Butterfly Network, Inc. reported a 16.2% increase in total revenue for the quarter ended June 30, 2024, reaching $21.5 million compared to $18.5 million in the same period last year. Product revenue rose by 19.4% to $14.6 million, driven by higher sales across all channels and the launch of the iQ3 probe. Software and other services revenue grew by 10.1% to $6.8 million, attributed to higher enterprise software and implementation revenue. Gross profit margin slightly decreased to 58.6% from 59.1% year-over-year. Operating expenses saw a significant reduction, with research and development expenses dropping by 39.8% to $9.4 million due to a reduction in force and lower engineering costs. Sales and marketing expenses remained flat at $9.7 million, while general and administrative expenses decreased by 31.3% to $10.1 million, primarily due to lower personnel costs and...Show More

Butterfly Network, Inc. reported a 16.2% increase in total revenue for the quarter ended June 30, 2024, reaching $21.5 million compared to $18.5 million in the same period last year. Product revenue rose by 19.4% to $14.6 million, driven by higher sales across all channels and the launch of the iQ3 probe. Software and other services revenue grew by 10.1% to $6.8 million, attributed to higher enterprise software and implementation revenue. Gross profit margin slightly decreased to 58.6% from 59.1% year-over-year. Operating expenses saw a significant reduction, with research and development expenses dropping by 39.8% to $9.4 million due to a reduction in force and lower engineering costs. Sales and marketing expenses remained flat at $9.7 million, while general and administrative expenses decreased by 31.3% to $10.1 million, primarily due to lower personnel costs and professional service fees. The company's net loss improved to $15.7 million from $28.7 million in the prior year's quarter. Butterfly Network's business development highlighted the successful launch of the next-generation iQ3 probe and the iQ+ Bladder probe. The company's future plans include continued investment in product and software development, clinical, and regulatory capabilities, with a focus on growing revenue and reaching profitability before 2027. The company expects to seek non-dilutive capital in the form of grants or debt, followed by potential equity securities to support these initiatives.