Beta Bionics Inc: BBNX 2Q26: Solid Q as iLet Ramp Continues

研报英文原文证据摘录

Beta Bionics Inc: BBNX 2Q26: Solid Q as iLet Ramp Continues

Global Research

30 July 2026ab

Beta Bionics Inc Equities

United StatesBBNX 2Q26: Solid Q as iLet Ramp Continues

Medical Supplies

12-month rating Buy *

iLet ramp continues, looking ahead towards 2027 Mint launch

Shares are up modestly AMC after the company reported a solid LSD beat with sales 12m price target US$22.00

coming in at $32.0M (+37.8% on a y/y basis) above both our and consensus

expectations. Notably, and the most key data point to us, is sequential NPS (new patient

Price (29 Jul 2026) US$15.17

start) growth in-line with company expectations. We see growth outlook from here as

driven by BBNX's (1) differentiated technology that addresses key barriers to adoption RIC: BBNX.O BBG: BBNX US

(i.e. ease of use, fully-closed loop algorithm), and; (2) continued pharmacy access

Trading data and key metrics

represents another attractive selling point for both patients and physicians. Ultimately,

52-wk range US$31.99-8.86

we remain bullish on BBNX's positioning within the insulin pump market -- we project

double-digit installed base growth in 2026 and 2027 -- and see iLet as a clear market Market cap. US$0.67b

share gainer over the near to medium term and into launch of Mint. Other key Shares o/s 44.0m (COM)

takeaways from the call, include: Free float 75%

Avg. daily volume ('000) 924

Sales force expansion: BBNX achieved their previously stated goal of expanding Avg. daily value (m) US$13.1

by at least 20 sales territories in 2026 and anticipate these new areas to contribute

Common s/h equity (12/26E) US$0.22b

more meaningfully to NPS in the back half of the year.

P/BV (12/26E) 3.1x

Mint launch on track pending approval: The company noted continued Net debt to EBITDA (12/26E) 1.8x