• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Butterfly Network Reports Fourth Quarter 2024 Financial Results

    2/28/25 6:30:00 AM ET
    $BFLY
    Medical Electronics
    Health Care
    Get the next $BFLY alert in real time by email

    Delivered Record Annual and Quarterly Revenue

    • Delivered quarterly record Revenue of $22.4 million in Q4, representing 35% YoY growth
    • Reduced Q4 Net Loss by 59% and Net Cash Used in Operations by 76%
    • Successful public offering closed on January 31, 2025 with $81.7 million of net proceeds

    Butterfly Network, Inc. (NYSE:BFLY) ("Butterfly" or the "Company"), a digital health company transforming care with portable, semiconductor-based ultrasound technology and intuitive software, today announced financial results for the fourth quarter and year ended December 31, 2024, and provided a business update.

    Joseph DeVivo, Butterfly's President, Chief Executive Officer and Chairman commented, "2024 was a year of focused execution against the strategy we introduced at our March 2024 Investor Day. With 25% topline growth, high-impact product launches and key milestones achieved, we completed a strong first year of the five-year plan and put programs in place to accelerate growth across our core point-of-care ultrasound business, as well as Octiv™ and Butterfly HomeCare."

    DeVivo continued, "As we enter 2025, Butterfly steps into its next era. With strong revenue momentum, a successful capital raise, and a reinforced financial position, we have the ability to invest in strategic initiatives while maintaining a clear path to cash flow independence. We are advancing our vision of making AI-powered, point-of-care ultrasound more accessible – putting our technology into the hands of doctors, nurses, and eventually, qualified chronic care patients worldwide. With control over our future, we are well-positioned to scale in 2025 and beyond."

    Recent Operational and Strategic Highlights:

    • New Clinical Evidence: Published preliminary findings from seminal study with Rutgers Robert Wood Johnson Medical School, demonstrating significant reductions in length of stay and healthcare costs for congestive heart failure management when using Butterfly devices in hospital settings.
    • Successful Capital Raise: Public offering closed on January 31, 2025 with $81.7 million of net proceeds, including the shoe. This funding further strengthens Butterfly's balance sheet, as well as its ability to drive innovation to expand access to advanced imaging technology.
    • Butterfly HomeCare Progress:
      • Initiated pilot for virtual chronic care management with a leading Medicare Advantage provider, training nurse practitioners to use AI-guided lung ultrasound for congestive heart failure patients in long-term care facilities. Early results are promising, with no hospital readmissions and timely interventions improving care.
      • Completed successful proof of concept with myPlace Health, a PACE (Program of All-inclusive Care for the Elderly) organization, which demonstrated the ability to identify undiagnosed conditions and support risk scoring for reimbursement.
    • New Octiv™ Partnerships: Named third partner, Sonic Incytes, developing a novel approach to liver disease assessment, and signed two additional new partners in the Neuroscience and Generative AI space – all expected to drive 2025 revenue.
    • Butterfly Garden Growth: Signed four new AI development partners in the fourth quarter, including the first Veterinary AI partnership, bringing the portfolio to 21 companies.
    • European Union's Restriction of Hazardous Substances (RoHS) Update: Following Butterfly's revocation submission in October 2024, the EU commission is now identifying a third party to review the petition, with a recommendation expected by the end of 2025. If favorable, implementation may take 12-18 months.

    Three Months Ended December 31, 2024 Financial Results

    Revenue: Total revenue was $22.4 million, up 35% from $16.5 million in the fourth quarter of 2023. U.S. revenue was $14.5 million, up 32% from prior year, driven by the recently launched next-generation iQ3 probe's higher selling price and increased enterprise software revenue. International revenue increased 19% year-over-year to $5.5 million, with new geographies contributing revenue. Other revenue contributed $2.4 million.

    • Product revenue was $14.7 million, an increase of 45% versus the prior year period, driven by the 22% increase in units fulfilled year-over-year and the iQ3's higher selling price.
    • Software and other services revenue was up 20% year-over-year at $7.6 million. Software and other services mix was 34% of revenue and decreased by 4 percentage points versus the prior year due to the higher product revenue achieved this quarter.

    Gross profit: Gross profit was $13.7 million versus a gross loss of $12.5 million in the prior year period, and adjusted gross profit was $13.7 million versus $9.4 million in the prior period. Gross margin increased to 61.4% from negative 75.9% in the prior year period, and adjusted gross margin increased to 61.4% from 56.6% in the prior year period. This increase was primarily due to a higher average selling price, partially offset by higher amortization which reduced margin by approximately 35 basis points and a lower mix of software and other services revenue.

    Operating expenses: Operating expenses were $31.0 million, down 9% from $34.2 million in the prior year period, due to the business transformation initiative to optimize non-specialized technical functions, previously announced reductions in force in the prior year, and non-payroll spending rationalization across all areas. Total operating expenses excluding stock-based compensation and Other expense were $25.4 million, compared to $27.3 million in the fourth quarter of 2023, representing a decrease of 7%.

    Net loss: Net loss was $18.1 million, compared to $44.1 million in the prior year period.

    Adjusted EBITDA: Adjusted EBITDA loss was $9.1 million, compared to $15.7 million in the prior year period.

    Adjusted EPS: Adjusted EPS was $(0.05), compared to $(0.08) in the prior year period.

    Cash, cash equivalents, and restricted cash: Cash, cash equivalents, and restricted cash were $92.8 million as of December 31, 2024.

    Guidance

    Revenue Guidance and Adjusted EBITDA guidance for the Fiscal Year 2025:

    • Revenue guidance of $96 million to $100 million or approximately 20% growth
    • Adjusted EBITDA guidance loss of $37 million - $42 million

    Reconciliation of GAAP to Adjusted

    Reconciliations of gross margin to adjusted gross margin and of net loss to adjusted EBITDA and adjusted EPS for the three months and year ended December 31, 2024, and 2023 is provided in the financial schedules that are part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading "Non-GAAP Financial Measures."

    Conference Call

    A conference call and webcast to discuss fourth quarter and full year 2024 financial performance and operational progress is scheduled for 8:00 am ET on February 28, 2025. The conference call will be broadcast live in listen-only mode via a webcast on Butterfly's Investor Relations website at Events & Presentations. Individuals interested in listening to the conference call on your telephone may do so by dialing approximately ten minutes prior to start time:

    US domestic callers: 1-877-300-8521

    International callers: 1-412-317-6026

    Conference ID: 10195836

    Or use the Call me™ link for instant online telephone access to the event

    (active 15 minutes prior to scheduled start time):

    https://callme.viavid.com/?$Y2FsbG1lPXRydWUmcGFzc2NvZGU9JmluZm89Y29tcGFueSZyPXRydWUmYj0xNg==

    After the live webcast, the webcast will be archived on Butterfly's Investor Relations page.

    About Butterfly Network

    Butterfly Network, Inc. (NYSE:BFLY) is a healthcare company driving a digital revolution in medical imaging with its proprietary Ultrasound-on-Chip™ semiconductor technology and ultrasound software solutions. In 2018, Butterfly launched the world's first handheld, single-probe, whole-body ultrasound system, Butterfly iQ. The iQ+ followed in 2020, and the iQ3 in 2024, each with improved processing power and performance by leveraging Moore's Law. The iQ3 earned Best Medical Technology at the 2024 Prix Galien USA Awards, a prestigious honor and one of the highest accolades in healthcare. Butterfly's innovations have also been recognized by Fierce 50, TIME's Best Inventions and Fast Company's World Changing Ideas, among other achievements.

    Butterfly combines advanced hardware, intelligent software, AI, services, and education to drive adoption of affordable, accessible imaging. Clinical publications demonstrate that its handheld ultrasound probes paired with Compass™ enterprise workflow software, can help hospital systems improve care workflows, reduce costs, and enhance provider economics. With a cloud-based solution that enables care anywhere through next-generation mobility, Butterfly aims to democratize healthcare by addressing critical global healthcare challenges. Butterfly devices are commercially available to trained healthcare practitioners in areas including, but not limited to, parts of Africa, Asia, Australia, Europe, the Middle East, North America and South America; to learn more about available countries, visit: https://www.butterflynetwork.com/choose-your-country.

    Non-GAAP Financial Measures

    In addition to providing financial measures based on generally accepted accounting principles in the United States of America ("GAAP"), we provide additional financial measures that are not prepared in accordance with GAAP ("non-GAAP"). The non-GAAP financial measures included in this press release are adjusted gross profit, adjusted gross margin, adjusted EBITDA, and adjusted EPS. We present non-GAAP financial measures in order to assist readers of our financial statements in understanding the core operating results that our management uses to evaluate the business and for financial planning purposes. Our non-GAAP financial measures provide an additional tool for investors to use in comparing our financial performance over multiple periods.

    The non-GAAP financial measures included in this press release are key performance measures that our management uses to assess our operating performance. These non-GAAP measures facilitate internal comparisons of our operating performance on a more consistent basis. We use these performance measures for business planning purposes and forecasting. We believe that these non-GAAP measures enhance an investor's understanding of our financial performance as they are useful in assessing our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business.

    The non-GAAP financial measures included in this press release may not be comparable to similarly titled measures of other companies because they may not calculate these measures in the same manner. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. When evaluating the Company's performance, you should consider adjusted gross profit, adjusted gross margin, adjusted EBITDA, and adjusted EPS alongside other financial performance measures prepared in accordance with GAAP, including gross profit, gross margin, net loss, and EPS.

    The non-GAAP financial measures do not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP. In this press release, we have provided reconciliations of adjusted gross profit to gross profit, adjusted gross margin to gross margin, and adjusted EBITDA and adjusted EPS to net loss, the most directly comparable GAAP financial measures. Reconciliations of our non-GAAP financial measures to corresponding GAAP measures are not available on a forward-looking basis because we are unable to predict with reasonable certainty the non-cash component of employee compensation expense, changes in our working capital needs, variances in our supply chain, the impact of earnings or charges resulting from matters we consider not to be reflective, on a recurring basis, of our ongoing operations, and other such items without unreasonable effort. These items are uncertain, depend on various factors, and could be material to our results computed in accordance with GAAP. Management strongly encourages investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

    Forward Looking Statements

    This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Our actual results may differ from our expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "predict," "potential," "continue," and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, our expectations with respect to financial results, future performance, commercialization and plans to deploy our products and services, development of products and services, and the size and potential growth of current or future markets for our products and services. Forward-looking statements are based on our current beliefs and assumptions and on information currently available to us. These forward-looking statements involve significant known and unknown risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside our control and are difficult to predict. Factors that may cause such differences include, but are not limited to: our ability to grow and manage growth effectively; the success, cost, and timing of our product and service development activities; the potential attributes and benefits of our products and services; the degree to which our products and services are accepted by healthcare practitioners and patients for their approved uses; our ability to obtain and maintain regulatory approval for our products, and any related restrictions and limitations of any approved product; our ability to identify, in-license, or acquire additional technology; our ability to maintain our existing license, manufacturing, supply, and distribution agreements; our ability to compete with other companies currently marketing or engaged in the development of products and services that we are currently marketing or developing; changes in applicable laws or regulations; the size and growth potential of the markets for our products and services, and our ability to serve those markets, either alone or in partnership with others; the pricing of our products and services, and reimbursement for medical procedures conducted using our products and services; our estimates regarding expenses, revenue, capital requirements, and needs for additional financing; our financial performance; our ability to raise financing in the future; and other risks and uncertainties indicated from time to time in our most recent Annual Report on Form 10-K or in subsequent filings that we make with the Securities and Exchange Commission. We caution that the foregoing list of factors is not exclusive. We caution you not to place undue reliance upon any forward-looking statements, which speak only as of the date of this press release. We do not undertake or accept any obligation or undertake to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, or circumstances on which any such statement is based.

    BUTTERFLY NETWORK, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

    (In thousands, except share and per share amounts)

    (Unaudited)

     

    Three months ended December 31,

     

    Year ended December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenue:

     

     

     

     

     

     

     

    Product

    $

    14,723

     

     

    $

    10,162

     

     

    $

    54,200

     

     

    $

    40,036

     

    Software and other services

     

    7,628

     

     

     

    6,354

     

     

     

    27,856

     

     

     

    25,864

     

    Total revenue

     

    22,351

     

     

     

    16,516

     

     

     

    82,056

     

     

     

    65,900

     

    Cost of revenue:

     

     

     

     

     

     

     

    Product

     

    6,641

     

     

     

    26,889

     

     

     

    24,380

     

     

     

    40,655

     

    Software and other services

     

    1,976

     

     

     

    2,163

     

     

     

    8,845

     

     

     

    8,389

     

    Total cost of revenue

     

    8,617

     

     

     

    29,052

     

     

     

    33,225

     

     

     

    49,044

     

    Gross profit (loss)

     

    13,734

     

     

     

    (12,536

    )

     

     

    48,831

     

     

     

    16,856

     

    Operating expenses:

     

     

     

     

     

     

     

    Research and development

     

    8,826

     

     

     

    11,207

     

     

     

    37,800

     

     

     

    55,616

     

    Sales and marketing

     

    11,854

     

     

     

    10,297

     

     

     

    41,567

     

     

     

    39,073

     

    General and administrative

     

    9,943

     

     

     

    12,375

     

     

     

    39,810

     

     

     

    49,613

     

    Other

     

    426

     

     

     

    316

     

     

     

    4,065

     

     

     

    18,164

     

    Total operating expenses

     

    31,049

     

     

     

    34,195

     

     

     

    123,242

     

     

     

    162,466

     

    Loss from operations

     

    (17,315

    )

     

     

    (46,731

    )

     

     

    (74,411

    )

     

     

    (145,610

    )

    Interest income

     

    997

     

     

     

    1,736

     

     

     

    5,020

     

     

     

    7,450

     

    Interest expense

     

    (334

    )

     

     

    —

     

     

     

    (1,261

    )

     

     

    —

     

    Change in fair value of warrant liabilities

     

    (1,033

    )

     

     

    620

     

     

     

    (1,859

    )

     

     

    4,544

     

    Other income (expense), net

     

    (526

    )

     

     

    254

     

     

     

    (13

    )

     

     

    (2

    )

    Loss before provision for income taxes

     

    (18,211

    )

     

     

    (44,121

    )

     

     

    (72,524

    )

     

     

    (133,618

    )

    Provision (benefit) for income taxes

     

    (109

    )

     

     

    —

     

     

     

    (32

    )

     

     

    82

     

    Net loss and comprehensive loss

    $

    (18,102

    )

     

    $

    (44,121

    )

     

    $

    (72,492

    )

     

    $

    (133,700

    )

    Net loss per common share attributable to Class A and B common stockholders, basic and diluted

    $

    (0.08

    )

     

    $

    (0.21

    )

     

    $

    (0.34

    )

     

    $

    (0.65

    )

    Weighted-average shares used to compute net loss per share attributable to Class A and B common stockholders, basic and diluted

     

    213,389,209

     

     

     

    207,274,099

     

     

     

    211,682,760

     

     

     

    205,385,544

     

    BUTTERFLY NETWORK, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except share and per share amounts)

    (Unaudited)

     

    December 31,

     

     

     

    2024

     

     

     

    2023

     

     

    Assets

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

    $

    88,775

     

     

    $

    134,437

     

     

    Accounts receivable, net of allowance for doubtful accounts of $2,583 and $1,787 at December 31, 2024 and December 31, 2023, respectively

     

    20,793

     

     

     

    13,418

     

     

    Inventories

     

    70,789

     

     

     

    73,022

     

     

    Current portion of vendor advances

     

    5,547

     

     

     

    2,815

     

     

    Prepaid expenses and other current assets

     

    6,709

     

     

     

    7,571

     

     

    Total current assets

     

    192,613

     

     

     

    231,263

     

     

    Property and equipment, net

     

    19,518

     

     

     

    25,321

     

     

    Intangible assets, net

     

    8,916

     

     

     

    10,317

     

     

    Non-current portion of vendor advances

     

    15,042

     

     

     

    15,276

     

     

    Operating lease assets

     

    14,233

     

     

     

    15,675

     

     

    Other non-current assets

     

    5,760

     

     

     

    6,422

     

     

    Total assets

    $

    256,082

     

     

    $

    304,274

     

     

    Liabilities and stockholders' equity

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

    $

    4,250

     

     

    $

    5,090

     

     

    Deferred revenue, current

     

    16,139

     

     

     

    15,625

     

     

    Accrued purchase commitments, current

     

    131

     

     

     

    131

     

     

    Accrued expenses and other current liabilities

     

    27,695

     

     

     

    23,425

     

     

    Total current liabilities

     

    48,215

     

     

     

    44,271

     

     

    Deferred revenue, non-current

     

    7,315

     

     

     

    7,394

     

     

    Warrant liabilities

     

    2,685

     

     

     

    826

     

     

    Operating lease liabilities

     

    20,398

     

     

     

    22,835

     

     

    Other non-current liabilities

     

    8,637

     

     

     

    8,895

     

     

    Total liabilities

     

    87,250

     

     

     

    84,221

     

     

    Commitments and contingencies

     

     

     

     

    Stockholders' equity:

     

     

     

     

    Class A common stock $.0001 par value; 600,000,000 shares authorized at December 31, 2024 and December 31, 2023; 188,626,154 and 181,221,794 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively

     

    19

     

     

     

    18

     

     

    Class B common stock $.0001 par value; 27,000,000 shares authorized at December 31, 2024 and December 31, 2023; 26,426,937 shares issued and outstanding at December 31, 2024 and December 31, 2023

     

    3

     

     

     

    3

     

     

    Additional paid-in capital

     

    970,940

     

     

     

    949,670

     

     

    Accumulated deficit

     

    (802,130

    )

     

     

    (729,638

    )

     

    Total stockholders' equity

    $

    168,832

     

     

    $

    220,053

     

     

    Total liabilities and stockholders' equity

    $

    256,082

     

     

    $

    304,274

     

     

    BUTTERFLY NETWORK, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)

     

    Year ended December 31,

     

     

    2024

     

     

     

    2023

     

    Cash flows from operating activities:

     

     

     

    Net loss

    $

    (72,492

    )

     

    $

    (133,700

    )

    Adjustments to reconcile net loss to net cash used in operating activities:

     

     

     

    Depreciation, amortization, and impairments

     

    10,342

     

     

     

    10,574

     

    Non-cash interest expense

     

    1,256

     

     

     

    —

     

    Write-down of inventories

     

    15

     

     

     

    21,083

     

    Stock-based compensation expense

     

    21,032

     

     

     

    27,480

     

    Change in fair value of warrant liabilities

     

    1,859

     

     

     

    (4,544

    )

    Gain on lease termination

     

    —

     

     

     

    (214

    )

    Other

     

    1,102

     

     

     

    633

     

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    (8,503

    )

     

     

    (162

    )

    Inventories

     

    2,218

     

     

     

    (34,135

    )

    Prepaid expenses and other assets

     

    1,304

     

     

     

    2,979

     

    Vendor advances

     

    (2,498

    )

     

     

    17,091

     

    Accounts payable

     

    (841

    )

     

     

    (1,875

    )

    Deferred revenue

     

    435

     

     

     

    2,206

     

    Accrued purchase commitments

     

    —

     

     

     

    (2,015

    )

    Change in operating lease assets and liabilities

     

    (750

    )

     

     

    (635

    )

    Accrued expenses and other liabilities

     

    3,814

     

     

     

    (3,586

    )

    Net cash used in operating activities

     

    (41,707

    )

     

     

    (98,820

    )

     

     

     

     

    Cash flows from investing activities:

     

     

     

    Purchases of marketable securities

     

    —

     

     

     

    (297

    )

    Sales of marketable securities

     

    —

     

     

     

    76,484

     

    Purchases of property, equipment, and intangible assets, including capitalized software

     

    (2,694

    )

     

     

    (5,783

    )

    Sales of property and equipment

     

    36

     

     

     

    10

     

    Net cash provided by (used in) investing activities

     

    (2,658

    )

     

     

    70,414

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

    Proceeds from exercise of stock options and warrants

     

    64

     

     

     

    228

     

    Proceeds from employee stock purchase plan

     

    495

     

     

     

    —

     

    Payments to tax authorities for restricted stock units withheld

     

    (739

    )

     

     

    —

     

    Payments on technology license commitment

     

    (1,315

    )

     

     

    —

     

    Net cash provided by (used in) financing activities

     

    (1,495

    )

     

     

    228

     

    Net decrease in cash, cash equivalents, and restricted cash

     

    (45,860

    )

     

     

    (28,178

    )

    Cash, cash equivalents, and restricted cash, beginning of period

     

    138,650

     

     

     

    166,828

     

    Cash, cash equivalents, and restricted cash, end of period

    $

    92,790

     

     

    $

    138,650

     

     

     

     

     

    Supplementary disclosure of non-cash investing and financing activities

     

     

     

    Acquisition of property, equipment, and intangible assets, including capitalized software

    $

    470

     

     

    $

    9,247

     

    BUTTERFLY NETWORK, INC.

    ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN

    (In thousands)

    (Unaudited)

     

    Three months ended

    December 31,

     

    Year ended

    December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenue

    $

    22,351

     

     

    $

    16,516

     

     

    $

    82,056

     

     

    $

    65,900

     

    Cost of revenue

     

    8,617

     

     

     

    29,052

     

     

     

    33,225

     

     

     

    49,044

     

    Gross profit (loss)

    $

    13,734

     

     

    $

    (12,536

    )

     

    $

    48,831

     

     

    $

    16,856

     

     

     

     

     

     

     

     

     

    Gross margin

     

    61.4

    %

     

     

    (75.9

    %)

     

     

    59.5

    %

     

     

    25.6

    %

     

     

     

     

     

     

     

     

    Add:

     

     

     

     

     

     

     

    Write-downs and write-offs of inventories

     

    —

     

     

     

    21,891

     

     

     

    97

     

     

     

    21,891

     

    Adjusted gross profit

    $

    13,734

     

     

    $

    9,355

     

     

    $

    48,928

     

     

    $

    38,747

     

     

     

     

     

     

     

     

     

    Adjusted gross margin

     

    61.4

    %

     

     

    56.6

    %

     

     

    59.6

    %

     

     

    58.8

    %

     

     

     

     

     

     

     

     

    Depreciation and amortization

    $

    1,536

     

     

    $

    1,458

     

     

    $

    6,398

     

     

    $

    5,585

     

    % of revenue

     

    6.9

    %

     

     

    8.8

    %

     

     

    7.8

    %

     

     

    8.5

    %

    BUTTERFLY NETWORK, INC.

    ADJUSTED EBITDA AND ADJUSTED EPS

    (In thousands, except share and per share amounts)

    (Unaudited)

     

    Included on the condensed consolidated statements of operations and comprehensive loss as:

    Three months ended

    December 31,

     

    Year ended

    December 31,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net loss

    Net loss

    $

    (18,102

    )

     

    $

    (44,121

    )

     

    $

    (72,492

    )

     

    $

    (133,700

    )

    Stock-based compensation

    R&D, S&M, and G&A

     

    5,238

     

     

     

    6,556

     

     

     

    21,032

     

     

     

    27,480

     

    Write-downs and write-offs of inventories

    Cost of revenue

     

    —

     

     

     

    21,891

     

     

     

    97

     

     

     

    21,891

     

    Change in fair value of warrant liabilities

    Change in fair value of warrant liabilities

     

    1,033

     

     

     

    (620

    )

     

     

    1,859

     

     

     

    (4,544

    )

    Other

    Other

     

    426

     

     

     

    316

     

     

     

    4,065

     

     

     

    18,164

     

    Other expense (income), net

    Other income (expense), net

     

    526

     

     

     

    (254

    )

     

     

    13

     

     

     

    2

     

    Adjusted net loss

     

     

    (10,879

    )

     

     

    (16,232

    )

     

     

    (45,426

    )

     

     

    (70,707

    )

    Interest income

    Interest income

     

    (997

    )

     

     

    (1,736

    )

     

     

    (5,020

    )

     

     

    (7,450

    )

    Interest expense

    Interest expense

     

    334

     

     

     

    —

     

     

     

    1,261

     

     

     

    —

     

    Provision (benefit) for income taxes

    Provision for income taxes

     

    (109

    )

     

     

    —

     

     

     

    (32

    )

     

     

    82

     

    Depreciation and amortization

    Cost of revenue, R&D, S&M, and G&A

     

    2,507

     

     

     

    2,242

     

     

     

    10,342

     

     

     

    10,574

     

    Adjusted EBITDA

     

    $

    (9,144

    )

     

    $

    (15,726

    )

     

    $

    (38,875

    )

     

    $

    (67,501

    )

     

     

     

     

     

     

     

     

     

    Adjusted EPS

     

    $

    (0.05

    )

     

    $

    (0.08

    )

     

    $

    (0.21

    )

     

    $

    (0.34

    )

    Weighted average shares used to compute adjusted EPS

     

     

    213,389,209

     

     

     

    207,274,099

     

     

     

    211,682,760

     

     

     

    205,385,544

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250228890565/en/

    Investors

    Heather Getz

    Chief Financial and Operations Officer, Butterfly

    [email protected]

    Get the next $BFLY alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $BFLY

    DatePrice TargetRatingAnalyst
    3/17/2025Outperform
    William Blair
    9/10/2024$3.00Buy
    Lake Street
    3/29/2023$2.25Neutral
    UBS
    11/29/2022$4.50Outperform
    Oppenheimer
    10/4/2022$9.50Buy
    B. Riley Securities
    12/17/2021$7.00Neutral
    UBS
    More analyst ratings

    $BFLY
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Butterfly Network Reports First Quarter 2025 Financial Results

      Delivered on Quarterly Revenue and EBITDA Guidance Reiterate full year Revenue and Adjusted EBITDA guidance Quarterly Revenue of $21.2 million in Q1, representing 20% YoY growth Reduced Q1 Net Loss by 36% and Net Cash Used in Operations by 43% Raised $81.7 million of net proceeds through a public offering closed on January 31, 2025 Initiated clinical phase of Butterfly HomeCare congestive heart failure pilot program Butterfly Network, Inc. (NYSE:BFLY) ("Butterfly" or the "Company"), a digital health company transforming care with portable, semiconductor-based ultrasound technology and intuitive software, today announced financial results for the first quarter ended March 31, 202

      5/2/25 6:30:00 AM ET
      $BFLY
      Medical Electronics
      Health Care
    • Butterfly Network to Report First Quarter 2025 Financial Results on May 2, 2025

      Butterfly Network, Inc. (NYSE:BFLY) ("Butterfly"), a digital health company transforming care with portable, semiconductor-based ultrasound technology and intuitive software, announced that it will report first quarter 2025 financial results on May 2, 2025 before the market opens. Joseph DeVivo, President, Chief Executive Officer and Chairman of the Board, and Heather Getz, Executive Vice President and Chief Financial and Operations Officer, will host a conference call and webcast at 8:00 am ET on May 2 to discuss the financial performance and operational progress. The conference call will be broadcast live in listen-only mode via a webcast on Butterfly's Investor Relations website at Eve

      4/17/25 4:05:00 PM ET
      $BFLY
      Medical Electronics
      Health Care
    • Butterfly Network to Participate at Oppenheimer 35th Annual Healthcare MedTech & Services Virtual Conference on March 18, 2025

      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 participate at the Virtual Oppenheimer 35th Annual Healthcare MedTech & Services Conference on March 18, 2025. Joseph DeVivo, President, Chief Executive Officer & Chairman and Heather Getz, Executive Vice President & Chief Financial and Operations Officer will host one-on-one investor meetings and take part in a Fireside Chat at 11:20am EDT. A webcast of the Fireside Chat will be available in the Events & Presentations section of the Butterfly investor website. To schedule a one-on-one meeting with Mr. DeVivo

      3/5/25 8:05:00 AM ET
      $BFLY
      Medical Electronics
      Health Care

    $BFLY
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Robbins Larry bought $262,251 worth of shares (244,774 units at $1.07) (SEC Form 4)

      4 - Butterfly Network, Inc. (0001804176) (Issuer)

      9/4/24 4:34:48 PM ET
      $BFLY
      Medical Electronics
      Health Care
    • Director Robbins Larry bought $1,683,373 worth of shares (1,676,869 units at $1.00) (SEC Form 4)

      4 - Butterfly Network, Inc. (0001804176) (Issuer)

      8/30/24 4:18:35 PM ET
      $BFLY
      Medical Electronics
      Health Care
    • President & CEO Devivo Joseph bought $98,519 worth of shares (104,000 units at $0.95), increasing direct ownership by 2% to 7,009,221 units (SEC Form 4)

      4 - Butterfly Network, Inc. (0001804176) (Issuer)

      8/7/24 4:34:48 PM ET
      $BFLY
      Medical Electronics
      Health Care

    $BFLY
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • William Blair initiated coverage on Butterfly Network

      William Blair initiated coverage of Butterfly Network with a rating of Outperform

      3/17/25 7:23:53 AM ET
      $BFLY
      Medical Electronics
      Health Care
    • Lake Street initiated coverage on Butterfly Network with a new price target

      Lake Street initiated coverage of Butterfly Network with a rating of Buy and set a new price target of $3.00

      9/10/24 8:07:39 AM ET
      $BFLY
      Medical Electronics
      Health Care
    • UBS initiated coverage on Butterfly Network with a new price target

      UBS initiated coverage of Butterfly Network with a rating of Neutral and set a new price target of $2.25

      3/29/23 7:12:28 AM ET
      $BFLY
      Medical Electronics
      Health Care

    $BFLY
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • EVP, CFO & COO Getz Heather C sold $144,069 worth of shares (65,456 units at $2.20), decreasing direct ownership by 2% to 2,919,274 units (SEC Form 4)

      4 - Butterfly Network, Inc. (0001804176) (Issuer)

      5/7/25 4:18:53 PM ET
      $BFLY
      Medical Electronics
      Health Care
    • President & CEO Devivo Joseph sold $780,684 worth of shares (320,215 units at $2.44), decreasing direct ownership by 4% to 7,249,789 units (SEC Form 4)

      4 - Butterfly Network, Inc. (0001804176) (Issuer)

      4/29/25 5:40:11 PM ET
      $BFLY
      Medical Electronics
      Health Care
    • Chief Technology Officer Stoica Andrei G sold $3,908 worth of shares (1,805 units at $2.17), decreasing direct ownership by 0.11% to 1,600,182 units (SEC Form 4)

      4 - Butterfly Network, Inc. (0001804176) (Issuer)

      4/3/25 5:24:38 PM ET
      $BFLY
      Medical Electronics
      Health Care

    $BFLY
    SEC Filings

    See more
    • SEC Form 144 filed by Butterfly Network Inc.

      144 - Butterfly Network, Inc. (0001804176) (Subject)

      5/5/25 3:27:27 PM ET
      $BFLY
      Medical Electronics
      Health Care
    • SEC Form 10-Q filed by Butterfly Network Inc.

      10-Q - Butterfly Network, Inc. (0001804176) (Filer)

      5/2/25 7:28:43 AM ET
      $BFLY
      Medical Electronics
      Health Care
    • Butterfly Network Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - Butterfly Network, Inc. (0001804176) (Filer)

      5/2/25 7:25:19 AM ET
      $BFLY
      Medical Electronics
      Health Care

    $BFLY
    Leadership Updates

    Live Leadership Updates

    See more
    • Butterfly Network Appoints Steve Cashman as Chief Business Officer

      Seasoned Healthcare Leader to Drive Growth Strategy and Amplify Continued Commercial Momentum Butterfly Network, Inc. (NYSE:BFLY), a digital health company transforming care with portable, semiconductor-based ultrasound technology and intuitive software, announced the appointment of Steve Cashman as Chief Business Officer (CBO), effective today. Cashman joins Butterfly at an exciting juncture, following the Company's successful launch of its third-generation Butterfly iQ3 and historic revenue performance in the first half of 2024. Cashman will join Butterfly's Executive Management Team, overseeing the Company's global sales, marketing, product and corporate strategy. This press release f

      9/3/24 8:30:00 AM ET
      $BFLY
      Medical Electronics
      Health Care
    • Avive Welcomes Katerina Miras as Vice President of Marketing

      SAN FRANCISCO, Aug. 20, 2024 /PRNewswire/ -- Avive Solutions, Inc., a manufacturer of innovative Automated External Defibrillators (AEDs) and software solutions to improve access to AEDs and response to cardiac arrest emergencies, is excited to announce the appointment of Katerina Miras as their Vice President of Marketing. A visionary marketing leader with extensive experience in medtech, Miras brings a wealth of expertise in creating memorable healthcare brands that accelerate commercial growth. "I am honored to join Avive's leadership team at such a transformative time for

      8/20/24 9:00:00 AM ET
      $BFLY
      Medical Electronics
      Health Care
    • Myomo Appoints Heather Getz to its Board of Directors

      Myomo, Inc. (NYSE:MYO) ("Myomo" or the "Company"), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today announced the appointment of Heather Getz as a Class II director and chair of its audit committee effective March 26, 2024, to serve until the 2025 annual meeting of stockholders. With this appointment, Myomo has seven directors. Ms. Getz brings more than 25 years of corporate experience creating long-term value through financial, general management, and healthcare leadership. She has significant expertise in finance, reimbursement, investor relations, compliance, M&A and strategic plannin

      3/28/24 4:05:00 PM ET
      $BFLY
      $MYO
      Medical Electronics
      Health Care
      Industrial Specialties

    $BFLY
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13D/A filed by Butterfly Network Inc.

      SC 13D/A - Butterfly Network, Inc. (0001804176) (Subject)

      9/3/24 7:10:06 PM ET
      $BFLY
      Medical Electronics
      Health Care
    • Amendment: SEC Form SC 13D/A filed by Butterfly Network Inc.

      SC 13D/A - Butterfly Network, Inc. (0001804176) (Subject)

      8/30/24 4:05:41 PM ET
      $BFLY
      Medical Electronics
      Health Care
    • Amendment: SEC Form SC 13G/A filed by Butterfly Network Inc.

      SC 13G/A - Butterfly Network, Inc. (0001804176) (Subject)

      7/8/24 4:32:42 PM ET
      $BFLY
      Medical Electronics
      Health Care

    $BFLY
    Financials

    Live finance-specific insights

    See more
    • Butterfly Network to Report First Quarter 2025 Financial Results on May 2, 2025

      Butterfly Network, Inc. (NYSE:BFLY) ("Butterfly"), a digital health company transforming care with portable, semiconductor-based ultrasound technology and intuitive software, announced that it will report first quarter 2025 financial results on May 2, 2025 before the market opens. Joseph DeVivo, President, Chief Executive Officer and Chairman of the Board, and Heather Getz, Executive Vice President and Chief Financial and Operations Officer, will host a conference call and webcast at 8:00 am ET on May 2 to discuss the financial performance and operational progress. The conference call will be broadcast live in listen-only mode via a webcast on Butterfly's Investor Relations website at Eve

      4/17/25 4:05:00 PM ET
      $BFLY
      Medical Electronics
      Health Care
    • Butterfly Network to Report Fourth Quarter and Full Year 2024 Financial Results on February 28, 2025

      Butterfly Network, Inc. (NYSE:BFLY) ("Butterfly"), a digital health company transforming care with portable, semiconductor-based ultrasound technology and intuitive software, announced that it will report fourth quarter and full year 2024 financial results on Friday, February 28, 2025, at 8:00 am ET. Joseph DeVivo, President, Chief Executive Officer and Chairman of the Board, and Heather Getz, Executive Vice President and Chief Financial and Operations Officer, will host a conference call and webcast before the market opens on February 28 to discuss the financial performance and operational progress. The conference call will be broadcast live in listen-only mode via a webcast on Butterfly

      2/18/25 8:05:00 AM ET
      $BFLY
      Medical Electronics
      Health Care
    • Butterfly Network Reports Third Quarter 2024 Financial Results

      Delivered Quarterly Revenue of $20.6mm, 33% YoY Growth Raises Full Year Revenue and Adjusted EBITDA Guidance Delivered quarterly Revenue of $20.6 million in Q3, representing 33% YoY growth Reduced Q3 Net Loss by 38% and Net Cash Used in Operations by 50% Launched iQ3 in Europe and opened new markets in Indonesia, the Netherlands, and Belgium Announced the formation of Octiv™, a wholly owned subsidiary focused on bringing Butterfly's chip to new sectors Butterfly Network, Inc. (NYSE:BFLY) ("Butterfly" or the "Company"), a digital health company transforming care with portable, semiconductor-based ultrasound technology and intuitive software, today announced financial results for th

      11/1/24 6:30:00 AM ET
      $BFLY
      Medical Electronics
      Health Care