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Butterfly Network(BFLY) - 2024 Q3 - Quarterly Results
BFLYButterfly Network(BFLY)2024-11-01 10:45

Revenue Growth and Performance - Delivered quarterly revenue of 20.6million,representing3320.6 million, representing 33% YoY growth[1] - Product revenue increased 55% YoY to 13.5 million, driven by a 37% increase in units fulfilled[10] - Software and other services revenue increased 5% YoY to 7.0million[10]−TotalrevenueforQ32024increasedto7.0 million[10] - Total revenue for Q3 2024 increased to 20.56 million, up 33.3% from 15.42millioninQ32023[22]−Raisedfull−yearrevenueguidanceto15.42 million in Q3 2023[22] - Raised full-year revenue guidance to 79 million to 81million,representingover2081 million, representing over 20% growth[14] Profitability and Gross Margin - Gross profit increased to 12.2 million, with gross margin decreasing to 59.5% from 60.8%[11] - Gross profit for Q3 2024 rose to 12.23million,a30.412.23 million, a 30.4% increase from 9.38 million in Q3 2023[22] - Adjusted gross margin for Q3 2024 was 60.0%, slightly down from 60.8% in Q3 2023[25] - Adjusted gross profit for Q3 2024 was 12.33million,up31.412.33 million, up 31.4% from 9.38 million in Q3 2023[25] Net Loss and Operating Expenses - Reduced Q3 net loss by 38% and net cash used in operations by 50%[1] - Net loss improved to 16.9millionfrom16.9 million from 27.4 million in the prior year period[13] - Net loss for Q3 2024 improved to 16.92million,down38.216.92 million, down 38.2% from 27.37 million in Q3 2023[22] - Operating expenses decreased 30% YoY to 29.5million[12]−TotaloperatingexpensesforQ32024were29.5 million[12] - Total operating expenses for Q3 2024 were 29.48 million, a 29.7% reduction from 41.95millioninQ32023[22]−ResearchanddevelopmentexpensesforQ32024decreasedto41.95 million in Q3 2023[22] - Research and development expenses for Q3 2024 decreased to 8.84 million, down 27.1% from 12.13millioninQ32023[22]−NetlossforQ32024was12.13 million in Q3 2023[22] - Net loss for Q3 2024 was 16.9 million, compared to 27.4millioninQ32023,showinga38.227.4 million in Q3 2023, showing a 38.2% improvement[26] - Adjusted net loss for Q3 2024 was (10.2) million, compared to (14.6)millioninQ32023,a30.1(14.6) million in Q3 2023, a 30.1% improvement[26] Cash Flow and Financial Position - Cash, cash equivalents, and restricted cash totaled 97.8 million as of September 30, 2024[14] - Cash and cash equivalents decreased to 93.76millionasofSeptember30,2024,from93.76 million as of September 30, 2024, from 134.44 million at the end of 2023[23] - Net cash used in operating activities for the first nine months of 2024 was 38.59million,a55.038.59 million, a 55.0% improvement from 85.72 million in the same period of 2023[24] - Accounts receivable increased to 20.62millionasofSeptember30,2024,up53.720.62 million as of September 30, 2024, up 53.7% from 13.42 million at the end of 2023[23] Adjusted Metrics and Non-GAAP Measures - Adjusted EBITDA for Q3 2024 was (8.4)million,comparedto(8.4) million, compared to (12.5) million in Q3 2023, reflecting a 32.4% improvement[26] - Adjusted EPS for Q3 2024 was (0.05),comparedto(0.05), compared to (0.07) in Q3 2023, indicating a 28.6% improvement[26] - Stock-based compensation for Q3 2024 was 4.4million,comparedto4.4 million, compared to 6.8 million in Q3 2023, a 35.3% decrease[26] - Interest income for Q3 2024 was (1.2)million,comparedto(1.2) million, compared to (1.9) million in Q3 2023, a 35.8% decrease[26] - Depreciation and amortization for Q3 2024 was 2.6million,comparedto2.6 million, compared to 4.0 million in Q3 2023, a 35.0% decrease[26] - Weighted average shares used to compute adjusted EPS for Q3 2024 was 212.8 million, compared to 206.7 million in Q3 2023, a 2.9% increase[26] Market Expansion and Product Launches - Launched iQ3 in Europe and opened new markets in Indonesia, the Netherlands, and Belgium[1]