Mgmt Meetings: Mint is Coming and Should Do Well but the Stock Hasn't Noticed

Research evidence excerpt

Mgmt Meetings: Mint is Coming and Should Do Well but the Stock Hasn't Noticed

C O M P A NY N O TE

J u n e 2 2 , 2 0 2 6

 Stock Thoughts (cont). As a result, we see an obvious disconnect between business

fundamentals and company valuation. We encourage investors to start or build positions

in the name ahead of a defining product launch. Reiterate OW.

Takeaways from Recent BBNX Management Meetings

Recently, we hosted a series of meetings with members of the Beta Bionics management team,

which collectively reinforced our conviction in the name. Present from the company were Stephen

Feider, CFO, and Blake Beber, Head of IR. This was our first time traveling with the company

(recall they went public last year) and we were impressed by management’s consistent and

focused messaging on the company, which underscored its strong commercial execution, positive

market outlook, and high conviction in the upcoming Mint patch pump launch. All of these points

represent a potential transformational inflection point for the business, with management further

conveying its confidence in the manufacturability, scalability, and ability to win in the evolving

pump market landscape. With very little of this commercial progress reflected in the stock today,

we view current levels as a compelling buying opportunity ahead of what we believe will be a

defining product launch. Reiterate OW.

Mint Launch Coming Soon – Management Confidence is Unwavering. The dominant theme

across meetings was the upcoming launch of Mint, the company’s new patch pump, with the

company demonstrating clear conviction that the product is well positioned to compete in the patch

AID market currently dominated by Insulet. Today, tubed pumps account for roughly a third of new