Butterfly Network, a digital health company specializing in hand-held, whole-body ultrasound technology, reported its financial results for the first quarter ended March 31, 2024. The company saw a 14.1% increase in total revenue, reaching $17.7 million compared to $15.5 million in the same period last year. Product revenue, which includes medical devices and accessories, rose by 27.6% to $11.3 million, driven by higher device sales and the launch of the new iQ3 probe. Software and other services revenue slightly decreased by 4.0% to $6.4 million due to lower renewals of individual subscriptions, offset by higher enterprise software sales. The cost of revenue increased by 15.5% to $7.4 million, with product costs rising by 17.2% and software and other services costs by 12.1%. Research and development expenses decreased by 35.6% to $10.7 million, reflecting reduced...Show More

Butterfly Network, a digital health company specializing in hand-held, whole-body ultrasound technology, reported its financial results for the first quarter ended March 31, 2024. The company saw a 14.1% increase in total revenue, reaching $17.7 million compared to $15.5 million in the same period last year. Product revenue, which includes medical devices and accessories, rose by 27.6% to $11.3 million, driven by higher device sales and the launch of the new iQ3 probe. Software and other services revenue slightly decreased by 4.0% to $6.4 million due to lower renewals of individual subscriptions, offset by higher enterprise software sales. The cost of revenue increased by 15.5% to $7.4 million, with product costs rising by 17.2% and software and other services costs by 12.1%. Research and development expenses decreased by 35.6% to $10.7 million, reflecting reduced personnel costs from a workforce reduction. Sales and marketing expenses saw a minor increase of 3.4% to $10.4 million, attributed to marketing activities for the iQ3 probe. General and administrative expenses decreased by 5.2% to $10.4 million, primarily due to lower personnel costs. The company reported a net loss of $21.8 million, a decrease from the net loss of $33.5 million in the prior year's quarter. Butterfly Network's cash and cash equivalents stood at $112.7 million as of March 31, 2024. The company's future plans include continued investment in product and software development, clinical, and regulatory capabilities, with an aim to grow revenue and eventually reach profitability.