Beta Bionics Inc. Chief Executive Sean Saint described the first year of being a public company as a “rollercoaster.”
“You hear a lot that you’re not going to like this ride, and I would say that was overblown,” he told the Business Journal. “The actual public journey has been really more pleasant than expected.”
Demand for its iLet Bionic Pancreas exploded after the Irvine-based medtech firm went public last January, with new users climbing more than 52% to nearly 20,000, doubling the installed user base to more than 35,000.
The growth is being driven by a new category of diabetes care that Beta Bionics is pioneering, according to Saint.
“Automated insulin delivery systems are fantastic, great technology, but ours represents the next level of automation,” he said.
The iLet eliminates the need for precise carb counting or insulin correction calculations, only requiring the user’s weight. It’s the first FDA-approved pump to utilize adaptive algorithms to learn each person’s changing insulin requirements.
Revenue for iLet has soared since it received clearance in 2023. Over the last two years, sales increased more than eightfold from $12 million to $103.2 million in 2025.
The growth landed Beta Bionics the No. 2 spot on the Business Journal’s annual list of fastest-growing public companies in the midsize category with sales between $99.9 million and $500 million.
After its IPO was priced at $17, the stock topped $32 last November. However, the company released preliminary fourth-quarter results on Jan. 8 that disappointed investors; shares have since fallen to around $10.01 apiece with a $444 million market cap (Nasdaq: BBNX).
Reimbursing Pumps Through Pharmacy Channel
Beta Bionics in February reported that fourth quarter revenue increased 57% to $32.1 million, driven in part by new patient starts, which rose 37%.
In the fourth quarter, about 70% of new users who adopted iLet previously were taking multiple daily insulin injections, according to the company.
“We believe the reason for that is that this is a system that they want to use with a different way that you interface with it, and that’s what our algorithm’s all about,” Saint said.
Beta Bionics announced 2026 full-year revenue guidance of approximately $130 million to $135 million. It’s also estimating a 36% to 38% increase in new patient starts reimbursed through the pharmacy reimbursement, a large focus for the company.
Saint said the company is expanding into pharmacy reimbursement because it offers lower out-of-pocket costs than traditional medical billing.
“They’re now able to get an insulin pump for $25 per month, and that’s an amazing change for most people who aren’t just able to stroke a $1,000 check at any one time,” Saint said.
Beta Bionics’ first quarter results will be announced on April 21 after the market closes.
Expanding Sales Force to Increase Awareness
Saint said that the company has to be focused on “what’s today and what’s tomorrow.”
“In terms of what’s today, we’re not fully penetrated with our current system and we’re still getting the word out,” he said.
The company currently counts 63 sales territories and plans to add 20 more this year to help increase awareness of iLet.
Meanwhile, Beta Bionics’ R&D team is working on what’s next for the company, including its Mint patch pump program.
“It’ll allow us to get this advantaged algorithm and user experience into the hands of people who only use a patch pump today,” Saint said.
Mint has a two-part design with a disposable adhesive patch and insulin cartridge and reusable controller that acts as the “brains,” which can last up to two years and doesn’t need to be charged. The company is targeting 2027 for the commercialization of Mint.
Beta Bionics’ other focus is on a bihormonal iLet that not only administers insulin but also glucagon.
Both hormones are naturally produced by the liver to regulate blood sugar. Insulin lowers blood sugar while glucagon prevents it from dipping too low, akin to the gas and brake in a car.
Saint said that a bihormonal configuration has been in development for nearly 20 years.
It reached an important milestone during the fourth quarter with the completion of a first-in-human Phase 2a feasibility trial in New Zealand.
The company expects to initiate an additional Phase 2a feasibility trial in the first half of this year, followed by a Phase 2b trial.
“We have the algorithm, the glucose sensor connections and the hardware,” Saint said.
“Now, it’s just execution to get this product out to market.”
One of Beta Bionics’ ultimate goals is to develop a completely closed-loop system that manages insulin delivery without requiring any user input, according to Saint. He believes their algorithm can support getting indication for this next step.
“We currently have the least amount of information required meals, but we’re excited to move toward a world where people don’t have to touch their insulin pump at all,” Saint said.
