Butterfly Network, Inc. (NYSE: BFLY) has released its financial results for the third quarter ended September 30, 2024, showing significant growth and operational achievements. The company reported a quarterly revenue of $20.6 million, marking a 33% year-over-year increase. In addition, Butterfly Network reduced its net loss in the third quarter by 38% and decreased net cash used in operations by 50%.
The company launched the Butterfly iQ3 in Europe and expanded into new markets in Indonesia, the Netherlands, and Belgium during the quarter. Butterfly Network also announced the establishment of Octiv™, a wholly owned subsidiary aimed at advancing Butterfly’s semiconductor-based ultrasound technology into new sectors.
Operational and strategic highlights in the recent period include Butterfly’s achievement of return-on-investment validation through a case study at the University of Rochester Medical Center, progress in medical education with Kansas City University, and expansion efforts into international markets and veterinary applications. Butterfly Network also announced the formation of Octiv™ to leverage Butterfly’s proprietary chip in new sectors.
Financially, Butterfly Network reported a gross profit of $12.2 million, with adjusted gross profit at $12.3 million. Operating expenses were reduced by 30% to $29.5 million compared to the same period last year. The company’s net loss was $16.9 million, an improvement from $27.4 million in the prior year period. Adjusted EBITDA loss was $8.4 million, down from $12.5 million in the prior year period, with adjusted EPS at ($0.05) compared to ($0.07) in the prior year period.
Butterfly Network closed the quarter with cash, cash equivalents, and restricted cash totaling $97.8 million as of September 30, 2024. The company increased its revenue guidance for the fiscal year 2024 to $79 million to $81 million, representing over 20% growth, and adjusted EBITDA guidance improved to a loss of $42 million to $40 million.
Investors and stakeholders can access further details on Butterfly Network’s financial performance and strategic updates through the company’s financial statements and forthcoming conference calls and reports. Butterfly Network continues to position itself as a leading digital health company, aiming to democratize medical imaging through innovative semiconductor-based ultrasound technology.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Butterfly Network’s 8K filing here.
About Butterfly Network
Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.
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