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IRVINE, Calif. - Beta Bionics, Inc. (NASDAQ:BBNX), a developer of advanced diabetes management solutions, reported a significant revenue increase for the fourth quarter of 2024, sending its stock up 6.8% in after-hours trading.
The company announced Q4 revenue of $20.4 million, a 145% increase from $8.4 million in the same quarter last year. This surpassed analyst expectations of $20.44 million. However, Beta Bionics posted a loss per share of $2.72 for the quarter.
Beta Bionics saw strong growth across its sales channels. Durable Medical (TASE:BLWV) Equipment (DME) channel net sales rose 127% YoY to $18.1 million, while Pharmacy Benefit Plan (PBP) channel net sales surged 491% to $2.4 million.
"2024 was a tremendous momentum-building year for Beta Bionics," said Sean Saint, President and CEO. "We ended the year with over 15,000 users in our install base, released our first year of real-world evidence for the iLet, and advanced our patch and bihormonal pipeline programs."
The company’s installed customer base grew 564% YoY to 15,298 users. New patient starts in Q4 increased 125% to 4,084, with 70% coming from multiple daily injections users.
For 2025, Beta Bionics projects revenue between $80 million to $85 million and expects over 20% of new patient starts to be reimbursed through the PBP channel. The company aims to maintain a gross margin of at least 50%.
Beta Bionics ended 2024 with $103.6 million in cash and investments. It recently completed an initial public offering, raising approximately $206 million in net proceeds.
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