Earnings analysis · 10-Q
BBNX earnings analysis
Filed April 21, 2026 · Our reading of the company's report
The latest report
Beta Bionics reported Q1 net sales of $27,626 (in thousands) versus $17,639 in Q1 2025, with gross profit of $16,437 and net loss of $(21,895). Gross margin expanded to 59.5% and EPS improved to $(0.49) but the company…
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Beta Bionics reported Q1 net sales of $27,626 (in thousands) versus $17,639 in Q1 2025, with gross profit of $16,437 and net loss of $(21,895). Gross margin expanded to 59.5% and EPS improved to $(0.49) but the company remains loss-making and used cash in operations. Liquidity remains sizable with cash, short-term and long-term investments of $239,385 (in thousands) but operating cash burn increased vs. prior year.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Reported figures
- Earnings per share
- $-0.49
- Segment
- One operating segment (total company) — Net sales $27,626 (in thousands) for the three months ended March 31, 2026; top customer concentrations: Distributor G 17.8% and Distributor H 17.3% of net sales.
What stood out
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Strong top-line growth
Net sales increased to $27,626 (in thousands) in Q1 2026 from $17,639 (in thousands) in Q1 2025, an increase of $9,987 (in thousands) (≈56.6%).
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Gross margin expansion
Gross profit rose to $16,437 (in thousands) giving a gross margin of 59.5% (16,437/27,626), up from 50.9% in Q1 2025 (8,971/17,639).
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Operating leverage vs. prior year (partial)
Loss from operations narrowed to $(24,271) (in thousands) from $(18,642) (in thousands) on a higher revenue base, and net loss improved to $(21,895) (in thousands) from $(28,656) (in thousands) year-over-year.
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Liquidity: large cash + investments balance
Cash and cash equivalents $30,206, short-term investments $169,314 and long-term investments $39,865 (all in thousands), totaling $239,385 (in thousands) available on the balance sheet as of March 31, 2026.
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Company operates as a single segment
Per Note on segment information, Beta Bionics reports one operating segment — total company net sales $27,626 (in thousands) for the quarter; top customer concentrations include Distributor G 17.8% and Distributor H 17.3% of net sales for the quarter.
What to watch
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Continued operating losses and accumulated deficit
Company reported a net loss of $(21,895) (in thousands) for the quarter and an accumulated deficit of $(391,832) (in thousands) as of March 31, 2026.
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Negative operating cash flow / free cash flow
Net cash used in operating activities was $(23,832) (in thousands) in Q1 2026 (worse vs. $(19,975) in Q1 2025) and free cash flow (operating cash flow less capex) was approximately $(25,209) (in thousands) (23,832 + 1,377).
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Working capital compression vs. prior quarter
Current assets decreased to $247,986 (in thousands) from $267,905 (in thousands) and current liabilities decreased to $23,191 (in thousands) from $30,924 (in thousands), leaving working capital of $224,795 (in thousands) (down $12,186 from $236,981 at 12/31/25).
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Inventory build ties cash
Inventories increased to $23,727 (in thousands) from $21,722 (in thousands), a $2,005 (in thousands) increase that ties up working capital.
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Decline in short-term investments
Short-term investments declined to $169,314 (in thousands) from $187,549 (in thousands) at 12/31/25, a reduction of $18,235 (in thousands).
Management's outlook
This 10-Q does not present numeric forward-looking guidance. (Separately, the company disclosed in an 8-K filed 2026-04-21 that it raised full-year 2026 revenue guidance to approximately $131 million–$136 million and raised gross margin guidance to 57.5%–59.5% and PBP new-patient starts guidance to 37%–39%.)
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.