Butterfly Network reported strong Q3 2024 results with revenue reaching $20.6 million, up 33% YoY. Product revenue increased 55% to $13.5 million driven by 37% higher unit sales and the new iQ3 probe's premium pricing. The company reduced its net loss by 38% to $16.9 million and cut net cash used in operations by 50%.The company expanded internationally by launching iQ3 in Europe and entering new markets in Indonesia, the Netherlands, and Belgium. Butterfly announced the formation of Octiv, a wholly-owned subsidiary focused on commercializing its proprietary chip technology in new sectors. Additionally, its HomeCare division is set to begin a pilot program with a leading Medicare Advantage provider for AI-powered cardiac imaging.Given the strong performance, Butterfly raised its full-year 2024 guidance, now expecting revenue of $79-81 million (over 20% growth) and improved its adjusted EBITDA loss forecast by $5 million to $42-40 million. The company maintained a solid cash position with $97.8 million in cash and restricted cash as of September 30, 2024.

Butterfly Network reported strong Q3 2024 results with revenue reaching $20.6 million, up 33% YoY. Product revenue increased 55% to $13.5 million driven by 37% higher unit sales and the new iQ3 probe's premium pricing. The company reduced its net loss by 38% to $16.9 million and cut net cash used in operations by 50%.The company expanded internationally by launching iQ3 in Europe and entering new markets in Indonesia, the Netherlands, and Belgium. Butterfly announced the formation of Octiv, a wholly-owned subsidiary focused on commercializing its proprietary chip technology in new sectors. Additionally, its HomeCare division is set to begin a pilot program with a leading Medicare Advantage provider for AI-powered cardiac imaging.Given the strong performance, Butterfly raised its full-year 2024 guidance, now expecting revenue of $79-81 million (over 20% growth) and improved its adjusted EBITDA loss forecast by $5 million to $42-40 million. The company maintained a solid cash position with $97.8 million in cash and restricted cash as of September 30, 2024.