The following is a summary of the Butterfly Network, Inc. (BFLY) Q3 2024 Earnings Call Transcript:
Financial Performance:
Butterfly Network reported Q3 2024 revenue of $20.6 million, marking a 33% year-over-year increase.
Gross profit increased to $12.2 million, up 30% from the previous year, although gross margin percentage slightly decreased to 59.5%.
Adjusted EBITDA loss improved by 33% to $8.4 million from a loss of $12.5 million year-over-year.They anticipate Q4 2024 revenue to be in the range of $20 to $22 million with an expected adjusted EBITDA loss of $10 to $12 million.
Business Progress:
Introduced four strategic pillars during an Investor Day including accelerating core business growth, advancing R&D, expanding into new markets, and improving operational efficiency.
Launched iQ3 domestically and internationally, and implemented the ScanLab AI training app.
Established partnerships and expanded into new markets including Indonesia, Netherlands, Belgium, and more.
Announced the formation of Octiv, a subsidiary focused on licensing and commercializing ultrasound technology.
Opportunities:
Expansion into home care services with a pilot for virtual chronic care management services starting in Q4 2024, targeting the Medicare advantage provider segment.
Launched iQ3 internationally, broadening the product's global reach and aiming for revenue growth in 2025 from higher average selling prices and additional probes in distribution.
Developing proprietary Butterfly iQ Station and forthcoming P5 chip technologies for entering ultrasound cart markets.
Risks:
Consumer acceptance and market penetration for new product launches like iQ3 and upcoming technologies could affect future revenue projections.
Dependency on strategic partnerships and international market expansions that involve complex regulatory and market dynamics.
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