Butterfly Network, Inc., a digital health company specializing in handheld, whole-body ultrasound technology, reported its financial results for the quarter ended September 30, 2024. The company saw a 33.3% increase in total revenue, reaching $20.56 million, compared to $15.42 million in the same quarter of the previous year. Product revenue, which includes medical devices and accessories, rose by 54.7% to $13.54 million, while software and other services revenue grew by 5.3% to $7.02 million. Despite the revenue growth, the company experienced a net loss of $16.92 million, an improvement from the $27.37 million loss in the prior year's quarter. Operating expenses decreased overall, with research and development costs down 27.1% to $8.84 million, and general and administrative expenses reduced by 19.1% to $9.35 million. Sales and marketing expenses saw a slight increase of...Show More

Butterfly Network, Inc., a digital health company specializing in handheld, whole-body ultrasound technology, reported its financial results for the quarter ended September 30, 2024. The company saw a 33.3% increase in total revenue, reaching $20.56 million, compared to $15.42 million in the same quarter of the previous year. Product revenue, which includes medical devices and accessories, rose by 54.7% to $13.54 million, while software and other services revenue grew by 5.3% to $7.02 million. Despite the revenue growth, the company experienced a net loss of $16.92 million, an improvement from the $27.37 million loss in the prior year's quarter. Operating expenses decreased overall, with research and development costs down 27.1% to $8.84 million, and general and administrative expenses reduced by 19.1% to $9.35 million. Sales and marketing expenses saw a slight increase of 6.6% to $9.61 million. The company's cash and cash equivalents stood at $93.76 million as of September 30, 2024. Butterfly Network's business development included the launch of the iQ3 probe and expansion into new international markets. Looking ahead, the company plans to continue investing in product and software development, with a focus on growing revenue and expanding its market presence.