Shares of Beta Bionics, Inc. (Nasdaq: BBNX) were trading modestly higher in late morning U.S. trading on Wednesday, up about 1.2% at roughly $14.05, after the company reported quarterly and full-year financial results. The stock has lagged from its 52-week high of around $32.71 and low of $8.89 and remains well below its peak, reflecting mixed investor appetite for early-stage medical device names.
The shares have declined from multi-month highs reached late in 2025, and the recent trend shows downward pressure as broader small-cap and growth stocks retreated amid higher interest rates and sector rotation. The company, listed on the Nasdaq, operates in the medical equipment and technology space.
Fourth Quarter Results
Beta Bionics reported net sales of $32.1 million for the fourth quarter ended Dec. 31, 2025, up 57% from $20.4 million in the year-ago period. Growth was driven by strength in both the durable medical equipment (DME) channel and the pharmacy benefit plan (PBP) channel, with PBP sales jumping roughly 295% year-over-year. Gross margin rose to 59.0% from 57.2% a year earlier.
The installed customer base expanded to 35,011 users, a 129% increase from 15,298 in Q4 2024. New patient starts increased about 37% versus the year-ago quarter, with roughly 69% attributable to multiple daily injections (MDI) therapy.
The company reported a net loss of $13.5 million in the fourth quarter, compared with a $18.1 million loss in the prior year quarter. Adjusted EBITDA remained negative $10.5 million, though this marked an improvement from the prior year.
Full-Year Performance
For the full year 2025, Beta Bionics posted net sales of $100.3 million, up 54% from $65.1 million in 2024. Both sales channels contributed to the increase, with DME up about 29% and PBP up roughly 287% year-over-year. Gross margin edged slightly higher to 55.4% from 55.1%.
Installed customer starts for 2025 rose to 19,713, a 52% increase over 12,994 in 2024, with about 70% coming from MDI. The company’s full-year net loss widened to $73.2 million from $54.8 million, and adjusted EBITDA remained negative $52.8 million versus negative $37.7 million in 2024.
Beta Bionics also supplied guidance for 2026, projecting total revenue of approximately $130 million to $135 million, with gross margins between 55.5% and 57.5%, and an increased share of new patient starts reimbursed through the PBP channel.
Sector and Macro Context
Beta Bionics operates in a segment sensitive to macroeconomic conditions and investor sentiment toward small-cap, growth, and healthcare technology stocks. Recent market conditions, including persistent rate uncertainty and valuation repricing in growth-oriented sectors, have dampened trading across early-stage medical and device stocks. Broader pressure on growth names and capital-intensive business models has weighed on multiples and stock performance year-to-date.
Investors often compare Beta Bionics to other medtech and durable equipment peers, which have been navigating reimbursement challenges and shifting demand patterns. In such an environment, revenue growth and margin stability are key metrics for capital markets.
Outlook
Management emphasized execution on expanding the installed base and advancing pipeline programs, including feasibility work on a bihormonal system. The company plans to build on pharmacy channel penetration and product innovation while targeting improved operating metrics.