Start here if you're new
what it is
Beta Bionics makes an insulin device that gives doses on its own for people who use insulin.
how it gets paid
Last year Beta Bionics made $100M in revenue. iLet device sales was the main engine at $62M, or 62% of sales.
why it's growing
Revenue grew 53.9% last year. Revenue rose to $68M in the latest quarter.
what just happened
$68M revenue grew 150%, but EPS was still -$1.52.
At a glance
n/a balance sheet
-$1.79 fy2025 eps est
$2B fy2026 rev est
71.5% operating margin
~$461M market cap
What they do
Beta Bionics makes an insulin device that gives doses on its own for people who use insulin.
The iLet does 100% of insulin dosing. Hybrid systems only handle part of it. That means your carb counting turns into someone else’s problem. Beta says it has 387 employees, so this is a small team trying to replace a daily ritual.
How they make money
$100M
annual revenue · their business grew +53.9% last year
iLet device sales
$62M
+53.9%
Disposable supplies
$23M
+53.9%
Onboarding and training
$9M
+53.9%
Other revenue
$6M
flat
The products that matter
automated insulin-delivery device
iLet bionic pancreas
single commercial product
It is the business. Management's $130M–$135M revenue target and the stock's $461M market cap both sit on this one product's adoption curve.
100% of the story
commercial ramp
iLet rollout
roughly 30% growth target
The product does not need to be merely approved. It needs to scale. Hitting $130M–$135M this year is the first proof point that commercialization is real.
guide matters
regulatory overhang
FDA resolution
march 2026 warning letter
A warning letter is not a side note for a one-product company. If the issue drags, it can slow operations, submissions, and investor patience at the same time.
key risk
Key numbers
$100M
annual revenue
You are looking at a nine-digit sales base. That is real business, but it is still tiny next to the $2B FY2026 estimate.
71.5%
operating margin
Operating margin → profit after running the business → the company loses 71.5 cents on every dollar of sales.
$6M
long-term debt
Long-term debt → money borrowed for more than a year → $6M is only 1% of capital, so leverage is not the main problem.
387
employees
You are looking at a 387-person company trying to scale a medical device business. That is a small crew for a big diabetes market.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $6M (1% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for BBNX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
$68M revenue grew 150%, but EPS was still -$1.52.
Revenue rose to $68M in the latest quarter. Gross margin → money left after making the device → was 53.7%, but the company still lost money on the bottom line.
$68M
revenue
-$1.52
eps
53.7%
gross margin
gross margin
The 53.7% gross margin matters because the device sells with room left over before overhead takes its cut.
source: EDGAR SEC filings
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What could go wrong
The #1 risk is execution around the iLet platform under an active FDA warning-letter overhang. This is a one-product company. There is no second act in the current snapshot if commercialization slips.
med
The FDA issue lasts longer than investors expect
The warning letter dates to March 2026. If it drags, it can pressure commercial momentum and keep the market focused on compliance instead of growth.
The warning letter dates to March 2026. If it drags, it can pressure commercial momentum and keep the market focused on compliance instead of growth.
med
All roads run through one product
The iLet is effectively 100% of the visible business story here. That makes the upside clean and the downside equally clean.
The iLet is effectively 100% of the visible business story here. That makes the upside clean and the downside equally clean.
med
Cash burn stays high
A $51M burn rate is manageable only if revenue scales fast enough. The company has just $6M of long-term debt, so the balance-sheet risk is not leverage. It is time.
A $51M burn rate is manageable only if revenue scales fast enough. The company has just $6M of long-term debt, so the balance-sheet risk is not leverage. It is time.
med
The $130M–$135M guide proves too ambitious
Missing a roughly 30% growth target would hit the stock harder than a routine earnings miss because the guide is the whole valuation bridge right now.
Missing a roughly 30% growth target would hit the stock harder than a routine earnings miss because the guide is the whole valuation bridge right now.
Execution is the whole story. If revenue climbs and losses shrink, the stock has a case. If not, $100M in sales is just expensive noise.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Can quarterly results actually support the $130M–$135M full-year target
That guide is the cleanest scoreboard on the page. If quarterly updates stop lining up with it, the stock's valuation story gets smaller fast.
risk
Progress on resolving the March 2026 FDA warning letter
This is not background noise for a one-product company. A prolonged issue can weigh on operations, submissions, and investor trust all at once.
trend
Estimate beats are nice. Losses narrowing is what counts
Last quarter's -$0.30 EPS beat estimates by 28.6%. The next step is turning that into a repeatable trend, not a one-quarter headline.
calendar
The next update needs to move the story from promise to proof
At $15.46, the stock is still trading below BofA's $25 target. The next earnings update matters because the company has to earn that gap with operating evidence.
Analyst rankings
coverage depth
thin
in human-speak, you do not have enough broad ranking coverage here to outsource the work.
visible published target
$25 bofa
One disclosed target sits well above the current $15.46 share price. That's encouraging, not conclusive.
profitability posture
pre-profit
Analyst enthusiasm means less when the company still reports negative EPS. The income statement gets the final vote.
what the street is pricing
execution
This name will trade more on guide credibility, FDA cleanup, and adoption than on neat ranking labels.
source: institutional data
Institutional activity
institutional ownership data for BBNX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$15
current price
n/a
target midpoint · n/a from current
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