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    Beta Bionics (BBNX)

    Market Price (9/5/2026): $19.41 | Market Cap: $864.6 MilSector: Health Care | Industry: Life Sciences Tools & Services

    Beta Bionics (BBNX)

    Market Price (9/5/2026): $19.41
    Market Cap: $864.6 Mil
    Sector: Health Care
    Industry: Life Sciences Tools & Services

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 53%

    Megatrend and thematic drivers
    Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Diabetes Management, Remote Patient Monitoring, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -54%, 3Y Excs Rtn is -89%

    Meaningful short interest
    Short 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 level
    Op Inc LTMOperating Income, Last Twelve Months is -83 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -70%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -52%

    Valuation getting more expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 80%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13%

    Key risks
    BBNX key risks include [1] its significant operating losses and reliance on partnerships for commercialization, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 53%
    2 Megatrend and thematic drivers
    Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Diabetes Management, Remote Patient Monitoring, Show more.
    3 Weak multi-year price returns
    2Y Excs Rtn is -54%, 3Y Excs Rtn is -89%
    4 Meaningful short interest
    Short 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%
    5 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -83 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -70%
    6 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18%
    7 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -52%
    8 Valuation getting more expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 80%
    9 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13%
    10 Key risks
    BBNX key risks include [1] its significant operating losses and reliance on partnerships for commercialization, Show more.

    BBNX in ETFs

    Weight = BBNX's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.03%
    IWN0.05%
    VTWO0.02%
    SCHA0.02%
    DFAC0.00%
    IWV0.00%
    +1 more covered ETF

    Valuation & Metrics

    FYE: 12/31BBNX [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$119.0 Mil—
    FY 2026 Sales$133.9 Mil—
    FY 2027 Sales$179.7 Mil—
    FY 2026 Sales Growth12.5%—
    FY 2027 Sales Growth34.2%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$-73.0 Mil—
    FY 2026 Net Income (Non-GAAP)$-86.7 Mil—
    FY 2027 Net Income (Non-GAAP)$-90.2 Mil—
    FY 2027 Net Income Growth—18.5%
    FY 2026 EPS (Non-GAAP)$-2.14—
    FY 2027 EPS (Non-GAAP)$-2.15—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S6.51.7
    FY 2027 P/S4.8—
    FY 2026 P/E—7.8
    FY 2027 P/E——

    [1] BBNX forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    BBNXS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.1
    Rev Chg Q37.8%9.3%
    Rev Chg LTM52.5%8.3%
    Rev Chg 3Y Avg52.5%5.9%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.1
    CFO LTM ($ Bil)-0.1
    Net Inc LTM ($ Bil)-0.1
    Op Mgn LTM-69.8%18.6%
    CFO/Rev LTM-46.9%21.9%
    Net Inc Mgn-61.3%13.1%
    VALUATIONHIGH
    P/S7.33.3
    P/CFO-15.515.6
    P/FCF-14.120.0
    P/E-11.823.1
    STABILITYVERY GOOD
    Debt/Equity0.010.20
    Cash/Assets0.620.07

    AI Analysis | Feedback

    MetricValueDateSource
    Installed customer base294199302025Link
    New patient starts (quarterly)53349302025Link
    Percentage of new patient starts from multiple daily injections (MDI)70%9302025Link
    Percentage of new patient starts reimbursed through the PBP channelLow 30s percentage9302025Link
    Number of Full-Time Employees2911302025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/3/2026

    Beta Bionics (BBNX) stock has gained about 60% since 5/31/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Financial Performance: Beta Bionics reported robust financial results for its fiscal second quarter ended June 30, 2026, which were released on July 29, 2026. The company saw a significant 38% year-over-year increase in net sales, reaching $32.0 million. Notably, net sales from the Pharmacy Benefit Plan (PBP) channel surged by 153% compared to fiscal Q2 2025. Beta Bionics also surpassed analyst expectations by reporting an earnings per share (EPS) of -$0.53, beating the consensus estimate of -$0.62 by $0.09. This positive performance was further underscored by an improved gross margin of 59.0%, a 524 basis point increase from the prior year.

    2. Positive Developments in Product Pipeline and Strategic Collaborations: The company advanced its product pipeline and strengthened strategic alliances during the period. In July 2026, Beta Bionics initiated enrollment for a pivotal trial to study its iLet system in adults with type 2 diabetes in the U.S. Furthermore, the company updated its commercialization timeline, anticipating the full commercial launch of its Mint patch pump by the end of fiscal Q2 2027, pending regulatory clearance from the U.S. Food and Drug Administration (FDA). These efforts were complemented by reinforcing its connected-device ecosystem through a strategic integration with Abbott's Libre Duo 10-day dual glucose-ketone monitor, expected by year-end.

    Show more
    Updated on 9/3/2026

    Beta Bionics (BBNX) stock has gained about 60% since 5/31/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Financial Performance: Beta Bionics reported robust financial results for its fiscal second quarter ended June 30, 2026, which were released on July 29, 2026. The company saw a significant 38% year-over-year increase in net sales, reaching $32.0 million. Notably, net sales from the Pharmacy Benefit Plan (PBP) channel surged by 153% compared to fiscal Q2 2025. Beta Bionics also surpassed analyst expectations by reporting an earnings per share (EPS) of -$0.53, beating the consensus estimate of -$0.62 by $0.09. This positive performance was further underscored by an improved gross margin of 59.0%, a 524 basis point increase from the prior year.

    2. Positive Developments in Product Pipeline and Strategic Collaborations: The company advanced its product pipeline and strengthened strategic alliances during the period. In July 2026, Beta Bionics initiated enrollment for a pivotal trial to study its iLet system in adults with type 2 diabetes in the U.S. Furthermore, the company updated its commercialization timeline, anticipating the full commercial launch of its Mint patch pump by the end of fiscal Q2 2027, pending regulatory clearance from the U.S. Food and Drug Administration (FDA). These efforts were complemented by reinforcing its connected-device ecosystem through a strategic integration with Abbott's Libre Duo 10-day dual glucose-ketone monitor, expected by year-end.

    3. Upgraded Analyst Sentiment and Price Targets: Beta Bionics experienced a favorable shift in analyst sentiment, with several firms raising their price targets and reiterating positive ratings. On July 13, 2026, Truist Financial increased its price target for Beta Bionics from $18.00 to $22.00. The Goldman Sachs Group followed suit on July 15, 2026, boosting its price objective from $17.00 to $19.00. Additionally, UBS Group initiated coverage with a "buy" rating and set a price objective of $22.00 on July 28, 2026. This contributed to an average analyst rating of "Buy" with a consensus price target of $20.10.

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    Stock Movement Drivers

    Fundamental Drivers

    The 60.2% change in BBNX stock from 5/31/2026 to 9/4/2026 was primarily driven by a 48.8% change in the company's P/S Multiple.
    (LTM values as of)53120269042026Change
    Stock Price ($)12.1219.4260.2%
    Change Contribution By: 
    Total Revenues ($ Mil)1101198.0%
    P/S Multiple4.97.348.8%
    Shares Outstanding (Mil)4445-0.2%
    Cumulative Contribution60.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/4/2026
    ReturnCorrelation
    BBNX60.2% 
    Market (SPY)1.8%19.8%
    Sector (XLV)14.7%41.9%

    Fundamental Drivers

    The 53.8% change in BBNX stock from 2/28/2026 to 9/4/2026 was primarily driven by a 30.4% change in the company's P/S Multiple.
    (LTM values as of)22820269042026Change
    Stock Price ($)12.6319.4253.8%
    Change Contribution By: 
    Total Revenues ($ Mil)10011918.7%
    P/S Multiple5.67.330.4%
    Shares Outstanding (Mil)4445-0.7%
    Cumulative Contribution53.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/4/2026
    ReturnCorrelation
    BBNX53.8% 
    Market (SPY)12.6%29.3%
    Sector (XLV)7.5%40.0%

    Fundamental Drivers

    The 3.1% change in BBNX stock from 8/31/2025 to 9/4/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120259042026Change
    Stock Price ($)18.8419.423.1%
    Change Contribution By: 
    Total Revenues ($ Mil)�1190.0%
    P/S Multiple�7.30.0%
    Shares Outstanding (Mil)4345-3.8%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/4/2026
    ReturnCorrelation
    BBNX3.1% 
    Market (SPY)20.4%21.1%
    Sector (XLV)26.4%25.4%

    Fundamental Drivers

    null
    null

    Market Drivers

    8/31/2023 to 9/4/2026
    ReturnCorrelation
    BBNX  
    Market (SPY)77.1%34.4%
    Sector (XLV)34.7%31.9%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    BBNX Return----29%-35%-16%
    Peers Return17%-27%-17%14%-2%-18%-36%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    BBNX Win Rate----58%44% 
    Peers Win Rate56%47%36%53%47%44% 
    S&P 500 Win Rate75%42%67%75%67%56% 

    Max Drawdowns [4]
    BBNX Max Drawdown------72% 
    Peers Max Drawdown-26%-47%-51%-29%-35%-46% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [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 9/4/2026 (YTD)

    How Low Can It Go

    EventBBNXS&P 500
    2025 US Tariff Shock
      % Loss-55.5%-18.8%
      % Gain to Breakeven124.6%23.1%
      Time to Breakeven153 days79 days

    Compare to MDT, PODD, TNDM

    In The Past

    Beta Bionics's stock fell -55.5% during the 2025 US Tariff Shock. Such a loss loss requires a 124.6% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventBBNXS&P 500
    2025 US Tariff Shock
      % Loss-55.5%-18.8%
      % Gain to Breakeven124.6%23.1%
      Time to Breakeven153 days79 days

    Compare to MDT, PODD, TNDM

    In The Past

    Beta Bionics's stock fell -55.5% during the 2025 US Tariff Shock. Such a loss loss requires a 124.6% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Beta Bionics (BBNX)

    Beta Bionics (BBNX) is a commercial-stage medical device company dedicated to enhancing the health and quality of life for individuals with insulin-requiring diabetes. The company addresses the significant unmet need in diabetes management, where a majority of patients struggle to effectively control their blood glucose levels despite available innovations. Beta Bionics develops and commercializes innovative solutions that leverage advanced adaptive closed-loop algorithms to simplify and improve the daily treatment regimen for people with diabetes.

    The company's flagship product is the iLet Bionic Pancreas, an FDA-cleared insulin delivery device. What sets the iLet apart is its adaptive closed-loop algorithms, which autonomously determine every insulin dose without requiring the user to count carbohydrates. Unlike other insulin pumps and hybrid closed-loop systems that demand complex parameter configuration, the iLet only requires the user's body weight for initialization. It continuously learns an individual's unique insulin requirements, delivering precise doses every five minutes, day and night, aiming for improved glycemic control with significantly reduced user complexity and burden.

    Beta Bionics' primary market focuses on patients six years and older with Type 1 Diabetes (T1D) in the United States. This includes approximately 1.8 million people who require daily insulin. The iLet is particularly appealing to the substantial portion of the T1D population (estimated at 80%) who do not meet target HbA1c goals due to the complexity of existing insulin pump systems. The company has seen strong initial adoption from individuals previously using less complex, but often less effective, Multiple Daily Injection (MDI) therapy, with approximately 67% of iLet users transitioning from MDI.

    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:

    1. 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.
    2. 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.
    3. 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

    null

    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)

    1. 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.
    2. 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.
    3. 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

    null

    AI Analysis | Feedback

    ```html

    The 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:

    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.

    AI Analysis | Feedback

    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.

    Peer Outperformance in Life Sciences Tools & Services

    null
    Share of Life Sciences Tools & Services constituents that BBNX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    48%
    of 127 industry peers · -3.4% return
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services is BBNX's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 7 13.9%96.3%127.8% CAH 414% · MCK 351% · COR 179%
    Managed Health Care 8 33.2%1.7%3.3% OSCR 77% · HQY 48% · ELV 16%
    Health Care Services 20 21.0%52.1%-1.5% HIMS 238% · RDNT 134% · DGX 68%
    Health Care Facilities 24 1.8%4.9%-19.0% THC 249% · NHC 244% · ENSG 108%
    Health Care Equipment 50 -5.3%-4.8%-24.0% POCI 10775% · UFPT 318% · GKOS 200%
    Health Care Supplies 12 32.3%-14.4%-35.5% LNTH 272% · HAE 59% · MMSI 23%
    Pharmaceuticals 63 -0.9%0.6%-36.4% LQDA 2406% · INDV 1148% · ETON 1022%
    Life Sciences Tools & Services ← 109 2.4%-28.7%-73.9% SNWV 1688% · MEDP 203% · AXGN 178%
    Biotechnology 363 8.8%-25.7%-76.8% BRTX 73900% · DNTH 1558% · CELZ 1486%
    Health Care Technology 20 -25.0%-56.7%-78.6% SPOK 68% · HSTM -2% · VEEV -13%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    LASRnLight2.3-46.9%6.8%
    CDNLCardinal Infrastructure0.6-41.8%50.7%
    RAREUltragenyx Pharmaceutical1.6-40.7%-33.5%
    AADXApplied Aerospace & Defense1.9-39.2%-32.0%
    AEVAAeva Technologies1.0-37.9%18.1%
    FTKFlotek Industries0.9-35.4%36.6%
    LINCLincoln Educational Services0.8-34.8%6.2%
    RXTRackspace Technology0.8-33.8%228.6%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    BBNXMDTPODDTNDMMedian
    NameBeta Bio.MedtronicInsulet Tandem D. 
    Mkt Price19.4294.17147.4819.9057.03
    Mkt Cap0.9120.510.21.45.8
    Rev LTM11937,5413,0541,0412,047
    Op Inc LTM-837,147516-46235
    FCF LTM-616,132266-62102
    FCF 3Y Avg-5,527277-74277
    CFO LTM-568,035511-6253
    CFO 3Y Avg-7,360434-5434

    Growth & Margins

    BBNXMDTPODDTNDMMedian
    NameBeta Bio.MedtronicInsulet Tandem D. 
    Rev Chg LTM52.5%9.8%29.4%4.0%19.6%
    Rev Chg 3Y Avg-6.0%27.7%10.2%10.2%
    Rev Chg Q37.8%13.7%23.5%5.8%18.6%
    QoQ Delta Rev Chg LTM8.0%3.2%5.3%1.4%4.2%
    Op Inc Chg LTM-32.8%7.5%26.7%74.5%17.1%
    Op Inc Chg 3Y Avg-6.3%98.7%28.5%28.5%
    Op Mgn LTM-69.8%19.0%16.9%-4.4%6.2%
    Op Mgn 3Y Avg-18.5%16.2%-13.3%16.2%
    QoQ Delta Op Mgn LTM0.4%0.3%-0.6%1.8%0.3%
    CFO/Rev LTM-46.9%21.4%16.7%-0.5%8.1%
    CFO/Rev 3Y Avg-21.2%17.8%-0.7%17.8%
    FCF/Rev LTM-51.6%16.3%8.7%-5.9%1.4%
    FCF/Rev 3Y Avg-15.9%11.5%-8.2%11.5%

    Valuation

    BBNXMDTPODDTNDMMedian
    NameBeta Bio.MedtronicInsulet Tandem D. 
    Mkt Cap0.9120.510.21.45.8
    P/S7.33.23.31.33.3
    P/Op Inc-10.416.919.8-30.03.2
    P/EBIT-11.016.418.5-25.12.7
    P/E-11.923.027.2-21.75.6
    P/CFO-15.515.020.0-248.7-0.3
    Total Yield-8.4%7.4%3.7%-4.6%-0.5%
    Dividend Yield0.0%3.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-5.3%1.8%-4.7%1.8%
    D/E0.00.20.10.50.2
    Net D/E-0.20.20.00.20.1

    Returns

    BBNXMDTPODDTNDMMedian
    NameBeta Bio.MedtronicInsulet Tandem D. 
    1M Rtn39.6%9.5%10.7%1.6%10.1%
    3M Rtn39.8%16.3%-3.7%2.9%9.6%
    6M Rtn83.0%5.4%-37.8%-5.9%-0.2%
    12M Rtn-3.4%4.7%-57.4%60.6%0.7%
    3Y Rtn-17.8%29.6%-21.1%-27.0%-19.5%
    1M Excs Rtn37.5%9.5%5.8%5.8%7.6%
    3M Excs Rtn35.3%11.8%-8.3%-1.6%5.1%
    6M Excs Rtn68.5%-9.1%-52.3%-20.4%-14.8%
    12M Excs Rtn-22.1%-14.0%-76.1%41.9%-18.0%
    3Y Excs Rtn-88.8%-44.7%-97.8%-101.2%-93.3%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q4
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/2023
    Filing Date7/29/20264/21/20262/24/202610/28/20257/29/20255/6/20253/25/20251/31/20257/29/20255/6/20251/31/2025
    Key Financials Quarterly           
    Total Revenue322832272318201715138
    Ebitda-24-23-11-16-19-18-8-9-11-9-10
    Operating Income-26-24-16-17-20-19-13-11-12-9-8
    Net Income-23-22-13-14-17-29-18-10-14-12-19
    EPS-0.53-0.49-0.30-0.33-0.39-0.93-0.42-0.23-0.34-0.41-0.62
    Key Financials TTM           
    Total Revenue TTM1191101008978706553---
    Ebitda TTM-75-70-65-62-54-46-37-39---
    Operating Income TTM-83-77-72-69-63-54-45-41---
    Net Income TTM-73-66-73-78-73-71-55-55---
    Growth Rates Quarterly           
    Total Revenue Growth37.8%56.6%57.1%63.1%54.4%36.4%144.8%----
    EBITDA Growth-27.3%-29.1%-36.4%-79.4%-71.5%-102.9%19.8%----
    Operating Income Growth-28.7%-30.2%-23.7%-55.3%-68.6%-97.2%-55.8%----
    Net Income Growth-38.7%23.6%25.6%-45.9%-16.6%-130.2%3.9%----
    Margins Quarterly           
    EBITDA Margin-76.4%-84.3%-34.3%-60.0%-82.7%-102.3%-39.5%-54.6%-74.5%-68.7%-120.6%
    Operating Income Margin-79.9%-87.9%-50.2%-62.5%-85.5%-105.7%-63.8%-65.7%-78.3%-73.1%-100.2%
    Net Income Margin-73.1%-79.3%-41.9%-52.1%-72.6%-162.5%-88.6%-58.3%-96.1%-96.3%-225.7%
    Cash & Debt           
    Total Cash18020021922925023110461--97
    Total Debt77787777004
    Net Debt / (Cash)-174-193-212-221-243-224-96-54---93
    Cash Flows Quarterly           
    FCF from Operations-15-24-9-9-14-20-14-10-12-12-6
    Cash Flows TTM           
    FCF from Operations TTM-56-55-51-57-57-56-48-40---
    Returns to Shareholders Quarterly           
    Dividends00000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly           
    ROIC-20.6%-20.6%-14.5%-15.8%-19.8%-18.0%-----
    Return on Invested Capital (ROIC) TTM           
    ROIC TTM-16.7%-16.4%-16.1%-15.9%-15.6%-13.1%-----

    Segment Financials

    Revenue by Segment
    $ Mil202520242023
    iLet534911
    Single-use products48161
    Total1006512


    Price Behavior

    Price Behavior
    Market Price$19.42 
    Market Cap ($ Bil)0.9 
    First Trading Date01/30/2025 
    Distance from 52W High-39.3% 
       50 Days200 Days
    DMA Price$17.09$16.41
    DMA Trenddownup
    Distance from DMA13.7%18.4%
     3M1YR
    Volatility70.1%82.0%
    Downside Capture-30.72128.17
    Upside Capture128.9897.49
    Correlation (SPY)18.1%20.9%
    BBNX Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta2.460.750.961.561.31-0.11
    Up Beta4.651.380.401.351.26-2.05
    Down Beta-1.460.931.931.361.68-0.30
    Up Capture514%106%210%253%98%42%
    Bmk +ve Days10213268138427
    Stock +ve Days13213158120192
    Down Capture-444%-46%-57%125%111%99%
    Bmk -ve Days11213259113324
    Stock -ve Days7193066128201

    [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-3.4%82.0%0.34-
    Sector ETF (XLV)26.5%16.0%1.2825.5%
    Equity (SPY)19.7%12.8%1.1320.8%
    Gold (GLD)24.6%29.2%0.757.8%
    Commodities (DBC)44.1%20.4%1.69-14.0%
    Real Estate (VNQ)9.1%13.6%0.3917.8%
    Bitcoin (BTCUSD)-26.9%43.8%-0.598.9%

    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-2.8%84.8%0.28-
    Sector ETF (XLV)6.6%15.1%0.2531.7%
    Equity (SPY)12.8%17.2%0.5734.3%
    Gold (GLD)19.1%18.8%0.824.9%
    Commodities (DBC)10.7%19.5%0.43-2.0%
    Real Estate (VNQ)1.7%18.9%-0.0126.5%
    Bitcoin (BTCUSD)10.6%52.6%0.3810.3%

    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-1.4%84.8%0.28-
    Sector ETF (XLV)10.8%16.7%0.5331.7%
    Equity (SPY)15.3%17.9%0.7234.3%
    Gold (GLD)12.4%16.3%0.624.9%
    Commodities (DBC)7.9%18.1%0.35-2.0%
    Real Estate (VNQ)4.8%20.7%0.1926.5%
    Bitcoin (BTCUSD)64.0%66.2%1.0410.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8142026
    Short Interest: Shares Quantity7.5 Mil
    Short Interest: % Change Since 7312026-1.4%
    Average Daily Volume1.4 Mil
    Days-to-Cover Short Interest5.5 days
    Basic Shares Quantity44.5 Mil
    Short % of Basic Shares16.8%

    Earnings Returns History

    Updated 8/31/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/29/2026-5.9%-8.3%28.8%
    4/21/2026-0.6%-17.8%-17.6%
    2/17/2026-2.6%-4.2%-23.9%
    10/28/202510.3%14.5%27.1%
    7/29/202514.3%7.8%29.4%
    5/6/202526.6%16.3%72.2%
    SUMMARY STATS   
    # Positive334
    # Negative332
    Median Positive14.3%14.5%29.1%
    Median Negative-2.6%-8.3%-20.8%
    Max Positive26.6%16.3%72.2%
    Max Negative-5.9%-17.8%-23.9%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/29/2026-5.9%-8.3%28.8%
    4/21/2026-0.6%-17.8%-17.6%
    2/17/2026-2.6%-4.2%-23.9%
    10/28/202510.3%14.5%27.1%
    7/29/202514.3%7.8%29.4%
    5/6/202526.6%16.3%72.2%
    SUMMARY STATS   
    # Positive334
    # Negative332
    Median Positive14.3%14.5%29.1%
    Median Negative-2.6%-8.3%-20.8%
    Max Positive26.6%16.3%72.2%
    Max Negative-5.9%-17.8%-23.9%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202607/29/202610-Q
    03/31/202604/21/202610-Q
    12/31/202502/24/202610-K
    09/30/202510/28/202510-Q
    06/30/202507/29/202510-Q
    03/31/202505/06/202510-Q
    12/31/202403/25/202510-K
    09/30/202401/31/2025424B4
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202607/29/202610-Q
    03/31/202604/21/202610-Q
    12/31/202502/24/202610-K
    09/30/202510/28/202510-Q
    06/30/202507/29/202510-Q
    03/31/202505/06/202510-Q
    12/31/202403/25/202510-K
    09/30/202401/31/2025424B4

    Recent Forward Guidance

    Updated 7/30/2026

    Latest: Q2 2026 Earnings Reported 7/29/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 New patient starts reimbursed through the PBP channelReported0.370.380.39 0AffirmedGuidance: 0.38 for 2026
    2026 RevenueReported131.00 Mil133.50 Mil136.00 Mil0 AffirmedGuidance: 133.50 Mil for 2026
    2026 Gross ProfitCalculated76.64 Mil78.77 Mil80.92 Mil  Rev x Gross Margin
    2026 Gross marginReported58.5%59.0%59.5% 0.5%RaisedGuidance: 58.5% for 2026


    Prior: Q1 2026 Earnings Reported 4/21/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 New patient starts reimbursed through the PBP channelReported0.370.380.39 1.0%RaisedGuidance: 0.37 for 2026
    2026 Total RevenueReported131.00 Mil133.50 Mil136.00 Mil0.8% RaisedGuidance: 132.50 Mil for 2026
    2026 Gross ProfitCalculated75.33 Mil78.10 Mil80.92 Mil  Rev x Gross Margin
    2026 Gross MarginReported57.5%58.5%59.5% 2.0%RaisedGuidance: 56.5% for 2026

    Q4 2025 Earnings Reported 2/17/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 PBP channel reimbursement percentageReported0.360.370.38 9.0%Higher NewActual: 0.28 for 2025
    2026 RevenueReported130.00 Mil132.50 Mil135.00 Mil37.3% Higher NewActual: 96.50 Mil for 2025
    2026 Gross ProfitCalculated72.15 Mil74.86 Mil77.62 Mil  Rev x Gross Margin
    2026 Gross marginReported55.5%56.5%57.5% 2.0%Higher NewActual: 54.5% for 2025

    Q3 2025 Earnings Reported 10/28/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2025 PBP Channel ReimbursementReported0.270.280.29 1.5%RaisedGuidance: 0.27 for 2025
    2025 RevenueReported 96.50 Mil 6.6% RaisedGuidance: 90.50 Mil for 2025
    2025 Gross MarginReported54.0%54.5%55.0% 1.0%RaisedGuidance: 53.5% for 2025

    Insider Activity

    Updated 9/4/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Hopman, MarkChief Commercial OfficerDirectSell903202619.115,327101,8152,370,540Form
    2Russell, Steven JonChief Medical OfficerDirectSell903202619.114,22180,6763,242,117Form
    3Mensinger, MikeChief Product OfficerDirectSell903202619.114,37583,6203,441,123Form
    4Feider, StephenChief Financial OfficerDirectSell903202619.116,675127,5803,046,208Form
    5Saint, SeanPresident & CEODirectSell903202619.1116,867322,3817,723,030Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Hopman, MarkChief Commercial OfficerDirectSell903202619.115,327101,8152,370,540Form
    2Russell, Steven JonChief Medical OfficerDirectSell903202619.114,22180,6763,242,117Form
    3Mensinger, MikeChief Product OfficerDirectSell903202619.114,37583,6203,441,123Form
    4Feider, StephenChief Financial OfficerDirectSell903202619.116,675127,5803,046,208Form
    5Saint, SeanPresident & CEODirectSell903202619.1116,867322,3817,723,030Form
    6Feider, StephenChief Financial OfficerDirectSell630202617.034,89683,3812,825,871Form
    7Feider, StephenChief Financial OfficerDirectSell630202617.055,10487,0062,828,576Form
    8Hopman, MarkChief Commercial OfficerDirectSell625202615.011,25818,8801,941,384Form
    9Jones, ChristyDirectSell625202615.001,40621,090389,910Form
    10Hopman, MarkChief Commercial OfficerDirectSell605202612.312753,3851,607,834Form
    11Jones, ChristyDirectSell605202614.002,81139,354383,600Form
    12Mensinger, MikeChief Product OfficerDirectSell603202612.614,37855,1942,324,938Form
    13Hopman, MarkChief Commercial OfficerDirectSell603202612.615,32967,1831,650,105Form
    14Russell, Steven JonChief Medical OfficerDirectSell603202612.614,22253,2272,191,732Form
    15Feider, StephenChief Financial OfficerDirectSell603202612.616,67684,1652,093,447Form
    16Saint, SeanPresident & CEODirectSell603202612.6116,872212,7075,306,795Form
    17Lezack, AdamDirectSell526202611.2199811,188307,143Form
    18Jones, ChristyDirectSell52620269.951,99819,880131,798Form
    19Lezack, AdamDirectSell52620269.951,0009,950113,748Form
    20Hopman, MarkChief Commercial OfficerDirectSell316202630.662,06163,1924,176,519Form
    21Hopman, MarkChief Commercial OfficerDirectSell316202629.3485625,1124,056,480Form
    22Russell, Steven JonChief Medical OfficerDirectSell316202629.341,02530,0695,223,873Form
    23Hopman, MarkChief Commercial OfficerDirectSell305202611.573534,0841,609,769Form
    24Russell, Steven JonChief Medical OfficerDirectSell303202612.361,02612,6832,213,913Form
    25Hopman, MarkChief Commercial OfficerDirectSell303202612.3683410,3101,724,270Form
    26Mensinger, MikeChief Product OfficerDirectSell303202612.361,06413,1532,333,784Form
    27Feider, StephenChief Financial OfficerDirectSell303202612.361,42817,6522,135,207Form
    28Saint, SeanPresident & CEODirectSell303202612.363,38441,8325,412,020Form
    29Mensinger, MikeChief Product OfficerDirectSell105202629.617,800230,9502,456,125Form
    30Feider, StephenChief Financial OfficerDirectSell105202629.5320,000590,6801,258,562Form
    31Mensinger, MikeChief Product OfficerDirectSell1204202529.341,06331,1842,662,292Form
    32Feider, StephenChief Financial OfficerDirectSell1204202529.341,42741,8621,250,120Form
    33Saint, SeanPresident & CEODirectSell1204202529.343,27896,1632,872,689Form
    34Lezack, AdamDirectSell1202202529.551,40641,543249,227Form
    35Palasis, MariaDirectSell1202202529.551,40641,552249,283Form
    36Lezack, AdamDirectSell1105202526.871,40637,780264,432Form
    37Palasis, MariaDirectSell1105202526.911,40637,834264,810Form
    38Feider, StephenChief Financial OfficerDirectSell1007202521.694,982108,076955,398Form
    39Feider, StephenChief Financial OfficerDirectSell1002202520.7615,018311,806914,385Form
    40Feider, StephenChief Financial OfficerDirectSell909202521.139,900209,151930,428Form
    41Hopman, MarkChief Commercial OfficerDirectSell908202520.5611,411234,657641,908Form
    42Feider, StephenChief Financial OfficerDirectSell908202521.001002,100924,861Form
    43Hopman, MarkChief Commercial OfficerDirectSell908202519.976,818136,180623,476Form
    44Saint, SeanPresident & CEODirectSell903202518.863,35963,3611,908,994Form
    45Russell, Steven JonChief Medical OfficerDirectSell903202518.861,01519,1461,339,608Form
    46Mensinger, MikeChief Product OfficerDirectSell903202518.861,08920,5421,731,925Form
    47Hopman, MarkChief Commercial OfficerDirectSell903202518.8684815,996627,843Form
    48Feider, StephenChief Financial OfficerDirectSell903202518.861,46227,578830,754Form

    Investor Activity (13F)

    Updated Sep 5, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Sands Capital Alternatives, LLC$37.2 Mil8.8%21Hold13F
    Bruce & Co., Inc.$5.5 Mil1.6%41New13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Bruce & Co., Inc.$5.5 Mil1.6%41New13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    12 West Capital Management LP$17.5 Mil2.1%18Exited13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Sands Capital Alternatives, LLC$37.2 Mil8.8%21Hold13F
    Bruce & Co., Inc.$5.5 Mil1.6%41New13F

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