Beta Bionics reported Q4 net sales of $32.1 million, a 57% increase over the prior year, driven by DME channel sales of $22.3 million (up 24%) and PBP channel sales of $9.8 million (up 295%). Gross margin expanded to 59.0% from 57.2%, installed customer base grew 129% to 35,011 users, and new patient starts rose 37% to 5,592. Net loss narrowed to $13.5 million (42% of sales) and adjusted EBITDA improved to negative $10.5 million (33% of sales), supported by a cash and investment balance of $264.7 million.

Full-year net sales reached $100.3 million, up 54% from 2024, with DME channel revenue of $75.8 million (up 29%) and PBP channel revenue of $24.4 million (up 287%). Gross margin edged up to 55.4% and new patient starts increased 52% to 19,713, with 70% converting from multiple daily injections. Despite growth, the company recorded a net loss of $73.2 million (73% of sales) and adjusted EBITDA loss of $52.8 million (53% of sales).

Beta Bionics expects total 2026 revenue of $130–135 million, representing roughly 30–35% growth, with gross margin forecast between 55.5% and 57.5%. Management anticipates 36%–38% of new patient starts will be reimbursed through the PBP channel, reflecting ongoing expansion of pharmacy benefit coverage.

The company completed its first-in-human Phase 2a feasibility trial of the bihormonal system in New Zealand and plans an additional Phase 2a trial in H1 2026, aiming to progress to a pivotal Phase 2b feasibility study later in the year. R&D efforts also include the Mint patch pump program, reinforcing Beta Bionics’ strategy to innovate durable insulin delivery and expand market leadership.