Mike Kratochvil

Mike Kratochvil asked for qualitative or quantitative commentary on Q1 2026 new patient starts, specifically if current trends align with seasonality expectations and the outlook for the Q4 2025 to Q1 2026 sequence. Mike Kratochvil also inquired about the 2026 pharmacy mix guidance of 36%-38% and what factors would need to occur for Beta Bionics to exceed 40% in this metric.

Answer

CFO Stephen Feider reiterated that a reduction in Q1 2026 revenue and new patient starts from Q4 2025 is expected, and this reduction should be larger than the 6% seen in the prior year due to unique product launches and pharmacy adoption changes in early 2025. CFO Stephen Feider explained that exceeding the guidance would primarily depend on securing more underlying health plan agreements associated with existing PBM contracts and expanding Medicaid coverage in more states. CEO Sean Saint added that these agreements tend to be front-half weighted.

Mike Kratochvil asked for qualitative or quantitative commentary on Beta Bionics' new patient starts year-to-date in Q1 2026, and if current trends align with expectations for seasonality and the Q4 to Q1 sequence. He also inquired about the factors needed to achieve the upper end of the 36%-38% pharmacy mix guidance for 2026, potentially exceeding 40%.

Answer

Stephen Feider, CFO, reiterated that a larger reduction in revenue and new patient starts is expected from Q4 2025 to Q1 2026 compared to the previous year's 6% reduction, due to unique product launches and pharmacy adoption changes in Q1 2025. Regarding pharmacy mix, he explained that achieving higher percentages depends on securing underlying health plan agreements associated with existing PBM contracts and expanding Medicaid coverage in more states. Sean Saint, CEO, added that pharmacy coverage growth tends to be front-half weighted.