Beta Bionics Reports Third Quarter 2025 Financial Results and Raises Full Year 2025 Guidance

Core Insights - Beta Bionics, Inc. reported a significant increase in net sales and raised its full-year guidance for 2025, indicating strong growth in its diabetes management solutions [1][7]. Financial Performance - Net sales reached $27.3 million, a 63% increase from $16.7 million in Q3 2024 [5]. - Durable Medical Equipment (DME) channel net sales were $21.0 million, up 45% from $14.5 million in Q3 2024 [5]. - Pharmacy Benefit Plan (PBP) channel net sales surged 178% to $6.2 million from $2.2 million in Q3 2024 [5]. - Gross margin improved to 55.5%, up 212 basis points from 53.4% in Q3 2024 [5]. - The installed customer base grew to 29,419 users, a 162% increase from 11,214 in Q3 2024 [5]. - New patient starts totaled 5,334, a 68% increase from 3,180 in Q3 2024 [5]. - The company reported a loss from operations of $17.0 million, or negative 63% of sales, compared to a loss of $11.0 million or negative 66% of sales in Q3 2024 [5]. Strategic Developments - As of July 1, 2025, Beta Bionics has effective formulary agreements with all major pharmacy benefit managers in the U.S. [5]. - The completion of a glucagon pharmacokinetic-pharmacodynamic trial in Canada supports the development of the glucagon asset for the bihormonal system [5]. - A feasibility trial in New Zealand is expected to be initiated in Q4 2025 to test the bihormonal system in humans [5]. Full Year Guidance - The company estimates total revenue exceeding $96.5 million, up from a previous estimate of $88 million to $93 million [12]. - The expected percentage of new patient starts reimbursed through the PBP channel is revised to 27% to 29%, up from 25% to 28% [12]. - Estimated gross margin is now projected at 54% to 55%, an increase from the previous estimate of 52% to 55% [12].