Beta Bionics (BBNX)
Market Price (4/22/2026): $12.65 | Market Cap: $559.6 MilSector: Health Care | Industry: Life Sciences Tools & Services
Beta Bionics (BBNX)
Market Price (4/22/2026): $12.65Market Cap: $559.6 MilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 54% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -45% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Diabetes Management, Remote Patient Monitoring, Show more. | Weak multi-year price returns2Y Excs Rtn is -88%, 3Y Excs Rtn is -119% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -72 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -72% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -56% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17% Key risksBBNX key risks include [1] its significant operating losses and reliance on partnerships for commercialization, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 54% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -45% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Diabetes Management, Remote Patient Monitoring, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -88%, 3Y Excs Rtn is -119% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -72 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -72% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -56% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17% |
| Key risksBBNX key risks include [1] its significant operating losses and reliance on partnerships for commercialization, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Beta Bionics (BBNX) stock has lost about 60% since 12/31/2025 because of the following key factors:
1. Beta Bionics experienced a significant stock decline of 37% on January 9, 2026, following the announcement of preliminary fourth-quarter 2025 results where new patient starts of 5,581 fell short of the consensus expectation of 6,078.
2. The company received an FDA warning letter on January 29, 2026, citing deficiencies in its quality management system, medical device reporting, and correction and removal processes, which introduced regulatory uncertainty and operational risk.
Show more
1. Beta Bionics experienced a significant stock decline of 37% on January 9, 2026, following the announcement of preliminary fourth-quarter 2025 results where new patient starts of 5,581 fell short of the consensus expectation of 6,078.
2. The company received an FDA warning letter on January 29, 2026, citing deficiencies in its quality management system, medical device reporting, and correction and removal processes, which introduced regulatory uncertainty and operational risk.
Show more
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Stock Movement Drivers
Fundamental Drivers
The -59.7% change in BBNX stock from 12/31/2025 to 4/21/2026 was primarily driven by a -63.9% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.47 | 12.27 | -59.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 89 | 100 | 13.2% |
| P/S Multiple | 15.0 | 5.4 | -63.9% |
| Shares Outstanding (Mil) | 44 | 44 | -1.4% |
| Cumulative Contribution | -59.7% |
Market Drivers
12/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| BBNX | -59.7% | |
| Market (SPY) | -5.4% | -2.6% |
| Sector (XLV) | -5.7% | 14.3% |
Fundamental Drivers
The -38.2% change in BBNX stock from 9/30/2025 to 4/21/2026 was primarily driven by a -3.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.87 | 12.27 | -38.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 100 | 0.0% |
| P/S Multiple | � | 5.4 | 0.0% |
| Shares Outstanding (Mil) | 43 | 44 | -3.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| BBNX | -38.2% | |
| Market (SPY) | -2.9% | 16.3% |
| Sector (XLV) | 5.3% | 20.3% |
Fundamental Drivers
The 0.2% change in BBNX stock from 3/31/2025 to 4/21/2026 was primarily driven by a 53.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.24 | 12.27 | 0.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 65 | 100 | 53.9% |
| P/S Multiple | 8.1 | 5.4 | -32.8% |
| Shares Outstanding (Mil) | 43 | 44 | -3.1% |
| Cumulative Contribution | 0.2% |
Market Drivers
3/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| BBNX | 0.2% | |
| Market (SPY) | 16.3% | 34.7% |
| Sector (XLV) | 1.3% | 30.3% |
Fundamental Drivers
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Market Drivers
3/31/2023 to 4/21/2026| Return | Correlation | |
|---|---|---|
| BBNX | ||
| Market (SPY) | 63.3% | 36.4% |
| Sector (XLV) | 18.0% | 30.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BBNX Return | - | - | - | - | 29% | -58% | -45% |
| Peers Return | 17% | -27% | -17% | 14% | -2% | -14% | -32% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| BBNX Win Rate | - | - | - | - | 58% | 25% | |
| Peers Win Rate | 56% | 47% | 36% | 53% | 47% | 25% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BBNX Max Drawdown | - | - | - | - | -59% | -71% | |
| Peers Max Drawdown | -15% | -44% | -44% | -19% | -27% | -19% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MDT, PODD, TNDM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/21/2026 (YTD)
How Low Can It Go
BBNX has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -16.1% | -25.4% |
| % Gain to Breakeven | 19.1% | 34.1% |
| Time to Breakeven | 599 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.8% | -33.9% |
| % Gain to Breakeven | 40.4% | 51.3% |
| Time to Breakeven | 116 days | 148 days |
| 2018 Correction | ||
| % Loss | -15.8% | -19.8% |
| % Gain to Breakeven | 18.8% | 24.7% |
| Time to Breakeven | 326 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -40.6% | -56.8% |
| % Gain to Breakeven | 68.3% | 131.3% |
| Time to Breakeven | 1,100 days | 1,480 days |
Compare to MDT, PODD, TNDM
In The Past
SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.
Preserve Wealth
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About Beta Bionics (BBNX)
We are a commercial-stage medical device company engaged in the design, development and commercialization of innovative solutions to improve the health and quality of life of insulin-requiring people with diabetes (PWD) by utilizing advanced adaptive closed-loop algorithms to simplify and improve the treatment of their disease. Diabetes is a serious, chronic and often lifelong condition with no known cure that is characterized by extended periods of elevated levels of glucose in the bloodstream, or hyperglycemia, resulting from the body’s inability to either produce or effectively utilize the hormone insulin. To treat their diabetes, PWD must undergo a rigorous regimen of daily insulin substitution, as elevated levels of glucose in the blood over time can lead to serious and often life-threatening cardiovascular, metabolic and nervous system complications. Despite decades of innovation that have advanced the quality of care available, a significant unmet need remains as the vast majority of PWD still cannot manage their diabetes effectively. Our product, the iLet Bionic Pancreas (iLet), is the first insulin delivery device cleared by the U.S. Food and Drug Administration (FDA) to utilize adaptive closed-loop algorithms to autonomously determine every insulin dose without requiring a user to count carbohydrate intake. We believe this marks a significant advancement over other insulin delivery technologies by offering a differentiated combination of improved glycemic control and a vastly simplified experience for users and caregivers. The iLet was specifically designed to provide improvements in glycemic control relative to currently available treatment options, such as insulin pumps, including partially automated insulin delivery (AID) systems (also known as hybrid closed-loop systems), and multiple daily injections (MDI), while also reducing the complexity and burden of achieving these improved results for PWD. It is enabled by adaptive closed-loop algorithms that continuously learn each person’s unique and ever-changing insulin requirements and then autonomously delivers the correct insulin doses every five minutes throughout the day and night. Only the user’s body weight is required for device initialization and the autonomous determination of all insulin doses, unlike insulin pumps and hybrid closed-loop systems, which require a complex host of parameters to configure. The adaptive closed-loop algorithms are designed to remove the need to manually adjust insulin pump therapy settings and variables required by conventional pump therapy and hybrid closed-loop systems, which both require the user to determine the size and timing of both meal and correction insulin doses and to adjust basal insulin dosing. Therefore, we believe the adaptive closed-loop algorithms can make the iLet easier to initiate and use on a daily basis than other available AID systems. We believe that the iLet represents one of the first significant advances in insulin delivery technology since the commercial availability of hybrid closed-loop systems began in 2017, and that its convenient product features, coupled with improved glycemic control, will appeal to broad segments of PWD who are seeking a simple path to improved disease management. Our initial commercialization efforts for the iLet are in type 1 diabetes (T1D), an indication for which we received FDA clearance in patients six and older in May 2023 in the United States. T1D is an autoimmune disorder that often develops during childhood or adolescence, but can occur at any age, and arises from a person’s immune system attacking and destroying the insulin-producing beta cells in the pancreas. According to the Centers for Disease Control and Prevention (CDC), there are approximately 1.8 million people with T1D currently in the United States, all of whom require daily insulin replacement to manage their disease. The average hemoglobin A1C (HbA1c), a measure of average blood-glucose (BG) levels over an extended period of time, among adults in the United States with T1D is 8.2%, and currently only about 20% of adults with T1D meet or exceed the American Diabetes Association (ADA) goal for HbA1c, which is 7.0% or lower. The remaining 80%, therefore, are at elevated risk of developing an array of potentially life-threatening complications that arise as a result of chronic exposure to hyperglycemia. We believe that one of the principal causes of these suboptimal outcomes is that the complexity of the user experience with most currently available insulin pumps and hybrid closed-loop systems has kept the majority of PWD from adopting them despite the improved disease management they can offer. These systems require PWD to set and to periodically adjust several insulin pump parameters, to quantify daily carbohydrate intake and to frequently calculate proper doses of insulin for their pump to deliver. We believe this complexity, and the constant engagement that is required in order to enjoy the full therapeutic benefits that these systems can offer, limits their uptake to a subset of PWD and to subspecialty healthcare providers (HCPs). We believe that approximately one-third of people with T1D in the United States utilize insulin pumps or hybrid closed-loop systems to receive their daily insulin, while the majority receive their daily insulin via MDI therapy, which is less complex, but often less effective and has been shown to be associated with higher HbA1c levels. This is based on our internal estimates factoring epidemiologic data from government and leading industry organizations such as the CDC, as well as industry sales data from public filings and disclosures made by the leading device manufacturers (Medtronic plc (Medtronic), Tandem Diabetes Care, Inc. (Tandem) and Insulet Corporation (Insulet), who collectively hold approximately 96% market share) and aggregated by third-party data service providers. Our initial commercial results suggest that the iLet’s value proposition is resonating strongly within the MDI population, as approximately 67% of the iLet’s adoption as of September 30, 2024 has come from PWD who were previously utilizing MDI. We were originally incorporated under the laws of the Commonwealth of Massachusetts in October 2015. In August 2024, we reincorporated under the laws of the State of Delaware. Our principal executive offices are located at 11 Hughes, Irvine, California.
AI Analysis | Feedback
Here are 1-2 brief analogies to describe Beta Bionics (BBNX):
It's like the Tesla for insulin delivery, offering an autonomous, AI-driven system that simplifies managing diabetes.
Think of it as the Apple of diabetes management devices, making complex insulin delivery intuitive and vastly easier for users.
AI Analysis | Feedback
- iLet Bionic Pancreas: An insulin delivery device that uses adaptive closed-loop algorithms to autonomously determine and deliver insulin doses, simplifying diabetes management by removing the need for carbohydrate counting or manual adjustments.
AI Analysis | Feedback
Beta Bionics (BBNX) sells its product, the iLet Bionic Pancreas, primarily to individuals. The company's major customer categories are:
- People with Type 1 Diabetes (T1D) currently using Multiple Daily Injections (MDI): A significant portion of the iLet's adoption (approximately 67%) has come from individuals who previously managed their diabetes with MDI, indicating a strong appeal for a simpler, yet more effective treatment option.
- People with Type 1 Diabetes (T1D) currently using existing insulin pumps or hybrid closed-loop systems: While a smaller percentage of initial adopters, the iLet aims to provide improved glycemic control and a simplified experience compared to more complex existing automated insulin delivery (AID) systems, attracting users seeking an easier way to manage their condition.
- Children and Adolescents (aged six and older) with Type 1 Diabetes (T1D): The iLet is cleared for patients six and older, and its simplified operation, requiring only body weight for initialization and no carbohydrate counting, is particularly beneficial for younger patients and their caregivers, making diabetes management less burdensome.
AI Analysis | Feedback
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AI Analysis | Feedback
Sean Saint, President, CEO & Board Member
Sean Saint is an engineer, entrepreneur, diabetes technologist, and a person with type 1 diabetes. He founded Companion Medical, where he oversaw the development and launch of the InPen system, the first FDA-cleared smart pen, which was subsequently acquired by Medtronic in 2020. Prior to founding Companion Medical, he was an early employee at Dexcom and Tandem Diabetes Care, and also co-founded Alure Medical (now Refine Medical). He assumed the role of CEO at Beta Bionics in August 2022.
Stephen Feider, Chief Financial Officer
Stephen Feider is responsible for the finance, investor relations, human resources, customer service, and IT organizations at Beta Bionics. His experience in the diabetes medical device industry began as Vice President of Finance at Companion Medical, which Medtronic later acquired in 2020. Following the acquisition, he continued his career at Medtronic Diabetes as Finance Director. Earlier in his career, he worked as a CPA at PwC and as Corporate Controller at Marathon Health. He holds both Bachelor's and Master's degrees in Accountancy from Butler University.
Steven Russell, MD, PhD, Chief Medical Officer
Mike Mensinger, Chief Product Officer
Mark Hopman, R.Ph, MBA, Chief Commercial Officer
AI Analysis | Feedback
Key Risks to Beta Bionics (BBNX)
- Intense Competition and Difficulty in Gaining Market Share: Beta Bionics faces significant challenges in penetrating a market dominated by established players such as Medtronic, Tandem Diabetes Care, Inc., and Insulet Corporation, which collectively hold approximately 96% of the market share for insulin pumps and hybrid closed-loop systems.
- Heavy Reliance on the Commercial Success and Adoption of a Single Product: The company's business is currently centered on the iLet Bionic Pancreas. The failure of the iLet to achieve widespread adoption or to maintain its market differentiation could severely impact Beta Bionics' financial performance and viability.
- Challenges in Broad Market Adoption and Payer Reimbursement: Despite the iLet's simplified approach, Beta Bionics must overcome the historical low adoption rates of advanced insulin delivery systems among people with type 1 diabetes and secure favorable reimbursement policies from payers to achieve significant commercial success.
AI Analysis | Feedback
nullAI Analysis | Feedback
```htmlThe addressable market for Beta Bionics' main product, the iLet Bionic Pancreas, is approximately 1.8 million people with Type 1 Diabetes (T1D) in the United States.
```AI Analysis | Feedback
Beta Bionics (NASDAQ: BBNX) anticipates several key drivers for its future revenue growth over the next 2-3 years, stemming from its innovative iLet Bionic Pancreas system and strategic commercial initiatives.
The expected drivers include:
- Increasing User Adoption and Expanding Installed Base: Beta Bionics has demonstrated strong traction with its iLet system, evidenced by a 54% year-over-year revenue growth in 2025, reaching $100.3 million, and an installed user base that more than doubled to over 35,000 by the end of 2025. New patient starts continue to grow, with a significant portion (approximately 69%) coming from individuals previously using multiple daily insulin injections (MDI), indicating strong resonance with this underserved market segment.
- Expansion of Sales Force and Commercial Footprint: To further penetrate the market, Beta Bionics plans to expand its field sales team by at least 20 new territories in 2026, building upon its existing 63 territories. This expansion is strategically aimed at achieving broader U.S. coverage across high-prescribing primary care physicians and endocrinology specialists, thereby increasing access to the iLet system.
- Growth through Pharmacy Channel Reimbursement: A significant contributor to revenue growth is the rapid expansion of sales through the Pharmacy Benefit Plan (PBP) channel. PBP channel net sales saw a remarkable 287% increase in 2025. The company projects that 36% to 38% of new patient starts in 2026 will be reimbursed via the pharmacy channel, which also contributes to higher-margin revenue.
- Product Innovation with Mint Patch Pump and Bihormonal System: Beta Bionics is investing in its product pipeline to introduce next-generation solutions. The company is advancing the development of its Mint patch pump, targeting an unconstrained commercial launch by 2027. Additionally, a Phase 2a feasibility trial for a bihormonal system, designed to deliver both insulin and glucagon for more comprehensive glucose management, has been completed. These innovations are expected to broaden the iLet's appeal by offering diverse form factors and enhanced capabilities.
- Entry into the Type 2 Diabetes Market: While initially focused on Type 1 diabetes, Beta Bionics has observed rising adoption of the iLet among people with Type 2 diabetes (T2D), with this group accounting for approximately 25% to 30% of new patient starts in Q4 2025. Expanding the iLet's reach into the significantly larger T2D population represents a substantial long-term growth opportunity.
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Share Issuance
- Beta Bionics completed its initial public offering (IPO) on January 31, 2025, selling 13,800,000 shares of common stock at $17.00 per share.
- In conjunction with the IPO, Beta Bionics sold an additional 1,000,000 shares of common stock to an existing investor in a concurrent private placement at $17.00 per share.
- The aggregate gross proceeds to Beta Bionics from the IPO and the concurrent private placement totaled approximately $229.1 million.
Inbound Investments
- An existing investor made an inbound investment of $17.0 million by purchasing 1,000,000 shares of common stock in a concurrent private placement at the IPO price.
- The company received significant capital from its initial public offering, which closed on January 31, 2025.
Capital Expenditures
- Beta Bionics invested $1.9 million in capital expenditures during the fourth quarter of 2025.
- For the full year 2025, capital expenditures amounted to $5.3 million.
- The company expects operating expenses and capital expenditures to increase as a percentage of revenue in 2026, reflecting ongoing investments.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Beta Bionics Stock (-37%): Patient Growth Miss Spooks Street | 01/10/2026 | |
| Beta Bionics Earnings Notes | 12/16/2025 | |
| Beta Bionics (BBNX) Operating Cash Flow Comparison | 02/17/2025 | |
| Beta Bionics (BBNX) Net Income Comparison | 02/15/2025 | |
| Beta Bionics (BBNX) Operating Income Comparison | 02/14/2025 | |
| Beta Bionics (BBNX) Revenue Comparison | 02/13/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
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| 03202026 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.4% | -0.4% | -3.3% |
| 03202026 | GILD | Gilead Sciences | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.6% | 1.6% | -2.2% |
| 01312025 | BBNX | Beta Bionics | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -31.1% | -41.9% | -59.2% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.02 |
| Mkt Cap | 7.4 |
| Rev LTM | 1,861 |
| Op Inc LTM | 201 |
| FCF LTM | 147 |
| FCF 3Y Avg | 228 |
| CFO LTM | 280 |
| CFO 3Y Avg | 382 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.3% |
| Rev Chg 3Y Avg | 9.0% |
| Rev Chg Q | 20.0% |
| QoQ Delta Rev Chg LTM | 4.7% |
| Op Inc Chg LTM | -23.7% |
| Op Inc Chg 3Y Avg | 5.3% |
| Op Mgn LTM | 0.5% |
| Op Mgn 3Y Avg | 15.1% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 9.8% |
| CFO/Rev 3Y Avg | 16.8% |
| FCF/Rev LTM | 1.1% |
| FCF/Rev 3Y Avg | 9.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.4 |
| P/S | 4.0 |
| P/Op Inc | 4.2 |
| P/EBIT | 4.9 |
| P/E | 8.1 |
| P/CFO | 1.9 |
| Total Yield | -5.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.2% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -10.1% |
| 3M Rtn | -24.2% |
| 6M Rtn | -27.3% |
| 12M Rtn | 12.8% |
| 3Y Rtn | -43.2% |
| 1M Excs Rtn | -18.6% |
| 3M Excs Rtn | -28.2% |
| 6M Excs Rtn | -31.9% |
| 12M Excs Rtn | -27.4% |
| 3Y Excs Rtn | -114.6% |
Price Behavior
Price Behavior
| Market Price | $12.27 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 01/30/2025 | |
| Distance from 52W High | -61.6% | |
| 50 Days | 200 Days | |
| DMA Price | $11.68 | $16.96 |
| DMA Trend | down | down |
| Distance from DMA | 5.0% | -27.6% |
| 3M | 1YR | |
| Volatility | 79.0% | 86.8% |
| Downside Capture | 0.59 | 0.45 |
| Upside Capture | -120.91 | 91.68 |
| Correlation (SPY) | 8.0% | 18.2% |
BBNX Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.45 | 1.00 | -0.17 | 1.06 | 1.62 | -0.22 |
| Up Beta | 5.42 | 0.01 | -0.14 | 1.44 | 1.63 | 0.21 |
| Down Beta | 1.77 | 1.43 | 1.49 | 2.13 | 2.06 | 0.44 |
| Up Capture | 130% | 49% | -293% | -33% | 109% | 14% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 18 | 27 | 62 | 129 | 144 |
| Down Capture | 138% | 161% | 139% | 100% | 117% | 94% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 24 | 36 | 64 | 122 | 147 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BBNX | |
|---|---|---|---|---|
| BBNX | 16.3% | 87.2% | 0.58 | - |
| Sector ETF (XLV) | 9.2% | 16.0% | 0.37 | 22.3% |
| Equity (SPY) | 23.7% | 12.7% | 1.52 | 19.1% |
| Gold (GLD) | 41.4% | 27.5% | 1.25 | -1.1% |
| Commodities (DBC) | 22.4% | 16.2% | 1.25 | -1.7% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 15.1% |
| Bitcoin (BTCUSD) | -10.4% | 42.7% | -0.14 | 6.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BBNX | |
|---|---|---|---|---|
| BBNX | -11.3% | 88.9% | -0.15 | - |
| Sector ETF (XLV) | 5.9% | 14.6% | 0.22 | 29.8% |
| Equity (SPY) | 10.8% | 17.1% | 0.49 | 36.2% |
| Gold (GLD) | 21.6% | 17.8% | 0.99 | 2.3% |
| Commodities (DBC) | 10.9% | 18.8% | 0.47 | 11.4% |
| Real Estate (VNQ) | 4.1% | 18.8% | 0.12 | 26.6% |
| Bitcoin (BTCUSD) | 3.8% | 56.4% | 0.29 | 10.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BBNX | |
|---|---|---|---|---|
| BBNX | -5.8% | 88.9% | -0.15 | - |
| Sector ETF (XLV) | 9.5% | 16.5% | 0.47 | 29.8% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 36.2% |
| Gold (GLD) | 13.7% | 15.9% | 0.71 | 2.3% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 11.4% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 26.6% |
| Bitcoin (BTCUSD) | 68.0% | 66.9% | 1.07 | 10.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/21/2026 | |||
| 1/8/2026 | -37.0% | -44.4% | -56.6% |
| 10/28/2025 | 10.3% | 14.5% | 27.1% |
| 7/29/2025 | 14.3% | 7.8% | 29.4% |
| 3/25/2025 | -13.6% | -26.1% | -27.3% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 2 |
| # Negative | 2 | 2 | 2 |
| Median Positive | 12.3% | 11.2% | 28.3% |
| Median Negative | -25.3% | -35.3% | -42.0% |
| Max Positive | 14.3% | 14.5% | 29.4% |
| Max Negative | -37.0% | -44.4% | -56.6% |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 130.00 Mil | 132.50 Mil | 135.00 Mil | 37.3% | Higher New | Guidance: 96.50 Mil for 2025 | |
| 2026 PBP channel reimbursement percentage | 0.36 | 0.37 | 0.38 | 32.1% | 9.0% | Higher New | Guidance: 0.28 for 2025 |
| 2026 Gross margin | 55.5% | 56.5% | 57.5% | 3.7% | 2.0% | Higher New | Guidance: 54.5% for 2025 |
Prior: Q3 2025 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 96.50 Mil | 6.6% | Raised | Guidance: 90.50 Mil for 2025 | |||
| 2025 PBP Channel Reimbursement | 0.27 | 0.28 | 0.29 | 5.7% | Raised | Guidance: 0.27 for 2025 | |
| 2025 Gross Margin | 54.0% | 54.5% | 55.0% | 1.9% | 1.0% | Raised | Guidance: 53.5% for 2025 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mensinger, Mike | Chief Product Officer | Direct | Sell | 1052026 | 29.61 | 7,800 | 230,950 | 2,456,125 | Form |
| 2 | Feider, Stephen | Chief Financial Officer | Direct | Sell | 1052026 | 29.53 | 20,000 | 590,680 | 1,258,562 | Form |
| 3 | Mensinger, Mike | Chief Product Officer | Direct | Sell | 12042025 | 29.34 | 1,063 | 31,184 | 2,662,292 | Form |
| 4 | Feider, Stephen | Chief Financial Officer | Direct | Sell | 12042025 | 29.34 | 1,427 | 41,862 | 1,250,120 | Form |
| 5 | Saint, Sean | President & CEO | Direct | Sell | 12042025 | 29.34 | 3,278 | 96,163 | 2,872,689 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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