Butterfly Network Reports Third Quarter 2024 Financial Results
Butterfly Network (NYSE: BFLY) reported strong Q3 2024 results with revenue of $20.6 million, up 33% year-over-year. The company reduced its net loss by 38% and net cash used in operations by 50%. Product revenue increased 55% to $13.5 million, while software and services revenue grew 5% to $7.0 million. The company launched iQ3 in Europe and expanded into Indonesia, the Netherlands, and Belgium. Based on strong performance, Butterfly raised its full-year 2024 guidance to $79-81 million in revenue and improved its adjusted EBITDA loss forecast to $42-40 million.
Butterfly Network (NYSE: BFLY) ha riportato risultati solidi per il terzo trimestre del 2024, con un fatturato di 20,6 milioni di dollari, in crescita del 33% rispetto all’anno precedente. L’azienda ha ridotto la sua perdita netta del 38% e il cash flow netto utilizzato nelle operazioni del 50%. I ricavi da prodotto sono aumentati del 55% raggiungendo 13,5 milioni di dollari, mentre i ricavi da software e servizi sono cresciuti del 5%, toccando i 7 milioni di dollari. L’azienda ha lanciato l’iQ3 in Europa e si è espansa in Indonesia, Paesi Bassi e Belgio. Sulla base delle solide performance, Butterfly ha alzato le sue previsioni di fatturato per l’intero anno 2024 a un intervallo di 79-81 milioni di dollari e ha migliorato la sua previsione di perdita dell’EBITDA rettificato a 42-40 milioni di dollari.
Butterfly Network (NYSE: BFLY) reportó resultados sólidos para el tercer trimestre de 2024, con ingresos de 20.6 millones de dólares, un aumento del 33% en comparación con el año anterior. La compañía redujo su pérdida neta en un 38% y el efectivo utilizado en operaciones en un 50%. Los ingresos por productos aumentaron un 55% alcanzando los 13.5 millones de dólares, mientras que los ingresos por software y servicios crecieron un 5% hasta los 7.0 millones de dólares. La empresa lanzó el iQ3 en Europa y se expandió a Indonesia, los Países Bajos y Bélgica. Basándose en su sólido desempeño, Butterfly elevó su guía de ingresos para todo 2024 a un rango de 79-81 millones de dólares y mejoró su previsión de pérdida de EBITDA ajustado a 42-40 millones de dólares.
버터플라이 네트워크 (NYSE: BFLY)는 2024년 3분기 실적을 발표했으며, 매출은 2,060만 달러로 전년 대비 33% 증가했습니다. 회사는 순손실을 38% 줄였고, 운영에서 사용된 순현금은 50% 감소했습니다. 제품 매출은 55% 증가하여 1,350만 달러에 달했으며, 소프트웨어 및 서비스 매출은 5% 증가하여 700만 달러에 이르렀습니다. 회사는 유럽에서 iQ3를 출시하고 인도네시아, 네덜란드 및 벨기에로 사업을 확장했습니다. 견조한 실적을 기반으로 버터플라이는 2024년 전체 매출 전망을 7900만~8100만 달러로 상향 조정하고, 조정된 EBITDA 손실 예상치를 4200만~4000만 달러로 개선했습니다.
Butterfly Network (NYSE: BFLY) a annoncé de bons résultats pour le troisième trimestre 2024, avec un chiffre d'affaires de 20,6 millions de dollars, en hausse de 33% par rapport à l’année précédente. L'entreprise a réduit sa perte nette de 38% et le flux de trésorerie net utilisé dans ses opérations de 50%. Les revenus des produits ont augmenté de 55% pour atteindre 13,5 millions de dollars, tandis que les revenus logiciels et services ont cru de 5% pour atteindre 7,0 millions de dollars. L'entreprise a lancé l'iQ3 en Europe et s'est développée en Indonésie, aux Pays-Bas et en Belgique. Sur la base de ses bonnes performances, Butterfly a relevé ses prévisions de chiffre d'affaires pour l'année 2024 à 79-81 millions de dollars et a amélioré ses prévisions de perte d'EBITDA ajusté à 42-40 millions de dollars.
Butterfly Network (NYSE: BFLY) hat starke Ergebnisse für das dritte Quartal 2024 gemeldet, mit einem Umsatz von 20,6 Millionen Dollar, was einem Anstieg von 33% im Jahresvergleich entspricht. Das Unternehmen hat seinen Nettoverlust um 38% verringert und den Netto-Cashflow aus dem operativen Geschäft um 50% reduziert. Der Produktumsatz stieg um 55% auf 13,5 Millionen Dollar, während die Erlöse aus Software und Dienstleistungen um 5% auf 7,0 Millionen Dollar wuchsen. Das Unternehmen hat iQ3 in Europa eingeführt und in Indonesien, den Niederlanden und Belgien expandiert. Basierend auf der starken Leistung hat Butterfly seine Umsatzprognose für das gesamte Jahr 2024 auf 79-81 Millionen Dollar angehoben und seine Prognose für den bereinigten EBITDA-Verlust auf 42-40 Millionen Dollar verbessert.
- Revenue growth of 33% YoY to $20.6 million
- Product revenue increased 55% YoY to $13.5 million
- 38% reduction in net loss
- 50% reduction in net cash used in operations
- Raised full-year revenue guidance to $79-81 million
- Improved adjusted EBITDA guidance by $5 million
- Gross margin decreased to 59.5% from 60.8% YoY
- Net loss of $16.9 million in Q3
- Adjusted EBITDA loss of $8.4 million
Insights
The Q3 results showcase significant operational improvements with
The formation of Octiv™ subsidiary and expansion into new markets through Butterfly HomeCare indicate strategic diversification. The raised FY2024 guidance to
The successful launch of iQ3 in Europe and expansion into new markets demonstrates strong product-market fit. The University of Rochester Medical Center case study validates the ROI potential in healthcare settings, while the Kansas City University adoption establishes credibility in medical education. The upcoming Medicare Advantage pilot for heart failure management through AI-powered imaging represents a significant opportunity in the growing telehealth sector.
The positive engagement with EU officials regarding RoHS exemptions and the formation of Octiv™ for chip licensing indicate strategic moves to expand market access and monetize core technology assets beyond traditional medical applications.
Delivered Quarterly Revenue of
Raises Full Year Revenue and Adjusted EBITDA Guidance
-
Delivered quarterly Revenue of
in Q3, representing$20.6 million 33% YoY growth -
Reduced Q3 Net Loss by
38% and Net Cash Used in Operations by50% -
Launched iQ3 in
Europe and opened new markets inIndonesia ,the Netherlands , andBelgium - Announced the formation of Octiv™, a wholly owned subsidiary focused on bringing Butterfly’s chip to new sectors
Joseph DeVivo, Butterfly's President, Chief Executive Officer and Chairman commented, “The Butterfly team is proud to report a fifth consecutive quarter in which we met or exceeded expectations. Our third quarter delivered growth of
DeVivo continued, "What’s more, while delivering strong results today, the Butterfly team has also kept our eye on the future. We remain fully committed to the strategic growth pillars we introduced at our March 2024 Investor Day. We look forward to sharing details of our operational and strategic highlights during today’s conference call, including announcing new developments in our Butterfly HomeCare services business, and an exciting opportunity to fully capitalize on our Powered by Butterfly™ chip licensing program.”
Recent Operational and Strategic Highlights:
- Butterfly’s Return-on-Investment Validation: Published a case study demonstrating that University of Rochester Medical Center’s system-wide deployment of Butterfly is enhancing patient care and financial performance. Additional research by Dr. Stephen Erickson at Jefferson Healthcare shows Butterfly devices pay for themselves quickly for individual practitioners, as well.
-
Medical Education Progress: Announced
Kansas City University as the firstU.S. medical school to leverage Butterfly ScanLab™ as the foundation of its POCUS curriculum. -
International Market Expansion: Launched Butterfly iQ3 in
Europe , and opened new markets inIndonesia ,the Netherlands , andBelgium . - Butterfly Veterinary Advancements: Announced data from Kansas State University with Beef Cattle Institute on chute-side management of bovine respiratory disease, confirming the value of Butterfly in creating a new decision-making process for cattle operations globally.
- Butterfly Garden Growth: Signed two new Butterfly Garden partners, bringing the portfolio to 17 companies. On October 28, 2024, HeartFocus by Deski announced the commercial launch of its AI-powered cardiac training app.
- Butterfly HomeCare Pilot Announcement: In the fourth quarter 2024, Butterfly HomeCare is set to begin a pilot for virtual chronic care management with a leading Medicare Advantage provider to improve heart failure outcomes through AI-powered imaging.
- Octiv™ Subsidiary Formation Announcement: as a next step to monetize the full value of Powered by Butterfly™, the Company plans to form Octiv – a wholly-owned subsidiary dedicated to bringing Butterfly’s proprietary chip to new sectors. With the creation of Octiv, the Company’s goal is to increase access to capital from new investors, while unlocking value for current Butterfly shareholders.
-
European Union’s Restriction of Hazardous Substances (RoHS) Update: Butterfly leadership met with the officials responsible for the RoHS exemptions revision on September 11, 2024 in
Brussels . During the discussion, Butterfly’s revocation was welcomed with significant support from the European Commission representatives. Subsequently, on October 23, 2024, Butterfly re-submitted its revocation request, providing additional information and details suggested by the European Commission.
Three Months Ended September 30, 2024 Financial Results
Revenue: Total revenue was
-
Product revenue was
, an increase of$13.5 million 55% versus the prior year period, driven by the37% increase in units fulfilled year-over-year and the iQ3’s higher selling price. -
Software and other services revenue was up
5% year-over-year at . Software and other services mix was$7.0 million 34% of revenue and decreased by 9 percentage points versus the prior year due to the higher product revenue achieved this quarter. Enterprise as a percentage of software revenue increased 5 percentage points year-over-year.
Gross profit: Gross profit was
Operating expenses: Operating expenses were
Total operating expenses excluding stock-based compensation and Other expense were
Net loss: Net loss was
Adjusted EBITDA: Adjusted EBITDA loss was
Adjusted EPS: Adjusted EPS was (
Cash, cash equivalents, and restricted cash: Cash, cash equivalents, and restricted cash were
Guidance
Increased Revenue Guidance and improved Adjusted EBITDA guidance for the Fiscal Year 2024 to:
-
Revenue guidance of
to$79 million or over$81 million 20% growth -
Improved adjusted EBITDA guidance by
to a loss of$5 million -$42 million $40 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 and nine months ended September 30, 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 third quarter 2024 financial performance and operational progress is scheduled for 8:00 am ET on November 1, 2024. 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 (833) 470-1428
Global Dial-In Numbers: https://www.netroadshow.com/events/global-numbers?confId=71022
Access Code: 668983
After the live webcast, the call will be archived on Butterfly’s Investor Relations page. In addition, a telephone replay of the call will be available until November 15, 2024, by dialing:
Access Code: 736364
About Butterfly Network
Founded by Dr. Jonathan Rothberg in 2011, Butterfly Network is a digital health company with a mission to democratize medical imaging by making high-quality ultrasound affordable, easy-to-use, globally accessible, and intelligently connected, including for the 4.7 billion people around the world lacking access to ultrasound. Butterfly created the world's first handheld single-probe, whole-body ultrasound system using semiconductor technology, Butterfly iQ. The company has continued to innovate, leveraging the benefits of Moore’s Law, to launch its second-generation Butterfly iQ+ in 2020, and third generation iQ3 in 2024 – each with increased processing power and performance enhancements. The disruptive technology has been recognized by TIME’s Best Inventions, Fast Company’s World Changing Ideas, CNBC Disruptor 50, and MedTech Breakthrough Awards, among other accolades. With its proprietary Ultrasound-on-Chip™ technology, intelligent software, and educational offerings, Butterfly is paving the way to mass adoption of ultrasound for earlier detection and remote management of health conditions around the world. Butterfly devices are commercially available to trained healthcare practitioners in areas including, but not limited to, parts of
Non-GAAP Financial Measures
In addition to providing financial measures based on generally accepted accounting principles in
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) |
||||||||||||||||
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|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product |
|
$ |
13,538 |
|
|
$ |
8,753 |
|
|
$ |
39,478 |
|
|
$ |
29,874 |
|
Software and other services |
|
|
7,023 |
|
|
|
6,668 |
|
|
|
20,227 |
|
|
|
19,510 |
|
Total revenue |
|
|
20,561 |
|
|
|
15,421 |
|
|
|
59,705 |
|
|
|
49,384 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product |
|
|
6,065 |
|
|
|
3,929 |
|
|
|
17,739 |
|
|
|
13,765 |
|
Software and other services |
|
|
2,263 |
|
|
|
2,110 |
|
|
|
6,870 |
|
|
|
6,226 |
|
Total cost of revenue |
|
|
8,328 |
|
|
|
6,039 |
|
|
|
24,609 |
|
|
|
19,991 |
|
Gross profit |
|
|
12,233 |
|
|
|
9,382 |
|
|
|
35,096 |
|
|
|
29,393 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
8,844 |
|
|
|
12,130 |
|
|
|
28,975 |
|
|
|
44,409 |
|
Sales and marketing |
|
|
9,607 |
|
|
|
9,012 |
|
|
|
29,713 |
|
|
|
28,776 |
|
General and administrative |
|
|
9,353 |
|
|
|
11,560 |
|
|
|
29,868 |
|
|
|
37,239 |
|
Other |
|
|
1,675 |
|
|
|
9,243 |
|
|
|
3,639 |
|
|
|
17,848 |
|
Total operating expenses |
|
|
29,479 |
|
|
|
41,945 |
|
|
|
92,195 |
|
|
|
128,272 |
|
Loss from operations |
|
|
(17,246 |
) |
|
|
(32,563 |
) |
|
|
(57,099 |
) |
|
|
(98,879 |
) |
Interest income |
|
|
1,221 |
|
|
|
1,903 |
|
|
|
4,023 |
|
|
|
5,714 |
|
Interest expense |
|
|
(319 |
) |
|
|
— |
|
|
|
(928 |
) |
|
|
— |
|
Change in fair value of warrant liabilities |
|
|
(1,239 |
) |
|
|
3,511 |
|
|
|
(826 |
) |
|
|
3,924 |
|
Other income (expense), net |
|
|
717 |
|
|
|
(217 |
) |
|
|
517 |
|
|
|
(256 |
) |
Loss before provision for income taxes |
|
|
(16,866 |
) |
|
|
(27,366 |
) |
|
|
(54,313 |
) |
|
|
(89,497 |
) |
Provision for income taxes |
|
|
58 |
|
|
|
2 |
|
|
|
78 |
|
|
|
82 |
|
Net loss and comprehensive loss |
|
$ |
(16,924 |
) |
|
$ |
(27,368 |
) |
|
$ |
(54,391 |
) |
|
$ |
(89,579 |
) |
Net loss per common share attributable to Class A and B common stockholders, basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.44 |
) |
Weighted-average shares used to compute net loss per share attributable to Class A and B common stockholders, basic and diluted |
|
|
212,774,085 |
|
|
|
206,740,234 |
|
|
|
211,109,792 |
|
|
|
204,749,108 |
|
BUTTERFLY NETWORK, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) (Unaudited) |
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September 30, |
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December 31, |
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|
2024 |
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2023 |
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Assets |
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Current assets: |
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|
|
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|
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Cash and cash equivalents |
|
$ |
93,758 |
|
|
$ |
134,437 |
|
Accounts receivable, net |
|
|
20,621 |
|
|
|
13,418 |
|
Inventories |
|
|
73,271 |
|
|
|
73,022 |
|
Current portion of vendor advances |
|
|
4,351 |
|
|
|
2,815 |
|
Prepaid expenses and other current assets |
|
|
7,492 |
|
|
|
7,571 |
|
Total current assets |
|
|
199,493 |
|
|
|
231,263 |
|
Property and equipment, net |
|
|
21,176 |
|
|
|
25,321 |
|
Intangible assets, net |
|
|
9,266 |
|
|
|
10,317 |
|
Non-current portion of vendor advances |
|
|
15,082 |
|
|
|
15,276 |
|
Operating lease assets |
|
|
14,606 |
|
|
|
15,675 |
|
Other non-current assets |
|
|
5,649 |
|
|
|
6,422 |
|
Total assets |
|
$ |
265,272 |
|
|
$ |
304,274 |
|
Liabilities and stockholders’ equity |
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|
|
|
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|
||
Current liabilities: |
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|
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|
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|
||
Accounts payable |
|
$ |
3,651 |
|
|
$ |
5,090 |
|
Deferred revenue, current |
|
|
16,425 |
|
|
|
15,625 |
|
Accrued purchase commitments, current |
|
|
131 |
|
|
|
131 |
|
Accrued expenses and other current liabilities |
|
|
22,585 |
|
|
|
23,425 |
|
Total current liabilities |
|
|
42,792 |
|
|
|
44,271 |
|
Deferred revenue, non-current |
|
|
7,035 |
|
|
|
7,394 |
|
Warrant liabilities |
|
|
1,652 |
|
|
|
826 |
|
Operating lease liabilities |
|
|
21,030 |
|
|
|
22,835 |
|
Other non-current liabilities |
|
|
10,931 |
|
|
|
8,895 |
|
Total liabilities |
|
|
83,440 |
|
|
|
84,221 |
|
Commitments and contingencies |
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|
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Stockholders’ equity: |
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|
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|
||
Class A common stock |
|
|
19 |
|
|
|
18 |
|
Class B common stock |
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
965,839 |
|
|
|
949,670 |
|
Accumulated deficit |
|
|
(784,029 |
) |
|
|
(729,638 |
) |
Total stockholders’ equity |
|
|
181,832 |
|
|
|
220,053 |
|
Total liabilities and stockholders’ equity |
|
$ |
265,272 |
|
|
$ |
304,274 |
|
BUTTERFLY NETWORK, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
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|
|
Nine months ended September 30, |
||||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(54,391 |
) |
|
$ |
(89,579 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
||
Depreciation, amortization, and impairments |
|
|
7,835 |
|
|
|
8,332 |
|
Non-cash interest expense |
|
|
926 |
|
|
|
— |
|
Write-down of inventories |
|
|
15 |
|
|
|
— |
|
Stock-based compensation expense |
|
|
15,794 |
|
|
|
20,924 |
|
Change in fair value of warrant liabilities |
|
|
826 |
|
|
|
(3,924 |
) |
Gain on lease termination |
|
|
— |
|
|
|
(214 |
) |
Other |
|
|
945 |
|
|
|
(478 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(8,158 |
) |
|
|
711 |
|
Inventories |
|
|
(264 |
) |
|
|
(34,046 |
) |
Prepaid expenses and other assets |
|
|
681 |
|
|
|
2,354 |
|
Vendor advances |
|
|
(1,342 |
) |
|
|
15,646 |
|
Accounts payable |
|
|
(1,440 |
) |
|
|
1,092 |
|
Deferred revenue |
|
|
441 |
|
|
|
(423 |
) |
Accrued purchase commitments |
|
|
— |
|
|
|
(1,934 |
) |
Change in operating lease assets and liabilities |
|
|
(549 |
) |
|
|
(671 |
) |
Accrued expenses and other liabilities |
|
|
94 |
|
|
|
(3,509 |
) |
Net cash used in operating activities |
|
|
(38,587 |
) |
|
|
(85,719 |
) |
|
|
|
|
|
|
|
||
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 |
|
|
(2,286 |
) |
|
|
(3,271 |
) |
Sales of property and equipment |
|
|
36 |
|
|
|
10 |
|
Net cash (used in) provided by investing activities |
|
|
(2,250 |
) |
|
|
72,926 |
|
|
|
|
|
|
|
|
||
Cash flows from financing activities: |
|
|
|
|
|
|
||
Proceeds from exercise of stock options and warrants |
|
|
— |
|
|
|
228 |
|
Net cash provided by financing activities |
|
|
— |
|
|
|
228 |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
|
(40,837 |
) |
|
|
(12,565 |
) |
Cash, cash equivalents, and restricted cash, beginning of period |
|
|
138,650 |
|
|
|
166,828 |
|
Cash, cash equivalents, and restricted cash, end of period |
|
$ |
97,813 |
|
|
$ |
154,263 |
|
BUTTERFLY NETWORK, INC. ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN (In thousands) (Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue |
|
$ |
20,561 |
|
|
$ |
15,421 |
|
|
$ |
59,705 |
|
|
$ |
49,384 |
|
Cost of revenue |
|
|
8,328 |
|
|
|
6,039 |
|
|
|
24,609 |
|
|
|
19,991 |
|
Gross profit |
|
$ |
12,233 |
|
|
$ |
9,382 |
|
|
$ |
35,096 |
|
|
$ |
29,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
59.5 |
% |
|
|
60.8 |
% |
|
|
58.8 |
% |
|
|
59.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Write-downs and write-offs of inventories |
|
|
97 |
|
|
|
— |
|
|
|
97 |
|
|
|
— |
|
Adjusted gross profit |
|
$ |
12,330 |
|
|
$ |
9,382 |
|
|
$ |
35,193 |
|
|
$ |
29,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross margin |
|
|
60.0 |
% |
|
|
60.8 |
% |
|
|
58.9 |
% |
|
|
59.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
1,632 |
|
|
$ |
1,448 |
|
|
$ |
4,862 |
|
|
$ |
4,127 |
|
% of revenue |
|
|
7.9 |
% |
|
|
9.4 |
% |
|
|
8.1 |
% |
|
|
8.4 |
% |
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 September 30, |
|
Nine months ended September 30, |
|||||||||||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Net loss |
Net loss |
|
$ |
(16,924 |
) |
|
$ |
(27,368 |
) |
|
$ |
(54,391 |
) |
|
$ |
(89,579 |
) |
|
Stock-based compensation |
R&D, S&M, and G&A |
|
|
4,411 |
|
|
|
6,815 |
|
|
|
15,794 |
|
|
|
20,924 |
|
|
Write-downs and write-offs of inventories |
Cost of revenue |
|
|
97 |
|
|
|
— |
|
|
|
97 |
|
|
|
— |
|
|
Change in fair value of warrant liabilities |
Change in fair value of warrant liabilities |
|
|
1,239 |
|
|
|
(3,511 |
) |
|
|
826 |
|
|
|
(3,924 |
) |
|
Other |
Other |
|
|
1,675 |
|
|
|
9,243 |
|
|
|
3,639 |
|
|
|
17,848 |
|
|
Other expense (income), net |
Other income (expense), net |
|
|
(717 |
) |
|
|
217 |
|
|
|
(517 |
) |
|
|
256 |
|
|
Adjusted net loss |
|
|
|
(10,219 |
) |
|
|
(14,604 |
) |
|
|
(34,552 |
) |
|
|
(54,475 |
) |
|
Interest income |
Interest income |
|
|
(1,221 |
) |
|
|
(1,903 |
) |
|
|
(4,023 |
) |
|
|
(5,714 |
) |
|
Interest expense |
Interest expense |
|
|
319 |
|
|
|
— |
|
|
|
928 |
|
|
|
— |
|
|
Provision for income taxes |
Provision for income taxes |
|
|
58 |
|
|
|
2 |
|
|
|
78 |
|
|
|
82 |
|
|
Depreciation and amortization |
Cost of revenue, R&D, S&M, and G&A |
|
|
2,618 |
|
|
|
4,027 |
|
|
|
7,835 |
|
|
|
8,332 |
|
|
Adjusted EBITDA |
|
|
$ |
(8,445 |
) |
|
$ |
(12,478 |
) |
|
$ |
(29,734 |
) |
|
$ |
(51,775 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted EPS |
|
|
$ |
(0.05 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.27 |
) |
|
Weighted average shares used to compute adjusted EPS |
|
|
|
212,774,085 |
|
|
|
206,740,234 |
|
|
|
211,109,792 |
|
|
|
204,749,108 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241101201836/en/
Investors
Heather Getz
Chief Financial and Operations Officer, Butterfly
investors@butterflynetwork.com
Source: Butterfly Network, Inc.
FAQ
What was Butterfly Network's (BFLY) revenue growth in Q3 2024?
How much did BFLY reduce its net loss in Q3 2024?
What is Butterfly Network's (BFLY) updated revenue guidance for 2024?