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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 Pancreas, an insulin delivery device for the treatment of type 1 diabetes in adults and children six years of age and older. The company is also developing Patch Pump, an insulin pump that is designed to adhere directly to the skin and administer insulin without the need for tubing; Bihormonal iLet, which combines automated delivery of insulin and glucagon; and iLet to treat people with insulin-dependent type-2 diabetes. It has collaboration and license agreement with Xeris Pharmaceuticals, Inc. (Xeris) to develop and commercialize a pump-compatible glucagon formulation; and development and commercialization agreement with Abbott Diabetes Care Inc. to develop and commercialize an automated insulin delivery system. The company was incorporated in 2015 and is headquartered in Irvine, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $100M | $-69M | $-73M | $-56M | -25.5% | 53.9% | - |
| 2024 | $65M | $-43M | $-55M | $-52M | 22.3% | 442.9% | - |
| 2023 | $12M | $-34M | $-44M | $-33M | 21.7% | 6601.1% | - |
| 2022 | $0M | $-63M | $-65M | $-61M | 38.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0.18 | 11.99 | 65.12 | 100.25 |
| Cost Of Revenue | 0 | 5.69 | 29.24 | 44.71 |
| Gross Profit | 0.18 | 6.31 | 35.89 | 55.54 |
| Operating Expense | 66.02 | 42.16 | 81.14 | 127.22 |
| Operating Income | -65.84 | -35.85 | -45.25 | -71.68 |
| EBITDA | -62.65 | -33.76 | -42.97 | -68.81 |
| EBIT | -64.74 | -35.85 | -45.25 | -71.68 |
| Pretax Income | -64.75 | -44.10 | -54.76 | -73.20 |
| Net Income | -64.75 | -44.10 | -54.76 | -73.20 |
| Net Income Common Stockholders | -64.75 | -44.10 | -54.76 | -73.20 |
| Total Expenses | 66.02 | 47.84 | 110.38 | 171.93 |
| Interest Expense | 0.01 | 0.07 | 0 | 0 |
| Interest Income | 0.20 | 1.78 | 3.91 | 10.93 |
| Research And Development | 31.43 | 17.94 | 26.18 | 34.79 |
| Selling General And Administration | 34.59 | 24.21 | 54.95 | 92.43 |
| Normalized EBITDA | -63.56 | -23.80 | -29.56 | -56.36 |
| Normalized Income | -65.66 | -34.14 | -41.34 | -60.75 |
| Basic EPS | -2.12 | -1.45 | -1.28 | -1.81 |
| Diluted EPS | -2.12 | -1.45 | -1.28 | -1.81 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 0.91 | -9.96 | -13.41 | -12.45 |
| Total Unusual Items Excluding Goodwill | 0.91 | -9.96 | -13.41 | -12.45 |
| Net Income From Continuing Operation Net Minority Interest | -64.75 | -44.10 | -54.76 | -73.20 |
| Reconciled Depreciation | 2.09 | 2.09 | 2.28 | 2.88 |
| Reconciled Cost Of Revenue | 0 | 5.69 | 29.24 | 44.71 |
| Net Interest Income | 0.18 | 1.78 | 3.91 | 10.93 |
| Net Income From Continuing And Discontinued Operation | -64.75 | -44.10 | -54.76 | -73.20 |
| Total Operating Income As Reported | -65.84 | -35.85 | -45.25 | -71.68 |
| Diluted Average Shares | 30.50 | 30.50 | 42.86 | 40.53 |
| Basic Average Shares | 30.50 | 30.50 | 42.86 | 40.53 |
| Diluted NI Availto Com Stockholders | -64.75 | -44.10 | -54.76 | -73.20 |
| Net Income Including Noncontrolling Interests | -64.75 | -44.10 | -54.76 | -73.20 |
| Net Income Continuous Operations | -64.75 | -44.10 | -54.76 | -73.20 |
| Other Income Expense | 0.91 | -10.03 | -13.41 | -12.45 |
| Other Non Operating Income Expenses | 0 | -0.07 | 0 | 0 |
| Gain On Sale Of Security | 0.91 | -9.96 | -13.41 | -12.45 |
| Net Non Operating Interest Income Expense | 0.18 | 1.78 | 3.91 | 10.93 |
| Interest Expense Non Operating | 0.01 | 0.07 | 0 | 0 |
| Interest Income Non Operating | 0.20 | 1.78 | 3.91 | 10.93 |
| Selling And Marketing Expense | 8.44 | 11.99 | 37.09 | 61.40 |
| General And Administrative Expense | 26.15 | 12.22 | 17.87 | 31.02 |
| Other Gand A | 21.61 | 12.22 | 17.87 | 31.02 |
| Salaries And Wages | 4.55 | 3.64 | 0 | 0 |
| Operating Revenue | 0.18 | 11.99 | 65.12 | 100.25 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Beta Bionics, Inc.this co. | BBNX | $441M | - | 1.63 | -25.5% | -3.29 |
| Larimar Therapeutics, Inc. | LRMR | $451M | - | 4.62 | -212.2% | -1.85 |
| Perspective Therapeutics, Inc. | CATX | $448M | - | 1.41 | -49.8% | -2.78 |
| Myriad Genetics, Inc. | MYGN | $442M | - | 1.19 | -99.4% | -2.56 |
| AngioDynamics, Inc. | ANGO | $440M | - |
| 2.56 |
| -18.6% |
| -634.17 |
| Atea Pharmaceuticals, Inc. | AVIR | $435M | - | 1.54 | -57.5% | -0.73 |
| REGENXBIO Inc. | RGNX | $434M | - | 4.16 | -188.7% | -3.19 |
| Evolent Health, Inc. | EVH | $432M | - | 1.02 | -128.7% | 14.29 |
| Aura Biosciences, Inc. | AURA | $432M | - | 3.13 | -77.6% | -2.73 |
| Peer Median | - | - | 2.05 | -88.5% | -2.65 | |