IRVINE, Calif., Feb. 17, 2026 (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, 2025 and introduced its annual guidance for the year ending December 31, 2026.

Fourth Quarter 2025 Financial Highlights & Key Metrics

   -- Net sales of $32.1 million, up 57% compared to $20.4 million in the 
      fourth quarter of 2024. 
 
          -- Durable Medical Equipment (DME) channel net sales of $22.3 million, 
             up 24% compared to $18.0 million in the fourth quarter of 2024. 
 
          -- Pharmacy Benefit Plan $(PBP)$ channel net sales of $9.8 million, up 
             295% compared to $2.5 million in the fourth quarter of 2024. 
 
   -- Gross margin of 59.0%, up 179 basis points compared to 57.2% in the 
      fourth quarter of 2024. 
   -- Installed customer base (calculated as all new patient starts over a 
      rolling four-year period) of 35,011 users, up 129% compared to 15,298 in 
      the fourth quarter of 2024. 
   -- 5,592 new patient starts, up 37% compared to 4,084 new patient starts in 
      the fourth quarter of 2024. 
 
          -- 69% of new patient starts came from multiple daily injections 
             (MDI). 
 
          -- Low-30s percentage of new patient starts reimbursed through the 
             PBP channel. 

Full Year 2025 Financial Highlights & Key Metrics

   -- Net sales of $100.3 million, up 54% compared to $65.1 million in the 
      prior year. 
 
          -- DME channel net sales of $75.8 million, up 29% compared to $58.8 
             million in the prior year. 
 
          -- PBP channel net sales of $24.4 million, up 287% compared to $6.3 
             million in the prior year. 
 
   -- Gross margin of 55.4%, up 29 basis points compared to 55.1% in the prior 
      year. 
   -- 19,713 new patient starts, up 52% compared to 12,994 new patient starts 
      in the prior year. 
 
          -- 70% of new patient starts came from MDI. 
 
          -- High-20s percentage of new patient starts reimbursed through the 
             PBP channel. 

Recent Strategic Highlights

   -- Completed first-in-human Phase 2a feasibility trial in New Zealand for 
      the bihormonal system in development, including the glucagon asset, pump, 
      and dosing algorithms. 
 
          -- The company expects to initiate an additional Phase 2a feasibility 
             trial in the first half of 2026 to prepare the system for the more 
             advanced stages of development. 
 
          -- Following completion of the Phase 2a feasibility trial, the 
             company expects to progress to Phase 2b, which is anticipated to 
             be a pivotal trial-enabling, more robust feasibility trial 
             compared to previous Phase 2a trials. 

"Beta Bionics exists to deliver solutions to people with diabetes that reduce burden, expand access, and ultimately improve outcomes at the population level. We believe our performance throughout 2025 is strongly indicative that we are on the right track. Beta Bionics has established itself as a key leader in the durable insulin pump market, as evidenced by our sales force productivity, pharmacy channel coverage, and gross margin profile," said Sean Saint, Beta Bionics' President and Chief Executive Officer. "The company continues to innovate rapidly on its R&D pipeline, including our Mint patch pump program and bihormonal program, the latter of which reached a critical milestone in Q4 upon completion of the first-in-human Phase 2a feasibility trial. As we look ahead to 2026, we believe the company is well-positioned to grow its leadership in the durable insulin pump market while advancing our pipeline initiatives that have clear potential to revolutionize care for people with diabetes in the years to come."

2026 Full Year Guidance

   -- Estimated total revenue of approximately $130 million to $135 million 
 
   -- Estimated 36% to 38% of new patient starts reimbursed through the PBP 
      channel 
 
   -- Estimated gross margin of 55.5% to 57.5% 

Fourth Quarter 2025 Additional Financial Results

   -- Loss from operations of $16.1 million, or negative 50% of sales, compared 
      to $13.0 million or negative 64% of sales in the fourth quarter of 2024. 
 
   -- Net loss of $13.5 million, or negative 42% of sales, compared to $18.1 
      million or negative 89% of sales in the fourth quarter of 2024. 
 
   -- Adjusted EBITDA(1) of negative $10.5 million, or negative 33% of sales, 
      compared to negative $11.3 million or negative 55% of sales in the fourth 
      quarter of 2024. 
 
   -- $264.7 million in cash, cash equivalents, short and long-term investments 
      as of December 31, 2025. 

Full Year 2025 Additional Financial Results

   -- Loss from operations of $71.7 million, or negative 72% of sales, compared 
      to $45.3 million or negative 69% of sales in the prior year. 
 
   -- Net loss of $73.2 million, or negative 73% of sales, compared to $54.8 
      million or negative 84% of sales in the prior year. 
 
   -- Adjusted EBITDA(1) of negative $52.8 million, or negative 53% of sales, 
      compared to negative $37.7 million or negative 58% of sales in the prior 
      year. 

((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.

Webcast & Conference Call Details

Beta Bionics will host a conference call and concurrent webcast today at 4:30 pm Eastern Time (1:30 pm Pacific Time), to review the company's fourth quarter and full year 2025 performance. The link to the webcast will be available on the Company's website in the "Investors--Events & Presentations" section at https://investors.betabionics.com, and will be archived there for future replay. To access the live call by phone, please use the following link, which will provide you with dial-in details and a personal pin: https://register-conf.media-server.com/register/BI9e198d2306384b3c88c83ffa25a93bcc.

Non-GAAP Financial Measures

Beta Bionics, Inc. (the "Company") prepares and presents the Company's financial statements in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). The Company believes adjusted EBITDA as a non-GAAP measure is useful in evaluating the Company's operating performance and uses adjusted EBITDA to evaluate ongoing operations and for internal planning and forecasting purposes. The Company believes that this non-GAAP financial measure, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding the Company's performance by excluding certain items that may not be indicative of the Company's business, results of operations, or outlook. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in the Company's industry, may calculate similarly-titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the Company's non-GAAP financial measures as tools for comparison. A reconciliation is provided below for adjusted EBITDA to the most directly comparable financial measure stated in accordance with GAAP in Table E below.

The Company calculates adjusted EBITDA as net loss adjusted to exclude (i) depreciation expense, (ii) stock-based compensation expense, (iii) interest income, (iv) income tax expense, (v) change in fair value of warrant liabilities, (vi) litigation settlement and other related expense, and (vii) other non-recurring expense.

Some of the limitations of adjusted EBITDA include: (i) adjusted EBITDA does not properly reflect capital commitments to be paid in the future and (ii) although depreciation and amortization expense are non-cash charges, the underlying assets may need to be replaced and adjusted EBITDA does not reflect these capital expenditures. The Company's adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate adjusted EBITDA in the same manner as the Company calculates the measure, limiting its usefulness as a comparative measure. In evaluating adjusted EBITDA, you should be aware that in the future the Company will incur expenses similar to the adjustments in this presentation. The Company's presentation of adjusted EBITDA should not be construed as an inference that the Company's future results will be unaffected by these expenses or any unusual or non-recurring items. When evaluating the Company's performance, you should consider adjusted EBITDA alongside other financial performance measures, including the Company's net loss and other GAAP results.

Investors are encouraged to review the related GAAP financial measures and the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure, and not to rely on any single financial measure to evaluate the Company's business. This non-GAAP measure has limitations as an analytical tool and should not be construed as an inference that the Company's future results will be unaffected by unusual or non-recurring items. Therefore, this non-GAAP financial measure should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP.

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