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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% | 33.7% |
| 2024 | $65M | $-43M | $-55M | $-52M | 22.3% | 442.9% | 24.2% |
| 2023 | $12M | $-34M | $-44M | $-33M | 21.7% | 6601.1% | -31.9% |
| 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 | 12 | 65.12 | 100.25 |
| Operating Revenue | 0.18 | 12 | 65.12 | 100.25 |
| Cost Of Revenue | - | 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 |
| Research And Development | 31.43 | 17.94 | 26.18 | 34.79 |
| Selling General And Administration | 34.60 | 24.22 | 54.96 | 92.43 |
| Total Expenses | 66.02 | 47.84 | 110.38 | 171.93 |
| Operating Income | -65.84 | -35.85 | -45.25 | -71.68 |
| Total Operating Income As Reported | -65.84 | -35.85 | -45.25 | -71.68 |
| EBITDA | -62.65 | -33.76 | -42.97 | -68.81 |
| Normalized EBITDA | -63.56 | -23.80 | -29.56 | -56.36 |
| EBIT | -64.74 | -35.85 | -45.25 | -71.68 |
| Interest Income | 0.20 | 1.78 | 3.91 | 10.93 |
| Interest Expense | 0.01 | 0.07 | - | - |
| Net Interest Income | 0.18 | 1.78 | 3.91 | 10.93 |
| Other Non Operating Income Expenses | - | -0.07 | 0 | 0 |
| Other Income Expense | 0.91 | -10.03 | -13.41 | -12.45 |
| Interest Income Non Operating | 0.20 | 1.78 | 3.91 | 10.93 |
| Interest Expense Non Operating | 0.01 | 0.07 | - | - |
| Net Non Operating Interest Income Expense | 0.18 | 1.78 | 3.91 | 10.93 |
| Pretax Income | -64.75 | -44.10 | -54.76 | -73.20 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | -64.75 | -44.10 | -54.76 | -73.20 |
| Net Income From Continuing And Discontinued Operation | -64.75 | -44.10 | -54.76 | -73.20 |
| Net Income From Continuing Operation Net Minority Interest | -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 |
| Net Income Including Noncontrolling Interests | -64.75 | -44.10 | -54.76 | -73.20 |
| Normalized Income | -65.66 | -34.14 | -41.34 | -60.75 |
| Diluted NI Availto Com Stockholders | -64.75 | -44.10 | -54.76 | -73.20 |
| Basic Average Shares | 30.50 | 30.50 | 42.86 | 40.53 |
| Diluted Average Shares | 30.50 | 30.50 | 42.86 | 40.53 |
| Reconciled Depreciation | 2.09 | 2.09 | 2.28 | 2.88 |
| Reconciled Cost Of Revenue | - | 5.69 | 29.24 | 44.71 |
| Total Unusual Items | 0.91 | -9.96 | -13.41 | -12.45 |
| Total Unusual Items Excluding Goodwill | 0.91 | -9.96 | -13.41 | -12.45 |
| Gain On Sale Of Security | 0.91 | -9.96 | -13.41 | -12.45 |
| 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 | - | - |
| Selling And Marketing Expense | 8.44 | 11.99 | 37.09 | 61.40 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Beta Bionics, Inc.this co. | BBNX | $619M | -8.46 | 2.15 | -25.5% | -8.64 |
| Aclaris Therapeutics, Inc. | ACRS | $658M | -10.13 | 6.38 | -63.0% | - |
| Castle Biosciences, Inc. | CSTL | $655M | -27.12 | 1.39 | -5.1% | 50.72 |
| First Tracks Biotherapeutics, Inc. | TRAX | $635M | -3.88 | 1.62 | -41.8% | -2.95 |
| Prime Medicine, Inc. | PRME | $627M |
| -3.12 |
| 5.19 |
| -166.4% |
| -3.38 |
| Gyre Therapeutics, Inc. | GYRE | $601M | 119.48 | 5.66 | 4.7% | 40.29 |
| Phreesia, Inc. | PHR | $599M | 259.74 | 1.78 | 0.7% | 21.30 |
| Ginkgo Bioworks Holdings, Inc. | DNA | $591M | -1.89 | 1.16 | -61.5% | -3.39 |
| Bioventus Inc. | BVS | $589M | 25.93 | 3.20 | 12.3% | 8.39 |
| Peer Median | - | -2.50 | 2.49 | -23.5% | 8.39 | |