On November 1, 2024, Butterfly Network, Inc. announced its financial results for the third quarter ending September 30, 2024, along with a business update. The company reported a 33% year-over-year growth in quarterly revenue, reaching $20.6 million. The net loss was reduced by 38%, and net cash used in operations was cut by 50%. Butterfly Network also launched the iQ3 in Europe and expanded into new markets in Indonesia, the Netherlands, and Belgium. Additionally, the company announced the formation of Octiv™, a subsidiary aimed at leveraging Butterfly’s chip technology in new sectors. The company's gross profit for the quarter was $12.2 million, with a gross margin of 59.5%. Operating expenses decreased by 30% year-over-year to $29.5 million, primarily due to workforce reductions and spending rationalization. The net...Show More

On November 1, 2024, Butterfly Network, Inc. announced its financial results for the third quarter ending September 30, 2024, along with a business update. The company reported a 33% year-over-year growth in quarterly revenue, reaching $20.6 million. The net loss was reduced by 38%, and net cash used in operations was cut by 50%. Butterfly Network also launched the iQ3 in Europe and expanded into new markets in Indonesia, the Netherlands, and Belgium. Additionally, the company announced the formation of Octiv™, a subsidiary aimed at leveraging Butterfly’s chip technology in new sectors. The company's gross profit for the quarter was $12.2 million, with a gross margin of 59.5%. Operating expenses decreased by 30% year-over-year to $29.5 million, primarily due to workforce reductions and spending rationalization. The net loss for the quarter was $16.9 million, an improvement from the previous year's $27.4 million. Adjusted EBITDA loss was $8.4 million, and adjusted EPS was ($0.05). Butterfly Network ended the quarter with $97.8 million in cash, cash equivalents, and restricted cash. The company has raised its full-year revenue guidance to $79 million to $81 million and improved its adjusted EBITDA guidance to a loss of $42 million to $40 million. A conference call to discuss the results was scheduled for the same day as the announcement.