Butterfly Network reported strong Q3 2024 financial results, with total revenue increasing 33.3% to $20.6 million compared to Q3 2023. Product revenue jumped 54.7% to $13.5 million driven by higher device sales across channels and the impact of the new iQ3 probe's higher selling price. Software and services revenue grew 5.3% to $7.0 million on increased enterprise software and licensing revenue.Operating expenses decreased significantly to $29.5 million from $41.9 million in Q3 2023, reflecting the company's cost reduction initiatives. Research and development expenses fell 27.1% to $8.8 million, while general and administrative costs dropped 19.1% to $9.4 million. The company maintained a strong cash position of $93.8 million as of September 30, 2024.The company expects its current cash position to fund operations into 2027 as it continues to focus on revenue growth and operational efficiency. Management noted increased traction in enterprise software sales, with enterprise revenue as a percentage of software revenue growing approximately 5 percentage points year-over-year. The company remains focused on expanding its healthcare system software offerings and developing relationships with larger healthcare systems.

Butterfly Network reported strong Q3 2024 financial results, with total revenue increasing 33.3% to $20.6 million compared to Q3 2023. Product revenue jumped 54.7% to $13.5 million driven by higher device sales across channels and the impact of the new iQ3 probe's higher selling price. Software and services revenue grew 5.3% to $7.0 million on increased enterprise software and licensing revenue.Operating expenses decreased significantly to $29.5 million from $41.9 million in Q3 2023, reflecting the company's cost reduction initiatives. Research and development expenses fell 27.1% to $8.8 million, while general and administrative costs dropped 19.1% to $9.4 million. The company maintained a strong cash position of $93.8 million as of September 30, 2024.The company expects its current cash position to fund operations into 2027 as it continues to focus on revenue growth and operational efficiency. Management noted increased traction in enterprise software sales, with enterprise revenue as a percentage of software revenue growing approximately 5 percentage points year-over-year. The company remains focused on expanding its healthcare system software offerings and developing relationships with larger healthcare systems.