Beta Bionics, Inc.

Q2 2026 net sales were $32 million, up approximately 38% year over year. Gross margin was 59.0%, expanding 524 basis points year over year and declining 45 basis points sequentially versus the prior quarter. Operating expenses were $44.5 million, up 37% year over year. As of June 30, 2026, cash, cash equivalents, and short- and long-term investments were approximately $225 million. For full-year 2026, management reiterated revenue guidance of $131 million to $136 million and pharmacy-channel reimbursement of 37% to 39% of new patient starts, while raising gross margin guidance to 58.5% to 59.5%.

Sean Saint emphasized commercial momentum, saying iLet is resonating with customers, delivering strong clinical outcomes, and benefiting from the pharmacy strategy and the expanded field organization. He also leaned hard into transparency, highlighting the company’s public real-world data dashboard as a new standard and framing the business as built for broad-population outcomes rather than selective subsegments. On pipeline, he was upbeat about Mint, Type 2 expansion, and bihormonal development, calling the coming years the company’s most exciting chapter.

Stephen Feider focused on the mechanics behind the quarter: new patient starts were up more than 10% but less than 20% sequentially, pharmacy-channel starts remained in the high 30s percentage range, and recurring pharmacy revenue plus lower-than-expected warranty expense helped gross margin. He said 59.0% gross margin was a “clean read” on the underlying profile because Q2 did not benefit from a one-time tailwind like Q1, and he raised the full-year margin outlook to 58.5% to 59.5%. He also said operating expenses were $44.5 million, cash was about $225 million, the company is sufficiently capitalized, and it expects a modest sequential increase in operating expenses in 2H 2026 mainly from sales and R&D.

Analysts pressed on the softer pharmacy supply revenue, and management said it was mainly a stocking dynamic at pharmacy customers, not a problem with patient demand or retention, and described it as company-specific rather than industry-wide. Questions also focused on Mint capacity, with management saying semi-automated lines are running, the manual line has been retired, and the company expects to meet demand at launch around end-2Q 2027. On Type 2, Sean Saint said the company chose a pivotal trial after getting FDA alignment because it wants to commercialize the indication publicly, and he confirmed Mint would carry the Type 2 indication if the algorithm is approved. There was also discussion of competition and pharmacy-channel expansion; management said it is not seeing physician pause, does not think competitors are taking its target patients, and believes more pump companies moving into pharmacy ultimately helps normalize the channel.