Summary by Moomoo AI
On November 1, 2024, Butterfly Network, Inc. announced its financial results for the third quarter ending September 30, 2024, along with a business update. The company reported a 33% year-over-year growth in quarterly revenue, reaching $20.6 million. The net loss was reduced by 38%, and net cash used in operations was cut by 50%. Butterfly Network also launched the iQ3 in Europe and expanded into new markets in Indonesia, the Netherlands, and Belgium. Additionally, the company announced the formation of Octiv™, a subsidiary aimed at leveraging Butterfly’s chip technology in new sectors. The company's gross profit for the quarter was $12.2 million, with a gross margin of 59.5%. Operating expenses decreased by 30% year-over-year to $29.5 million, primarily due to workforce reductions and spending rationalization. The net...Show More