The following is a summary of the Butterfly Network, Inc. (BFLY) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Butterfly Network reported global revenue of $65.9 million in 2023, surpassing estimates.

• Q4 sales and full year direct sale revenues showed year-over-year growth of 10% and 11% respectively.

• The company significantly reduced cash costs from the business by over $170 million and decreased annual cash burn to approximately $60 million.

• As of December 2023, Butterfly Network held $139 million in liquidity, including restricted cash, projected to sustain the enterprise until 2026.

Business Progress:

• Butterfly Network released a suite of ultrasound education services, enhancing the proficiency of customers in various scan types.

• FDA clearance was obtained for Butterfly's automated AI beeline counter, and the AI marketplace, Butterfly Garden, was launched.

• The company struck 13 partnerships enhancing its AI program.

• Butterfly Network anticipates growth in 2024 through increased penetration of healthcare systems, international expansion, partnership with more medical schools and inventive applications for its ultrasound technology.

• The company is concentrating on bolstering its presence in global markets like Indonesia, Philippines, Malaysia, Bangladesh, and Singapore.

• Butterfly Network aims to drive the adoption of its devices in medical schools and expects its devices to enter the wearables and home monitoring market catering to patients with chronic diseases by the first half of 2025.

• The business outlook is optimistic due to clear strategies, a rapidly expanding market, and competitive products. More details on their future plans and strategies will be shared at the Investor Day on March 18th.

More details: Butterfly Network IR

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