Financial Performance - Net sales for Q4 2024 reached $20.4 million, a 145% increase from $8.4 million in Q4 2023[5] - Full year 2024 net sales totaled $65.1 million, a 443% increase compared to $12.0 million in the prior year[5] - Total net sales for the year ended December 31, 2024, reached $65.124 million, a significant increase from $11.995 million in 2023, representing a growth of approximately 442%[28] - DME channel generated $58.806 million in net sales for the year ended December 31, 2024, compared to $11.260 million in 2023, representing a growth of 423%[28] Customer Growth - The installed customer base grew to 15,298 users, up 564% from 2,304 in Q4 2023[5] - New patient starts increased to 12,994 in 2024, up from 2,304 in 2023, marking a growth of 465% year-over-year[30] - The installed customer base expanded to 15,298 by December 31, 2024, compared to 2,304 in the previous year, indicating a substantial increase in market penetration[30] Operational Losses - Loss from operations for Q4 2024 was $13.0 million, or negative 64% of sales, compared to $8.4 million or negative 100% of sales in Q4 2023[14] - The company reported a net loss of $54.756 million for the year ended December 31, 2024, compared to a net loss of $44.099 million in 2023, indicating a 24% increase in losses[33] - Adjusted EBITDA for the year ended December 31, 2024, was $(37.716) million, worsening from $(29.021) million in 2023, indicating a decline in operational efficiency[33] Assets and Liabilities - Cash and cash equivalents rose to $30.432 million in 2024, up from $26.566 million in 2023, reflecting a 7% increase[25] - Total current assets increased to $132.923 million in 2024, compared to $103.621 million in 2023, representing a growth of 28%[25] - The total liabilities increased to $73.632 million in 2024, up from $51.432 million in 2023, reflecting a growth of 43%[26] - The company’s stockholders' deficit widened to $245.360 million in 2024 from $203.105 million in 2023, an increase of 21%[26] Product Development and Market Strategy - Beta Bionics launched the Color iLet Bionic Pancreas, enhancing the device's display for new commercial patients[5] - The company is actively working with health plans to drive coverage of the iLet Bionic Pancreas under pharmacy benefits[5] - Estimated total revenue for 2025 is projected to be between $80 million and $85 million[14] - The company anticipates over 20% of new patient starts will be reimbursed through the Pharmacy Benefit Plan (PBP) channel[14] Gross Margin - Gross margin for Q4 2024 was 57.2%, down 344 basis points from 60.6% in Q4 2023[5]