The following is a summary of the Butterfly Network, Inc. (BFLY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Butterfly Network reported a Q1 2024 revenue of $17.7 million, marking a 14% increase, driven by a 22% rise in probe volume.

• The company noted an adjusted EBITDA loss of $13.2 million for Q1 2024, down significantly from the $22.3 million loss last year.

• The company expects a 15% to 20% revenue growth for 2024, upgrading the forecast from earlier expected low double-digit growth.

• The company managed to decrease its cash requirements and is exploring non-dilutive financing options to extend the company's financial runway.

Business Progress:

• Butterfly Network successfully launched iQ3, a product gaining acceptance in multiple medical fields, and has a robust line of new products and services.

• iQ3 global rollout is in progress, with entry into Canada and Europe planned in 2024.

• Progress has been made to incorporate their technology into medical schools, including selling to five schools in Q1.

• Innovation in the company continues with new features planned for the iQ+ product and a new offering - iQ+ bladder, set to launch in the U.S this quarter.

• A new home care offering is in the pipeline, expected to start in 2025.

• Positive feedback has been received from healthcare operators, who reported quicker, more effective diagnoses with Butterfly's technology.

• Butterfly Network is making substantial investments in a semiconductor program for varied applications of ultrasound technology.

• The company noted it is reducing cash burn and is confident in recapturing their momentum.

More details: Butterfly Network IR

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