Butterfly Network reported Q2 2024 revenue of $21.5 million, up 16.2% year-over-year, driven by 19.4% growth in product revenue to $14.6 million and 10.1% increase in software revenue to $6.8 million. The company's next-generation iQ3 probe launch and international expansion contributed to higher product sales, while enterprise software adoption grew.Operating expenses decreased significantly to $29.8 million from $42.2 million in Q2 2023, primarily due to cost reduction initiatives including workforce reductions. Research and development expenses fell 39.8% to $9.4 million, while general and administrative costs dropped 31.3% to $10.1 million. These improvements helped narrow the net loss to $15.7 million from $28.7 million year-over-year.The company ended the quarter with $102.1 million in cash and cash equivalents, utilizing $10.6 million during Q2. Management expects current cash reserves to fund operations into 2027 but anticipates seeking additional capital through grants, debt or equity before reaching profitability. The company also announced a new partnership expected to generate approximately $10 million in annual cost savings through optimization of technical functions.

Butterfly Network reported Q2 2024 revenue of $21.5 million, up 16.2% year-over-year, driven by 19.4% growth in product revenue to $14.6 million and 10.1% increase in software revenue to $6.8 million. The company's next-generation iQ3 probe launch and international expansion contributed to higher product sales, while enterprise software adoption grew.Operating expenses decreased significantly to $29.8 million from $42.2 million in Q2 2023, primarily due to cost reduction initiatives including workforce reductions. Research and development expenses fell 39.8% to $9.4 million, while general and administrative costs dropped 31.3% to $10.1 million. These improvements helped narrow the net loss to $15.7 million from $28.7 million year-over-year.The company ended the quarter with $102.1 million in cash and cash equivalents, utilizing $10.6 million during Q2. Management expects current cash reserves to fund operations into 2027 but anticipates seeking additional capital through grants, debt or equity before reaching profitability. The company also announced a new partnership expected to generate approximately $10 million in annual cost savings through optimization of technical functions.