Beta Bionics (BBNX) Q1 2026 earnings summary

Executive summary

• Q1 2026 net sales reached $27.6 million, up 57% year-over-year, driven by new patient starts, recurring pharmacy channel revenue, and higher adoption of single-use products.

• Gross margin improved to 59.5%, up 864 basis points from Q1 2025, reflecting pharmacy channel leverage, manufacturing scale, and increased production efficiency.

• Net loss narrowed to $21.9 million from $28.7 million year-over-year, aided by higher revenue and absence of warrant liability expenses.

• Adjusted EBITDA for Q1 2026 was approximately -$17.7 million, reflecting ongoing investment in growth and R&D.

• 70% of new patient starts came from individuals previously on multiple daily injections, with 25%-30% being type 2 diabetes patients.

Financial highlights

• Q1 2026 revenue was $27.6 million, up 57% year-over-year, with gross profit of $16.4 million and gross margin at 59.5%.

• Operating expenses rose 47% to $40.7 million, mainly due to sales force expansion and R&D.

• Net loss per share was $0.49, compared to $0.93 in Q1 2025.

• Cash, cash equivalents, and investments totaled $239.5 million as of March 31, 2026.

• Q1 cash burn was $23.8–$25 million, higher than adjusted EBITDA due to bonuses and working capital changes.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $131–$136 million, with gross margin guidance increased to 57.5%–59.5%.

• Pharmacy/PBP channel mix for new patient starts expected at 37%–39%.

• Operating expenses expected to accelerate year-over-year due to sales force and R&D investments.

• Existing cash and investments projected to fund operations through the first half of 2028.

• Q1 to Q2 expected to show the largest seasonal uptick in new patient starts and revenue.