in the design, development, and commercialization of innovative solutions to improve the health and quality of life of insulin-requiring people with diabetes (PWD) by utilizing advanced adaptive closed-loop algorithms to simplify and improve the treatment of their disease. Our product, the iLet Bionic Pancreas (iLet), was cleared by the U.S. Food and Drug Administration (FDA) for the treatment of Type 1 diabetes in adults and children six years and older and commercially launched in May 2023 in the United States. Since we began commercializing the iLet, our installed base has grown to 35,011 iLets as of December 31, 2025.
Diabetes is a serious, chronic, and often lifelong condition with no known cure that is characterized by extended periods of elevated levels of glucose in the bloodstream (hyperglycemia), resulting from the body's inability to either produce or effectively utilize the hormone insulin. To treat their diabetes, PWD must undergo a rigorous regimen of daily insulin substitution, as elevated levels of glucose in the blood over time can lead to serious and often life-threatening cardiovascular, metabolic and nervous system complications. Despite decades of innovation that have advanced the quality of care available, a significant unmet need remains as the vast majority of PWD still cannot manage their diabetes effectively.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $100.3M | $65.1M | $12.0M | — |
| Cost of revenue | $44.7M | $29.2M | $5.7M | — |
| Gross profit | $55.5M | $35.9M | $6.3M | — |
| R&D | $34.8M | $26.2M | $17.9M | — |
| SG&A | $31.0M | $17.9M | $12.2M | — |
| Total operating expenses | $127.2M | $81.1M | $42.2M | — |
| Operating income | -$71.7M | -$45.3M | -$35.9M | — |
| Pre-tax income | -$73.2M | -$54.8M | — | — |
| Income tax | $0 | $0 | — | — |
| Net income | -$73.2M | -$54.8M | -$44.1M | — |
| EPS, basic | -1.81 | -8.60 | -8.31 | — |
| EPS, diluted | -1.81 | -8.60 | -8.31 | — |
| Shares, diluted (wtd. avg.) | 40.5M | 6.4M | 5.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $31.6M | $30.4M | $26.7M | $27.8M |
| Short-term investments | $187.5M | $73.1M | $70.2M | — |
| Receivables | $17.1M | $12.0M | $4.4M | — |
| Inventory | $21.7M | $13.3M | $1.2M | — |
| Total current assets | $267.9M | $132.9M | $103.6M | — |
| Property, plant and equipment | $8.6M | $4.8M | $2.5M | — |
| Total assets | $328.7M | $149.6M | $110.0M | — |
| Accounts payable | $5.0M | $2.9M | $1.2M | — |
| Total current liabilities | $30.9M | $21.1M | $10.6M | — |
| Total liabilities | $41.1M | $73.6M | $51.4M | — |
| Retained earnings | -$369.9M | -$296.7M | -$229.7M | — |
| Total equity | $287.6M | -$245.4M | -$203.1M | -$170.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | -$50.9M | -$48.3M | -$32.4M | — |
| Depreciation and amortisation | $1.6M | $1.2M | $1.2M | — |
| Stock-based compensation | $16.4M | $6.4M | $5.7M | — |
| Capital expenditure | $5.3M | $3.4M | $402.0K | — |
| Investing cash flow | -$162.8M | -$3.5M | -$69.7M | — |
| Financing cash flow | $214.9M | $55.6M | $101.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-067065.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $12.0M | $65.1M | $100.3M |
| Gross profit | — | $6.3M | $35.9M | $55.5M |
| Net income | — | -$44.1M | -$54.8M | -$73.2M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event Item 8.01
- Results announced Item 2.02
- Results announced Item 2.02
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 3841
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| SYK | STRYKER CORP | $117.81B | 36.6x | 11.2% |
| MMM | 3M CO | $89.46B | 28.9x | 1.5% |
| BSX | BOSTON SCIENTIFIC CORP | $66.22B | 23.6x | 19.9% |
| BDX | BECTON DICKINSON & CO | $54.18B | 34.2x | 8.2% |
| RMD | RESMED INC | $36.48B | 24.2x | 9.9% |
| DXCM | DEXCOM INC | $29.41B | 37.3x | 15.6% |
| MDLN | Medline Inc. | $29.20B | — | 11.5% |
| WST | WEST PHARMACEUTICAL SERVICES INC | $27.60B | 57.8x | 6.3% |