Financial Performance - Net sales for Q1 2025 were $17.6 million, a 36% increase from $12.9 million in Q1 2024[5] - The company reported a net loss of $28.7 million, or negative 162% of sales, compared to a net loss of $12.4 million, or negative 96% of sales in Q1 2024[5] - Adjusted EBITDA was negative $15.5 million, or negative 88% of sales, compared to negative $7.8 million, or negative 60% of sales in Q1 2024[5] - Total net sales for the three months ended March 31, 2025, were $17,639,000, representing a 36% increase from $12,933,000 in the same period of 2024[22] - The net loss for the three months ended March 31, 2025, was $28,656,000, compared to a net loss of $12,449,000 in Q1 2024[27] - Adjusted EBITDA for Q1 2025 was $(15,535,000), worsening from $(7,805,000) in Q1 2024[27] Sales Channels - Durable Medical Equipment (DME) channel net sales reached $13.8 million, up 14% from $12.1 million in Q1 2024[5] - Pharmacy Benefit Plan (PBP) channel net sales surged 360% to $3.8 million from $0.8 million in Q1 2024[5] - The DME channel total sales reached $13,827,000 in Q1 2025, up from $12,105,000 in Q1 2024[22] - The PBP channel total sales increased to $3,812,000 in Q1 2025, compared to $828,000 in Q1 2024[22] - The percentage of new patient starts reimbursed through the PBP channel rose to a low 20s percentage in March 2025, up from a mid-single digit percentage in March 2024[25] Customer Metrics - The installed customer base grew to 19,151 users, a 291% increase from 4,901 in Q1 2024[5] - New patient starts totaled 3,853, up 48% from 2,597 in Q1 2024[5] - New patient starts increased to 3,853 in Q1 2025, up 48% from 2,597 in Q1 2024[25] - The installed customer base grew significantly to 19,151 as of March 31, 2025, compared to 4,901 a year earlier[25] Financial Guidance and Projections - Full year 2025 revenue guidance was raised to approximately $82 million to $87 million, up from the previous estimate of $80 million to $85 million[11] - Estimated gross margin for 2025 is projected to be between 50% to 53%[11] Liabilities and Financial Position - Total liabilities, convertible preferred stock, and stockholders' deficit amounted to $338,024,000 as of March 31, 2025[20] - The change in fair value of warrant liabilities was $12,450,000 for Q1 2025, compared to $4,139,000 in Q1 2024[27] Cash Position - Cash and cash equivalents, along with short-term and long-term investments, totaled $295.5 million as of March 31, 2025[5]
Beta Bionics Inc(BBNX) - 2025 Q1 - Quarterly Results