Beta Bionics makes and sells the iLet Bionic Pancreas, an automated insulin delivery (AID) system for people with Type 1 diabetes (T1D). Unlike competing insulin pumps, the iLet is a fully closed-loop system that autonomously determines and delivers 100% of insulin doses based on continuous glucose monitor (CGM) readings — patients initialize the device with just their body weight, and the algorithm adapts over time. The iLet integrates with Dexcom and Abbott CGMs and uses proprietary single-use cartridges and infusion sets. Beta Bionics sells directly to patients and healthcare providers through an internal sales force, with roughly 35,000 users as of end of 2025. Beta Bionics earns revenue through two channels: a traditional DME model, where insurers pay for the device upfront over 13 months, plus ongoing consumable revenue; and a Pharmacy Benefit Plan (PBP) model, where the device is provided at no upfront cost and Beta Bionics earns roughly $450/month per patient in recurring supply revenue. The PBP model suppresses near-term revenue but builds a compounding recurring revenue base, with cumulative per-patient revenue overtaking DME by around month 11. Key pipeline products include Mint, a tubeless patch pump targeting launch by end of 2027, and a bihormonal iLet that delivers both insulin and glucagon. Beta Bionics is also pursuing FDA clearance for Type 2 diabetes, where roughly 25-30% of new iLet starts are already occurring off-label.