Beta Bionics Reports 54% Revenue Growth to $100.3 Million in Fiscal Year 2025

**Beta Bionics, Inc. Reports Fiscal Year 2025 Results, Cites Revenue Growth and Continued Investment in Innovation**

Beta Bionics, Inc., a commercial-stage medical device company focused on diabetes management, reported net sales of $100.3 million for the fiscal year ended December 31, 2025, compared to $65.1 million in the prior year, representing a 54% increase. The growth was primarily driven by higher sales volumes of the company's iLet Bionic Pancreas system and related single-use products, reflecting an expansion of its installed customer base and growth in new patient starts, which totaled 19,713 in 2025, up from 12,994 in 2024. Cost of sales increased to $44.7 million from $29.2 million in the previous year, while gross profit rose to $55.5 million, resulting in a consistent gross margin of 55%.

The company's operating expenses for 2025 totaled $127.2 million, a 57% increase from $81.1 million in 2024. Research and development expenses increased to $34.8 million, driven by investments in the patch pump, bihormonal iLet system, and software updates. Sales and marketing expenses rose to $61.4 million due to an expanded sales force and increased marketing activities. General and administrative expenses also increased to $31.0 million, reflecting higher personnel costs and public company expenses. As a result, Beta Bionics reported a loss from operations of $71.7 million, compared to $45.3 million in the prior year.

Other income (expense) showed a net expense of $1.5 million, compared to a $9.5 million net expense in 2024. This was primarily due to a $7.0 million increase in interest income from investments and a $1.0 million decrease in expense from the change in fair value of warrant liabilities. The company's net loss for the year was $73.2 million, compared to $54.8 million in 2024. As of December 31, 2025, Beta Bionics had cash, cash equivalents, and short-term investments of $219.2 million. The company's employee headcount stood at 420 full-time and three part-time employees.

Looking ahead, Beta Bionics plans to continue investing in research and development, including the development of its patch pump (Mint) and bihormonal iLet system, with a targeted commercial launch for Mint by the end of 2027, pending FDA clearance. The company also intends to pursue expanded use of the iLet to treat people with insulin-dependent Type 2 diabetes. Beta Bionics is pursuing a multi-channel coverage and reimbursement strategy, with 76% of net sales generated through the durable medical equipment (DME) channel and 24% through the pharmacy benefit plan (PBP) channel in 2025. The company anticipates that its existing cash, cash equivalents, and investments, along with revenue from product sales, will be sufficient to fund its operating expenses and capital expenditure requirements through the first half of 2028.