# Beta Bionics, Inc. (BBNX)

> Source: Nexqual · https://nexqual.com/BBNX · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Beta Bionics, Inc. (BBNX), nexqual.com/BBNX" · informational, not investment advice.

**Price:** USD 17.85 (-16.55% on the day) · last close of Oct 28, 2026; US market after hours, not a live price. Prev close 21.39 · day 17.15–20.07 · 52w 8.8–32.71 · market cap $963M · NGM

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $127M, net income -$83.1M (-65.3% margin), free cash flow -$66.0M (SEC filings).
- Insider open-market sales, last ~7 months: 26 Form 4 filings, $3.2M; 10 not under a Rule 10b5-1 plan ($1.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (15 analysts), mean target USD 24.24 (range 16–30.4).
- Total return with dividends: 1Y -33.4% vs S&P 500 +13.6%; 5Y -25.0% vs S&P 500 +79.8%.
- Next earnings: 2026-10-27, EPS estimate USD -0.44, revenue estimate $30.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $12.0M | $65.1M | $100M | $127M |
| Gross profit | $6.3M | $35.9M | $55.5M | — |
| Operating income | -$35.9M | -$45.3M | -$71.7M | -$92.6M |
| Net income | -$44.1M | -$54.8M | -$73.2M | -$83.1M |
| EPS (diluted) | -$8.31 | -$8.60 | -$1.81 | — |
| Free cash flow | -$32.8M | -$51.7M | -$56.2M | -$66.0M |
| Gross margin | 52.6% | 55.1% | 55.4% | — |
| Operating margin | -298.9% | -69.5% | -71.5% | -72.7% |
| Net margin | -367.6% | -84.1% | -73.0% | -65.3% |
| Revenue growth | — | +442.9% | +53.9% | — |
| Cash + short-term investments | $96.7M | $104M | $219M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/S 7.6x · P/B 2.4x · FCF yield -6.85% · Earnings yield -8.63%

## Insider sales (SEC Form 4, open-market, last ~7 months)
16 of 26 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-26 | Hopman Mark | Chief Commercial Officer | 821 | $16K | 1.5% | Yes (adopted June 10, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-14 | Hopman Mark | Chief Commercial Officer | 775 | $13K | 1.4% | Yes (adopted June 10, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-01 | Hopman Mark | Chief Commercial Officer | 370 | $7K | 0.7% | Yes (adopted June 10, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-22 | Jones Christy | Director | 6,430 | $148K | 24.7% | Yes (adopted February 19, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-16 | Hopman Mark | Chief Commercial Officer | 30,779 | $620K | 35.3% | Yes (adopted June 10, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-16 | Mensinger Mike | Chief Product Officer | 2,650 | $58K | 1.5% | Yes (adopted September 8, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-14 | Hopman Mark | Chief Commercial Officer | 775 | $12K | 0.9% | Yes (adopted June 10, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-09 | Hopman Mark | Chief Commercial Officer | 36,870 | $681K | 29.7% | Yes (adopted June 10, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-03 | Saint Sean | President & CEO | 5,641 | $113K | 1.4% | Yes (adopted September 5, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02 | Hopman Mark | Chief Commercial Officer | 5,327 | $102K | 4.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02 | Russell Steven Jon | Chief Medical Officer | 4,221 | $81K | 2.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02 | Mensinger Mike | Chief Product Officer | 4,375 | $84K | 2.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02 | Feider Stephen | Chief Financial Officer | 6,675 | $128K | 4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02 | Saint Sean | President & CEO | 16,867 | $322K | 4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-26…2026-06-29 | Feider Stephen | Chief Financial Officer | 10,000 | $170K | 5.7% | Yes (adopted May 15, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-24 | Hopman Mark | Chief Commercial Officer | 1,258 | $19K | 1% | Yes (adopted May 13, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-24 | Jones Christy | Director | 1,406 | $21K | 5.1% | Yes (adopted February 19, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-04 | Hopman Mark | Chief Commercial Officer | 275 | $3K | 0.2% | Yes (adopted May 13, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-04 | Jones Christy | Director | 2,811 | $39K | 9.3% | Yes (adopted February 19, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-02 | Mensinger Mike | Chief Product Officer | 4,378 | $55K | 2.3% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 15 analysts; mean target USD 24.24 (low 16, high 30.4).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-28 | TD Cowen | Target raised | Hold | $18 → $21 |
| 2026-10-28 | Piper Sandler | Target raised | Overweight | $20 → $24 |
| 2026-10-12 | Jefferies | Initiated | Buy | $30 |
| 2026-09-24 | Truist Securities | Target raised | Buy | $23 → $28 |
| 2026-09-23 | Wells Fargo | Initiated | Overweight | $28 |
| 2026-09-15 | B of A Securities | Target raised | Neutral | $18 → $20 |
| 2026-09-15 | Truist Securities | Target raised | Buy | $22 → $23 |
| 2026-09-15 | Baird | Target raised | Neutral | $14 → $16 |
| 2026-09-14 | Leerink Partners | Target raised | Outperform | $24 → $27 |
| 2026-08-21 | William Blair | Initiated | Market Perform |  |
| 2026-07-15 | Goldman Sachs | Target raised | Buy | $17 → $19 |
| 2026-07-13 | Truist Securities | Target raised | Buy | $18 → $22 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2025-01-27) |
|---|---|---|
| Total return | -33.4% | -25.0% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -33.5% | -15.2% |
| Volatility (annualized) | 87.0% | 92.5% |
| Max drawdown | -72.3% (Jan 2026→Apr 2026) | -72.2% (Dec 2025→Apr 2026) |

## Peers (Medical Devices)
ATEC (Alphatec Holdings, Inc.) USD 11.45 +5.34% · INSP (Inspire Medical Systems, Inc.) USD 70.97 -0.46% · ESTA (Establishment Labs Holdings Inc) USD 68.97 +3.02% · BFLY (Butterfly Network, Inc.) USD 7.81 +5.83% · UFPT (UFP Technologies, Inc.) USD 286 -3.00% · TMDX (TransMedics Group, Inc.) USD 66.9 -4.06%

## More
Full page: https://nexqual.com/BBNX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BBNX's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1674632/000119312526067065/bbnx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | PMC SMART Solutions | "Unomedical, PMC, Maxon and Matrix are our main suppliers of infusion sets, cartridge connections, pump motors and boards, respectively." |
| Supplier | Maxon Precision Motors | "Unomedical, PMC, Maxon and Matrix are our main suppliers of infusion sets, cartridge connections, pump motors and boards, respectively." |
| Supplier | Matrix Plastic Products | "Unomedical, PMC, Maxon and Matrix are our main suppliers of infusion sets, cartridge connections, pump motors and boards, respectively." |
| Partner | Company and Xeris Pharmaceuticals | "Through an exclusive collaboration and license agreement with Xeris Pharmaceuticals (Xeris), we are developing a pump-compatible, shelf-stable glucagon formulation utilizing Xeris' XeriSol technology." |
| Partner | DEXCOM INC (DXCM) | "Commercialization Agreement with DexCom, Inc." |
| Partner | Xeris Pharmaceuticals | "Through an exclusive collaboration and license agreement with Xeris Pharmaceuticals (Xeris), we are developing a pump-compatible, shelf-stable glucagon formulation utilizing Xeris' XeriSol technology." |
| Partner | Wellington Hadley Harbor Aggregator IV | "In addition to the shares sold in the IPO, we entered into a Common Stock Purchase Agreement with Wellington Hadley Harbor Aggregator IV, L.P., an existing stockholder of the Company, for the purchase of 1,000,000 shares…" |
| Partner | Abbott Diabetes Care | "We have the Commercialization Agreement and Development and Commercialization Agreement with DexCom, Inc. and Abbott Diabetes Care Inc., respectively, related to integrated automated insulin delivery systems." |

## Customer concentration

Period ended 2026-09-30: 20.1%, 18.9%, 12%, 10.5%, 10.2% of revenue from unnamed direct customers (10-Q, filed 2026-10-27).

## Company outlook (8-K filed 2026-10-27)

- "(Nasdaq: BBNX), a pioneering leader in the development of advanced diabetes management solutions, today reported its financial results for the quarter ended September 30, 2026 and updated its full year guidance for the year ending December 31, 2026."
- "Recent Strategic Highlights Announced FDA clearance of Mint™ and expectations for full U.S. commercial launch of Mint in the first quarter of 2027, with anticipated manufacturing capacity to produce at least 1.5 million total disposable units in the full year 2027."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $-0.44 | $-0.57 | +$0.13 | $30.2M | 3 |
| Next quarter (ends 2027-03-31) | $-0.53 | $-0.57 | +$0.04 | $36.1M | 2 |
| Current fiscal year (ends 2026-12-31) | $-1.88 | $-2.11 | +$0.23 | $124.4M | 3 |
| Next fiscal year (ends 2027-12-31) | $-2.16 | $-2.39 | +$0.23 | $182.6M | 3 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 123.5% | ±25.9% |
| 2026-12-18 | 51 | 84.8% | ±28.8% |
| 2027-01-15 | 79 | 65.1% | ±30.4% |
| 2027-04-16 | 170 | 66.6% | ±41.7% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Oct 27, 2026 | Quarter ended Sep 30, 2026 | −$0.38 | −$0.51 | Beat +25.5% | -13.0% |
| Jul 29, 2026 | Quarter ended Jun 30, 2026 | −$0.36 | −$0.56 | Beat +35.7% | -9.7% |
| Apr 21, 2026 | Quarter ended Mar 31, 2026 | −$0.36 | −$0.45 | Beat +20.0% | -5.5% |
| Feb 17, 2026 | Quarter ended Dec 31, 2025 | −$0.19 | −$0.38 | Beat +50.0% | -2.4% |
| Jan 8, 2026 | Quarter ended Dec 31, 2025 | −$0.19 | −$0.38 | Beat +50.0% | -36.0% |
| Oct 28, 2025 | — | — | — | — | +12.8% |
| Jul 29, 2025 | — | — | — | — | +19.8% |
| May 6, 2025 | — | — | — | — | +23.0% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-27 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1674632/000167463226000003/0001674632-26-000003-index.htm |
| 2026-10-27 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1674632/000117184326006856/0001171843-26-006856-index.htm |
| 2026-10-07 | Schedule 13G | T. Rowe Price Associates, Inc.: 16.6% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1674632/000008025526000609/0000080255-26-000609-index.htm |
| 2026-09-17 | 8-K | Other material event — “On September 15, 2026, Beta Bionics, Inc. (the "Company," "we," "our" or "us") entered into an underwriting agreement (the "Underwriting Agreement") with J.P. Morgan Securities LLC, Piper Sandler & Co., Wells Fargo Securities, LLC and Leerink Partners LLC, as representatives of the several underwriters named therein (collectively, the "Underwriters"), relating to the issuance and sale in a public offering of 7,652,175 shares of our common stock, par value $0.0001 per share. The price to the public in the offering…” | https://www.sec.gov/Archives/edgar/data/1674632/000119312526393322/0001193125-26-393322-index.htm |
| 2026-09-15 | 8-K | Regulation FD disclosure; Other material event — “Mint Approval and Commercial Launch On September 14, 2026, we announced FDA clearance of Mint, our patch pump featuring a transformative reusable and disposable architecture that does not require recharging, integrates with industry-leading continuous glucose monitors (CGM) and enables smartphone control for iOS and Android users. We expect to initiate the full commercial launch of Mint in the United States in the first quarter of 2027, and anticipate manufacturing capacity to produce at least 1.5 million total…” | https://www.sec.gov/Archives/edgar/data/1674632/000119312526392088/0001193125-26-392088-index.htm |
| 2026-08-13 | Schedule 13G/A | Farallon Capital Management, L.L.C., Zone Healthcare Holdings, LLC: 1.3% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1674632/000090883426000395/0000908834-26-000395-index.htm |
| 2026-07-29 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1674632/000119312526323777/0001193125-26-323777-index.htm |
| 2026-07-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1674632/000117184326005010/0001171843-26-005010-index.htm |
| 2026-07-24 | Schedule 13G | Divisadero Street Capital Management, LP, William Zolezzi: 6.9% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1674632/000091957426004585/0000919574-26-004585-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.