Butterfly Network Reports First Quarter 2024 Financial Results Achieves 14% Revenue Growth - Exceeding Expectations Raises Full Year Guidance BURLINGTON, Mass. & NEW YORK--(BUSINESS WIRE) -- Butterfly Network, Inc. (NYSE: BFLY) ("Butterfly" or the "Company"), a digital health company transforming care with handheld, whole-body ultrasound and intuitive software, today announced financial results for the first quarter ended March 31, 2024, and provided a business update. DeVivo continued, "Building on this pr ...

NEW YORK & BURLINGTON, Mass.--(BUSINESS WIRE)--Butterfly Network, Inc. (NYSE: BFLY) (“Butterfly”) a digital health company transforming care with handheld, whole-body ultrasound and intuitive software, hosted its first investor day under President, Chief Executive Officer and Chairman, Joseph DeVivo. The event featured presentations from members of Butterfly’s executive and senior leadership team, providing insights into the Company’s product, software and services portfolio within its core point-of-care ul ...

We have wholly-owned subsidiaries organized in Australia, Germany, the Netherlands, the United Kingdom and Taiwan. Our principal executive offices are located at 1600 District Avenue, Burlington, Massachusetts 01803 and our telephone number is (781) 557-4800. Table of Contents We believe our affordable holistic solution provides valuable clinical information and workflow efficiency that is attractive to any healthcare systems that seek to improve care at lower cost. These attributes also may allow the use o ...

Full Year&Q4 2023 Earnings Call Butterfly Network February 28, 2024 Add animation here 6 Forward Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Butterfly Network, Inc.'s (the "Company") actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future ...

Butterfly Network, Inc. (NYSE:BFLY) Q4 2023 Earnings Conference Call February 28, 2024 5:00 PM ET Corporate Participants Heather Getz - Chief Financial and Operations Officer Joe DeVivo - Chairman and Chief Executive Officer Conference Call Participants Josh Jennings - TD Cowen Suraj Kalia - Oppenheimer Operator Good afternoon. Thank you for attending today's Butterfly Network's Q4 and Fiscal Year 2023 Earnings Call. All lines will be muted during the presentation portion of the call with an opportunity for ...

Butterfly Network, Inc. (BFLY) came out with a quarterly loss of $0.21 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to loss of $0.17 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -75%. A quarter ago, it was expected that this company would post a loss of $0.15 per share when it actually produced a loss of $0.13, delivering a surprise of 13.33%.Over the last four quarters, the company has su ...

Financial Performance - Total revenue for Q4 2023 was $16.5 million, down from $19.0 million in Q4 2022, with U.S. revenue at $10.9 million (down 3%) and international sales declining 24% to $4.6 million[13]. - Product revenue decreased by 20% year-over-year to $10.2 million, attributed to lower distributor orders and e-commerce volume[6]. - Gross loss for Q4 2023 was $12.5 million, with total gross margin decreasing to negative 75.9% from 50.3% in the prior year, primarily due to a $21.9 million write-down of excess inventory[14]. - Net loss for the year ended 2023 was $133.7 million, an improvement from a net loss of $168.7 million in 2022[16]. - Cash and cash equivalents at the end of Q4 2023 were $134.4 million, down from $162.6 million at the end of 2022[15]. - The net loss for Q4 2023 was $44.1 million, compared to a net loss of $33.7 million in the prior year[22]. - Adjusted EBITDA loss for Q4 2023 was $15.7 million, an improvement from a loss of $27.7 million in Q4 2022[24]. - Operating expenses decreased by 42% to $34.2 million from $58.6 million in the prior year period, attributed to workforce reductions and spending rationalization[23]. - Total operating expenses excluding stock-based compensation were $27.3 million, down 32% from $39.9 million in Q4 2022[33]. - Cash, cash equivalents, and restricted cash totaled $138.7 million as of December 31, 2023[34]. Product Development and Innovation - Butterfly launched its third-generation handheld ultrasound system, Butterfly iQ3™, which received FDA clearance ahead of schedule in January 2024[3]. - The company launched its second generation Butterfly iQ+ in 2020 and plans to release the third generation iQ3 in 2024, enhancing processing power and performance[38]. - Butterfly's proprietary Ultrasound-on-Chip™ technology and intelligent software are key to mass adoption of ultrasound for early detection and remote health management[38]. - The company signed 13 partners into its Butterfly Garden program, enhancing its ecosystem and driving growth[11]. Future Outlook - The company expects low double-digit revenue growth for the upcoming fiscal year[25]. - Upcoming Investor Day is scheduled for March 18, 2024, at the New York Stock Exchange to discuss growth initiatives[9]. - The company plans to host an Investor Day event on March 18, 2024, to showcase new ultrasound technology and co-developed products[26]. Financial Metrics and Reporting - Financial measures include adjusted gross profit, adjusted gross margin, and adjusted EBITDA, which are not prepared in accordance with GAAP[39]. - Adjusted gross profit and adjusted EBITDA are used to evaluate core operating results and financial planning, providing tools for investors to compare performance over periods[40]. - The company emphasizes that non-GAAP measures should be considered alongside GAAP measures for a comprehensive evaluation of performance[40]. - The financial statements are presented in thousands, indicating a focus on detailed financial reporting[43]. Market Reach and Recognition - Butterfly Network aims to democratize medical imaging, targeting the 4.7 billion people globally without access to ultrasound[38]. - Butterfly devices are commercially available in various regions, including parts of Africa, Asia, Europe, and the Americas[38]. - The company has received multiple accolades, including TIME's Best Inventions and CNBC Disruptor 50, highlighting its innovative technology[38]. Revenue Breakdown - Software and other services revenue remained flat at $6.4 million, with enterprise software growing by 35% year-over-year[6]. - Total revenue for Q4 2023 was $16.5 million, down 13% from $19.0 million in Q4 2022[19]. - Adjusted gross profit for Q4 2023 was $9.4 million, with an adjusted gross margin of 56.6%[19]. Forward-Looking Statements - Future updates on forward-looking statements will not be publicly released unless there are changes in expectations or circumstances[42].

NEW YORK & BURLINGTON, Mass.--(BUSINESS WIRE)--Butterfly Network, Inc. (NYSE: BFLY) (“Butterfly”) a digital health company transforming care with handheld, whole-body ultrasound and intuitive software, today announced that it will present and host one-on-one investor meetings at the TD Cowen 44th Annual Health Care Conference in Boston on March 5, 2024. Joseph DeVivo, President, Chief Executive Officer & Chairman, and Heather Getz, Executive Vice President & Chief Financial and Operations Officer will prese ...

BURLINGTON, Mass. & NEW YORK--(BUSINESS WIRE)--Butterfly Network, Inc. (NYSE: BFLY) (“Butterfly”), a digital health company transforming care with handheld, whole-body ultrasound, today announced that it will host an Investor Day on Monday March 18, 2024, beginning at 12:00pm ET at the New York Stock Exchange. During the event, Butterfly’s executive management team will present the Company’s product, software and services portfolio within the point-of-care ultrasound landscape, as well as its strategic ini ...

BURLINGTON, Mass. & NEW YORK--(BUSINESS WIRE)--Butterfly Network, Inc. (“Butterfly”, “the Company”) (NYSE: BFLY), a digital health company transforming care through the power of portable, semiconductor-based ultrasound technology and intuitive software, announced today the commercial launch of its third-generation handheld point-of-care ultrasound (POCUS) system, Butterfly iQ3™, which received FDA clearance last month. Butterfly iQ3 is powered by the Company’s most advanced semiconductor chip with a data tr ...