Beta Bionics (BBNX) Q4 2025 earnings summary

Executive summary

• Achieved $100.3 million in net sales for 2025, up 54% year-over-year, with Q4 net sales of $32.1 million, up 57% year-over-year.

• Installed customer base grew 129% year-over-year to 35,011 users, with nearly 20,000 new users adopting the iLet in 2025.

• Strategic product launches and integration milestones, including Bionic Circle, Color iLet, and Libre 3 Plus, supported market expansion.

• R&D milestones included completion of first-in-human Phase 2a feasibility trial for the bihormonal system, with additional trials planned for H1 2026.

• Pharmacy channel strategy drove significant adoption and access, with formulary agreements established with all major PBMs.

Financial highlights

• Q4 2025 gross margin was 59%, up 179 basis points year-over-year; full year gross margin was 55.4%.

• Q4 2025 operating expenses were $35.1 million; adjusted EBITDA loss for Q4 was ($10.5M), net loss ($13.5M).

• Ended 2025 with $265 million in cash, cash equivalents, and investments.

• Full year 2025 loss from operations was $71.7M, net loss $73.2M.

• Sequential quarterly revenue growth and margin improvement observed throughout 2025.

Outlook and guidance

• 2026 revenue guidance: $130–$135 million; gross margin expected between 55.5% and 57.5%.

• 36%–38% of new patient starts in 2026 expected to be reimbursed through the pharmacy/PBP channel.

• OpEx and CapEx to increase as a percentage of revenue, with investments in sales, marketing, and R&D (notably Mint and bihormonal system).

• At least 20 new sales territories to be added in 2026, with most expansion in the first half.

• Q1 2026 revenue and new patient starts expected to decline sequentially from Q4 2025, with revenue more weighted to first half of 2026.