Oct. 21 at 3:26 PM
Stifel resumed coverage on
$BBNX Buy; PT
$26
$TNDM $DXCM $PODD $SENS
Stifel said:
To date, Beta Bionics has posted a steady cadence of "beats and raises" to results/guidance, and we expect that formula to continue in the near-term.
iLet adoption trends have been solid, and our checks show new T2ll prescribers coming onboard over the NTM (incremental Endocrinologists and PCPs).
An increasing contribution from "new stores" coupled with continued share gains among current prescribers is a solid set up heading into 2026.
While twiist is a concern, we believe twiist's likely adopter is a greater risk to Tandem relative to Beta Bionics.
For Pharmacy, the company's initiative is further along relative to Tandem, with the 2025 Pharmacy "deferred revenue" poised to pay dividends in 2026 and beyond.
Finally, investor interest around the company's semi-durable patch (Mint) may gain increasing momentum throughout 2026 if the company's 2027 timeline remains intact. We resume coverage with a Buy rating.
