Butterfly Network, Inc. ( ($BFLY) ) has released its Q3 earnings. Here is a breakdown of the information Butterfly Network, Inc. presented to its investors.
Butterfly Network, Inc. is a digital health company specializing in portable, semiconductor-based ultrasound technology and intuitive software, aiming to revolutionize medical imaging with its innovative solutions.
The company has reported its third-quarter financial results for 2024, showcasing a notable 33% year-over-year revenue growth to $20.6 million, alongside significant reductions in net loss and operational cash usage. This quarter also saw the launch of new products and market expansions, reflecting Butterfly’s ongoing commitment to advancing its strategic growth pillars.
Key financial highlights include a reduction in net loss by 38% compared to the previous year and a 50% decrease in net cash used in operations. The company also expanded its international footprint by launching the iQ3 in Europe and entering new markets in Indonesia, the Netherlands, and Belgium. Additionally, the formation of the Octiv subsidiary aims to leverage Butterfly’s semiconductor chip technology for new sectors.
Butterfly Network’s gross profit improved to $12.2 million, despite a slight decrease in gross margin, due to higher manufacturing costs associated with the iQ3 product. Operating expenses saw a substantial decrease of 30%, contributing to a narrowed adjusted EBITDA loss. The company has also increased its revenue guidance for the full year, anticipating over 20% growth.
Looking forward, Butterfly Network remains focused on its strategic initiatives, aiming to further capitalize on its technological advancements and market opportunities. The management’s improved guidance underscores confidence in sustaining growth momentum and enhancing shareholder value.
