Here’s Why Beta Bionics Filing for an IPO Is a Big DealHere’s Why Beta Bionics Filing for an IPO Is a Big Deal

The IPO market has been relatively cool since 2020. However, the market is heating up and Beta Bionics filing only adds fuel to the fire.

Omar Ford

January 23, 2025

2 Min Read
graphic of IPO
bin kontan via iStock/Getty Images

At a Glance

  • Beta Bionics, the developer of the iLet Bionic Pancreas, is attempting to raise $114 million through an IPO.
  • Since launching the iLet in May 2023, Beta Bionics has experienced substantial growth.
  • In 2021, many medtech companies turned to SPAC mergers as an alternative to traditional IPOs.

Medtech’s IPO market has seen massive dips and slight spikes in activity. In the most recent Pulse of the Industry Report, EY analysts said there was a bit of a resurgence in the IPO market from July 2023 to June 2024, with nearly $1 billion raised. That compares to the $40 million raised in IPOs from July 2022 to June 2023.

Beta Bionics' recent filing for an IPO could be a sign the industry is heating up.

The company and developer of the ILet Bionic Pancreas is trying to raise about $114 million in an IPO.

The company’s iLet Bionic Pancreas is an autonomous insulin delivery system that streamlines diabetes management and reduces the burden on patients and physicians. Beta Bionics won FDA approval for the device in 2023.

In a filing, Beta Bionics wrote, “We believe our financial and operating results and clinical and real-world data to date validate our opportunity, strategy and execution. In the five full quarters since launching the iLet in May 2023, our quarterly revenue has grown over 5x—from $3.1 million for the quarter ended Sept. 30, 2023, to $16.7 million for the quarter ended September 30, 2024—while our operating expenses have grown only 2x during the same time period—from $10.0 million to $19.9 million, respectively.”

Beta Bionics has had some high-profile partnerships. The company integrated iLet into Abbott’s Freestyle Libre technology and into Dexcom’s Continuous Glucose Monitor sensor. The firm won Reader’s Choice for Medtech Company of the Year in 2018.

Related:Fractyl to Lay Off 17% of Workforce

Medtech Turns its Back on SPACs

In 2021, Special Purpose Acquisition Corporation (SPAC) mergers became an alternative to traditional IPOs for many medtech companies – particularly in the digital health and diagnostic spaces. SPACS are publicly traded corporation with a two-year life span formed with the sole purpose of effecting a merger, or “combination,” with a privately held business to enable it to go public, according to hbr.org.

However, by 2023, the SPAC bubble burst, with some companies scaling back offerings and some ending merger plans altogether.

Beta Bionics move could be a sign that medtech IPOs are back on the rise.

About the Author

Omar Ford

Omar Ford is a veteran reporter in the field of medical technology and healthcare journalism. As Editor-in-Chief of MD+DI (Medical Device and Diagnostics Industry), a leading publication in the industry, Ford has established himself as an authoritative voice and a trusted source of information.

Ford, who has a bachelor's degree in print journalism from the University of South Carolina, has dedicated his career to reporting on the latest advancements and trends in the medical device and diagnostic sector.

During his tenure at MD+DI, Ford has covered a wide range of topics, including emerging medical technologies, regulatory developments, market trends, and the rise of artificial intelligence. He has interviewed influential leaders and key opinion leaders in the field, providing readers with valuable perspectives and expert analysis.

 

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