Butterfly Network, a company specializing in digital health and ultrasound technology, recently announced their financial results for the third quarter of 2024. Joseph DeVivo, Butterfly’s President, Chief Executive Officer, and Chairman, expressed satisfaction with the company’s performance, highlighting a 33% growth compared to the previous year and a significant decrease in cash use.
DeVivo also emphasized the company’s commitment to strategic growth pillars outlined during their Investor Day in March 2024. He mentioned new developments in their Butterfly HomeCare services business and the potential of their Powered by Butterfly™ chip licensing program.
In addition to financial updates, Butterfly Network shared several operational and strategic highlights, including the validation of their Return-on-Investment through a case study conducted at the University of Rochester Medical Center. They also announced partnerships with various organizations, expansion into international markets, and advancements in veterinary applications.
Furthermore, Butterfly Network revealed plans to launch a pilot for virtual chronic care management through their Butterfly HomeCare program, aiming to improve outcomes for patients with heart failure using AI-powered imaging. The company also announced the formation of Octiv, a subsidiary dedicated to expanding the application of their proprietary chip technology.
Regarding financial results for the third quarter of 2024, Butterfly Network reported a total revenue of $20.6 million, representing a 33% increase from the previous year. Product revenue saw a significant increase driven by higher unit sales and pricing, while software and other services revenue also experienced growth.
Gross profit for the quarter was $12.2 million, with a gross margin of 59.5%. Operating expenses decreased by 30% compared to the previous year, leading to a reduced net loss and improved adjusted EBITDA.
Looking ahead, Butterfly Network increased their revenue guidance for fiscal year 2024 and improved their adjusted EBITDA guidance, reflecting confidence in their continued growth and performance.
Founded in 2011, Butterfly Network aims to democratize medical imaging by making ultrasound technology more accessible and affordable globally. Their innovative ultrasound devices have garnered recognition and awards, positioning the company as a leader in the digital health sector.
Overall, Butterfly Network’s third-quarter financial performance reflects their dedication to innovation, strategic growth, and commitment to improving healthcare outcomes through technology. With a strong focus on expanding their product offerings and reaching new markets, Butterfly Network continues to make significant strides in the digital health landscape.
