Business
Beta Bionics Reports First Quarter 2025 Financial Results and Raises Annual Guidance for Full Year 2025
IRVINE, Calif., May 06, 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., May 06, 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 ended March 31, 2025 and raised its annual guidance for the year ending December 31, 2025. First Quarter 2025 Financial Results & Key Metrics Net sales of $17.6 million, up 36% compared to $12.9 million in the first quarter of 2024. Durable Medical Equipment (DME) channel net sales of $13.8 million, up 14% compared to $12.1 million in the first quarter of 2024.Pharmacy Benefit Plan (PBP) channel net sales of $3.8 million, up 360% compared to $0.8 million in the first quarter of 2024. Gross margin of 50.9%, down 482 basis points compared to 55.7% in the first quarter of 2024.Installed customer base (calculated as all new patient starts over a rolling four-year period) of 19,151 users, up 291% compared to 4,901 in the first quarter of 2024.3,853 new patient starts, up 48% compared to 2,597 new patient starts in the first quarter of 2024. 71% of new patient starts came from multiple daily injections (MDI).Low 20s percentage of new patient starts reimbursed through the PBP channel. Loss from operations of $18.6 million, or negative 106% of sales, compared to $9.5 million or negative 73% of sales in the first quarter of 2024.Net loss of $28.7 million, or negative 162% of sales, compared to $12.4 million or negative 96% of sales in the first quarter of 2024.Adjusted EBITDA(1) of negative $15.5 million, or negative 88% of sales, compared to negative $7.8 million or negative 60% of sales in the first quarter of 2024.$295.5 million in cash, cash equivalents, short-term investments, and long-term investments as of March 31, 2025. (1) See “Non-GAAP Financial Measures” below for additional information. A reconciliation of the non-GAAP financial measure to its most directly comparable GAAP financial measure can be found in Table E. Recent Strategic Highlights On January 31, 2025, completed upsized initial public offering and concurrent private placement, raising approximately $206.0 million in net proceeds to the company.Announced that effective February 1, 2025, Prime Therapeutics has added the iLet Bionic Pancreas and associated monthly supplies to its largest national commercial formulary. Beta Bionics is actively working w...