Beta Bionics (BBNX) TD Cowen 46th Annual Health Care Conference summary

Product differentiation and market positioning

• iLet insulin pump features automation, requiring minimal patient and provider engagement, and adapts to individual needs through a learning algorithm.

• The business model emphasizes pharmacy reimbursement and aims for early free cash generation.

• Success is attributed to innovation speed and a management team experienced in insulin pump evolution.

• Winning strategy includes offering both patch and tubed pumps, integrating with all CGMs, and pharmacy channel access.

• iLet targets both tech-savvy early adopters and patients who struggle with other pumps, with 70% of new users coming from injections.

Competitive landscape and adoption barriers

• Patch pump competitors dominate due to preferred form factor and exclusive pharmacy reimbursement.

• Some patients prefer more manual control, while others resist changing established healthcare practices.

• Automation is seen as the future, but industry-wide behavior change is gradual.

• Primary care adoption is limited by prescription complexity and lack of diabetes educators, but iLet is positioned to address these needs.

• No product fully unlocks primary care yet, but iLet aims to be first with low-friction, pharmacy-reimbursed solutions.

Sales force expansion and productivity

• Ended Q4 2025 with 63 sales territories, planning at least 20 more in 2026, mostly in H1.

• Targeting 120–180 territories for full US coverage, currently at 25–50% of competitor scale.

• Higher market share in existing territories, with room for productivity growth in current sales force.

• New sales reps typically generate incremental revenue after about one quarter.

• Recruitment strategy prioritizes high-performing salespeople and reserves expansion for major product launches.