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Beta Bionics Announces Fourth Quarter and Full Year 2024 Financial Results and Introduces Annual Guidance for Full Year 2025
IRVINE, Calif., March 25, 2025 (GLOBE NEWSWIRE) -- Beta Bionics, Inc. (Nasdaq: BBNX), a pioneering leader in the development of advanced diabetes management
About this update from Beta Bionics, Inc.
[{"type":"text","content":"IRVINE, Calif., March 25, 2025 (GLOBE NEWSWIRE) -- Beta Bionics, Inc. (Nasdaq: BBNX), a pioneering leader in the development of advanced diabetes management solutions, today reported its financial results for the quarter and year ended December 31, 2024 and introduced its annual guidance for the year ending December 31, 2025. Fourth Quarter 2024 Financial Highlights & Key Metrics Net sales of $20.4 million, up 145% compared to $8.4 million in the fourth quarter of 2023. Durable Medical Equipment (DME) channel net sales of $18.1 million, up 127% compared to $7.9 million in the fourth quarter of 2023.Pharmacy Benefit Plan (PBP) channel net sales of $2.4 million, up 491% compared to $0.4 million in the fourth quarter of 2023. Gross margin of 57.2%, down 344 basis points compared to 60.6% in the fourth quarter of 2023.Installed customer base (calculated as all new patient starts over a rolling four-year period) of 15,298 users, up 564% compared to 2,304 in the fourth quarter of 2023.4,084 new patient starts, up 125% compared to 1,818 new patient starts in the fourth quarter of 2023. 70% of new patient starts came from multiple daily injections (MDI).Low-teens percentage of new patient starts reimbursed through the PBP channel. Full Year 2024 Financial Highlights & Key Metrics Net sales of $65.1 million, up 443% compared to $12.0 million in the prior year. DME channel net sales of $58.8 million, up 422% compared to $11.3 million in the prior year.PBP channel net sales of $6.3 million, up 760% compared to $0.7 million in the prior year. Gross margin of 55.1%, up 252 basis points compared to 52.6% in the prior year.12,994 new patient starts, up 464% compared to 2,304 new patient starts in the prior year. 69% of new patient starts came from MDI.High-single digit percentage of new patient starts reimbursed through the PBP channel. Recent Strategic Highlights Completed initial public offering and concurrent private placement, raising approximately $206.0 million in net proceeds to the company.Launched the Color iLet Bionic Pancreas, with a color screen and brighter display, for new commercial patients.Announced the first-to-market integration of the iLet Bionic Pancreas with Abbott’s FreeStyle Libre® 3 Plus sensor in the United States.Released the Bionic Circle mobile application, a remote monitoring experience for users and caregivers, f...