Delivered Record Annual and Quarterly
Revenue
- Delivered quarterly record Revenue of $22.4 million in Q4,
representing 35% YoY growth
- Reduced Q4 Net Loss by 59% and Net Cash Used in Operations by
76%
- Successful public offering closed on January 31, 2025 with
$81.7 million of net proceeds
Butterfly Network, Inc. (NYSE: BFLY) (“Butterfly” or the
“Company”), a digital health company transforming care with
portable, semiconductor-based ultrasound technology and intuitive
software, today announced financial results for the fourth quarter
and year ended December 31, 2024, and provided a business
update.
Joseph DeVivo, Butterfly's President, Chief Executive Officer
and Chairman commented, “2024 was a year of focused execution
against the strategy we introduced at our March 2024 Investor Day.
With 25% topline growth, high-impact product launches and key
milestones achieved, we completed a strong first year of the
five-year plan and put programs in place to accelerate growth
across our core point-of-care ultrasound business, as well as
Octiv™ and Butterfly HomeCare.”
DeVivo continued, “As we enter 2025, Butterfly steps into its
next era. With strong revenue momentum, a successful capital raise,
and a reinforced financial position, we have the ability to invest
in strategic initiatives while maintaining a clear path to cash
flow independence. We are advancing our vision of making
AI-powered, point-of-care ultrasound more accessible – putting our
technology into the hands of doctors, nurses, and eventually,
qualified chronic care patients worldwide. With control over our
future, we are well-positioned to scale in 2025 and beyond.”
Recent Operational and Strategic Highlights:
- New Clinical Evidence: Published preliminary findings
from seminal study with Rutgers Robert Wood Johnson Medical School,
demonstrating significant reductions in length of stay and
healthcare costs for congestive heart failure management when using
Butterfly devices in hospital settings.
- Successful Capital Raise: Public offering closed on
January 31, 2025 with $81.7 million of net proceeds, including the
shoe. This funding further strengthens Butterfly’s balance sheet,
as well as its ability to drive innovation to expand access to
advanced imaging technology.
- Butterfly HomeCare Progress:
- Initiated pilot for virtual chronic care management with a
leading Medicare Advantage provider, training nurse practitioners
to use AI-guided lung ultrasound for congestive heart failure
patients in long-term care facilities. Early results are promising,
with no hospital readmissions and timely interventions improving
care.
- Completed successful proof of concept with myPlace Health, a
PACE (Program of All-inclusive Care for the Elderly) organization,
which demonstrated the ability to identify undiagnosed conditions
and support risk scoring for reimbursement.
- New Octiv™ Partnerships: Named third partner, Sonic
Incytes, developing a novel approach to liver disease assessment,
and signed two additional new partners in the Neuroscience and
Generative AI space – all expected to drive 2025 revenue.
- Butterfly Garden Growth: Signed four new AI development
partners in the fourth quarter, including the first Veterinary AI
partnership, bringing the portfolio to 21 companies.
- European Union’s Restriction of Hazardous Substances (RoHS)
Update: Following Butterfly’s revocation submission in October
2024, the EU commission is now identifying a third party to review
the petition, with a recommendation expected by the end of 2025. If
favorable, implementation may take 12-18 months.
Three Months Ended December 31, 2024 Financial
Results
Revenue: Total revenue was $22.4 million, up 35% from
$16.5 million in the fourth quarter of 2023. U.S. revenue was $14.5
million, up 32% from prior year, driven by the recently launched
next-generation iQ3 probe’s higher selling price and increased
enterprise software revenue. International revenue increased 19%
year-over-year to $5.5 million, with new geographies contributing
revenue. Other revenue contributed $2.4 million.
- Product revenue was $14.7 million, an increase of 45% versus
the prior year period, driven by the 22% increase in units
fulfilled year-over-year and the iQ3’s higher selling price.
- Software and other services revenue was up 20% year-over-year
at $7.6 million. Software and other services mix was 34% of revenue
and decreased by 4 percentage points versus the prior year due to
the higher product revenue achieved this quarter.
Gross profit: Gross profit was $13.7 million versus a
gross loss of $12.5 million in the prior year period, and adjusted
gross profit was $13.7 million versus $9.4 million in the prior
period. Gross margin increased to 61.4% from negative 75.9% in the
prior year period, and adjusted gross margin increased to 61.4%
from 56.6% in the prior year period. This increase was primarily
due to a higher average selling price, partially offset by higher
amortization which reduced margin by approximately 35 basis points
and a lower mix of software and other services revenue.
Operating expenses: Operating expenses were $31.0
million, down 9% from $34.2 million in the prior year period, due
to the business transformation initiative to optimize
non-specialized technical functions, previously announced
reductions in force in the prior year, and non-payroll spending
rationalization across all areas. Total operating expenses
excluding stock-based compensation and Other expense were $25.4
million, compared to $27.3 million in the fourth quarter of 2023,
representing a decrease of 7%.
Net loss: Net loss was $18.1 million, compared to $44.1
million in the prior year period.
Adjusted EBITDA: Adjusted EBITDA loss was $9.1 million,
compared to $15.7 million in the prior year period.
Adjusted EPS: Adjusted EPS was $(0.05), compared to
$(0.08) in the prior year period.
Cash, cash equivalents, and restricted cash: Cash, cash
equivalents, and restricted cash were $92.8 million as of December
31, 2024.
Guidance
Revenue Guidance and Adjusted EBITDA guidance for the Fiscal
Year 2025:
- Revenue guidance of $96 million to $100 million or
approximately 20% growth
- Adjusted EBITDA guidance loss of $37 million - $42 million
Reconciliation of GAAP to Adjusted
Reconciliations of gross margin to adjusted gross margin and of
net loss to adjusted EBITDA and adjusted EPS for the three months
and year ended December 31, 2024, and 2023 is provided in the
financial schedules that are part of this press release. An
explanation of these non-GAAP financial measures is also included
below under the heading “Non-GAAP Financial Measures.”
Conference Call
A conference call and webcast to discuss fourth quarter and full
year 2024 financial performance and operational progress is
scheduled for 8:00 am ET on February 28, 2025. The conference call
will be broadcast live in listen-only mode via a webcast on
Butterfly’s Investor Relations website at Events &
Presentations. Individuals interested in listening to the
conference call on your telephone may do so by dialing
approximately ten minutes prior to start time:
US domestic callers: 1-877-300-8521
International callers: 1-412-317-6026 Conference ID:
10195836
Or use the Call me™ link for instant online
telephone access to the event (active 15 minutes prior to scheduled
start time):
https://callme.viavid.com/?$Y2FsbG1lPXRydWUmcGFzc2NvZGU9JmluZm89Y29tcGFueSZyPXRydWUmYj0xNg==
After the live webcast, the webcast will be archived on
Butterfly’s Investor Relations page.
About Butterfly Network
Butterfly Network, Inc. (NYSE: BFLY) is a healthcare company
driving a digital revolution in medical imaging with its
proprietary Ultrasound-on-Chip™ semiconductor technology and
ultrasound software solutions. In 2018, Butterfly launched the
world’s first handheld, single-probe, whole-body ultrasound system,
Butterfly iQ. The iQ+ followed in 2020, and the iQ3 in 2024, each
with improved processing power and performance by leveraging
Moore’s Law. The iQ3 earned Best Medical Technology at the 2024
Prix Galien USA Awards, a prestigious honor and one of the highest
accolades in healthcare. Butterfly’s innovations have also been
recognized by Fierce 50, TIME’s Best Inventions and Fast Company’s
World Changing Ideas, among other achievements.
Butterfly combines advanced hardware, intelligent software, AI,
services, and education to drive adoption of affordable, accessible
imaging. Clinical publications demonstrate that its handheld
ultrasound probes paired with Compass™ enterprise workflow
software, can help hospital systems improve care workflows, reduce
costs, and enhance provider economics. With a cloud-based solution
that enables care anywhere through next-generation mobility,
Butterfly aims to democratize healthcare by addressing critical
global healthcare challenges. Butterfly devices are commercially
available to trained healthcare practitioners in areas including,
but not limited to, parts of Africa, Asia, Australia, Europe, the
Middle East, North America and South America; to learn more about
available countries, visit:
https://www.butterflynetwork.com/choose-your-country.
Non-GAAP Financial Measures
In addition to providing financial measures based on generally
accepted accounting principles in the United States of America
(“GAAP”), we provide additional financial measures that are not
prepared in accordance with GAAP (“non-GAAP”). The non-GAAP
financial measures included in this press release are adjusted
gross profit, adjusted gross margin, adjusted EBITDA, and adjusted
EPS. We present non-GAAP financial measures in order to assist
readers of our financial statements in understanding the core
operating results that our management uses to evaluate the business
and for financial planning purposes. Our non-GAAP financial
measures provide an additional tool for investors to use in
comparing our financial performance over multiple periods.
The non-GAAP financial measures included in this press release
are key performance measures that our management uses to assess our
operating performance. These non-GAAP measures facilitate internal
comparisons of our operating performance on a more consistent
basis. We use these performance measures for business planning
purposes and forecasting. We believe that these non-GAAP measures
enhance an investor’s understanding of our financial performance as
they are useful in assessing our operating performance from
period-to-period by excluding certain items that we believe are not
representative of our core business.
The non-GAAP financial measures included in this press release
may not be comparable to similarly titled measures of other
companies because they may not calculate these measures in the same
manner. These non-GAAP financial measures are not prepared in
accordance with GAAP and should not be considered in isolation of,
or as an alternative to, measures prepared in accordance with GAAP.
When evaluating the Company’s performance, you should consider
adjusted gross profit, adjusted gross margin, adjusted EBITDA, and
adjusted EPS alongside other financial performance measures
prepared in accordance with GAAP, including gross profit, gross
margin, net loss, and EPS.
The non-GAAP financial measures do not replace the presentation
of our GAAP financial results and should only be used as a
supplement to, not as a substitute for, our financial results
presented in accordance with GAAP. In this press release, we have
provided reconciliations of adjusted gross profit to gross profit,
adjusted gross margin to gross margin, and adjusted EBITDA and
adjusted EPS to net loss, the most directly comparable GAAP
financial measures. Reconciliations of our non-GAAP financial
measures to corresponding GAAP measures are not available on a
forward-looking basis because we are unable to predict with
reasonable certainty the non-cash component of employee
compensation expense, changes in our working capital needs,
variances in our supply chain, the impact of earnings or charges
resulting from matters we consider not to be reflective, on a
recurring basis, of our ongoing operations, and other such items
without unreasonable effort. These items are uncertain, depend on
various factors, and could be material to our results computed in
accordance with GAAP. Management strongly encourages investors to
review our financial statements and publicly filed reports in their
entirety and not to rely on any single financial measure.
Forward Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Our actual
results may differ from our expectations, estimates, and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believe,” “predict,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, our
expectations with respect to financial results, future performance,
commercialization and plans to deploy our products and services,
development of products and services, and the size and potential
growth of current or future markets for our products and services.
Forward-looking statements are based on our current beliefs and
assumptions and on information currently available to us. These
forward-looking statements involve significant known and unknown
risks and uncertainties and other factors that could cause the
actual results to differ materially from those discussed in the
forward-looking statements. Most of these factors are outside our
control and are difficult to predict. Factors that may cause such
differences include, but are not limited to: our ability to grow
and manage growth effectively; the success, cost, and timing of our
product and service development activities; the potential
attributes and benefits of our products and services; the degree to
which our products and services are accepted by healthcare
practitioners and patients for their approved uses; our ability to
obtain and maintain regulatory approval for our products, and any
related restrictions and limitations of any approved product; our
ability to identify, in-license, or acquire additional technology;
our ability to maintain our existing license, manufacturing,
supply, and distribution agreements; our ability to compete with
other companies currently marketing or engaged in the development
of products and services that we are currently marketing or
developing; changes in applicable laws or regulations; the size and
growth potential of the markets for our products and services, and
our ability to serve those markets, either alone or in partnership
with others; the pricing of our products and services, and
reimbursement for medical procedures conducted using our products
and services; our estimates regarding expenses, revenue, capital
requirements, and needs for additional financing; our financial
performance; our ability to raise financing in the future; and
other risks and uncertainties indicated from time to time in our
most recent Annual Report on Form 10-K or in subsequent filings
that we make with the Securities and Exchange Commission. We
caution that the foregoing list of factors is not exclusive. We
caution you not to place undue reliance upon any forward-looking
statements, which speak only as of the date of this press release.
We do not undertake or accept any obligation or undertake to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in our expectations or any change
in events, conditions, or circumstances on which any such statement
is based.
BUTTERFLY NETWORK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS (In thousands, except share and per share
amounts) (Unaudited)
Three months ended December
31,
Year ended December
31,
2024
2023
2024
2023
Revenue:
Product
$
14,723
$
10,162
$
54,200
$
40,036
Software and other services
7,628
6,354
27,856
25,864
Total revenue
22,351
16,516
82,056
65,900
Cost of revenue:
Product
6,641
26,889
24,380
40,655
Software and other services
1,976
2,163
8,845
8,389
Total cost of revenue
8,617
29,052
33,225
49,044
Gross profit (loss)
13,734
(12,536
)
48,831
16,856
Operating expenses:
Research and development
8,826
11,207
37,800
55,616
Sales and marketing
11,854
10,297
41,567
39,073
General and administrative
9,943
12,375
39,810
49,613
Other
426
316
4,065
18,164
Total operating expenses
31,049
34,195
123,242
162,466
Loss from operations
(17,315
)
(46,731
)
(74,411
)
(145,610
)
Interest income
997
1,736
5,020
7,450
Interest expense
(334
)
—
(1,261
)
—
Change in fair value of warrant
liabilities
(1,033
)
620
(1,859
)
4,544
Other income (expense), net
(526
)
254
(13
)
(2
)
Loss before provision for income
taxes
(18,211
)
(44,121
)
(72,524
)
(133,618
)
Provision (benefit) for income taxes
(109
)
—
(32
)
82
Net loss and comprehensive loss
$
(18,102
)
$
(44,121
)
$
(72,492
)
$
(133,700
)
Net loss per common share attributable to
Class A and B common stockholders, basic and diluted
$
(0.08
)
$
(0.21
)
$
(0.34
)
$
(0.65
)
Weighted-average shares used to compute
net loss per share attributable to Class A and B common
stockholders, basic and diluted
213,389,209
207,274,099
211,682,760
205,385,544
BUTTERFLY NETWORK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands,
except share and per share amounts) (Unaudited)
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
88,775
$
134,437
Accounts receivable, net of allowance for
doubtful accounts of $2,583 and $1,787 at December 31, 2024 and
December 31, 2023, respectively
20,793
13,418
Inventories
70,789
73,022
Current portion of vendor advances
5,547
2,815
Prepaid expenses and other current
assets
6,709
7,571
Total current assets
192,613
231,263
Property and equipment, net
19,518
25,321
Intangible assets, net
8,916
10,317
Non-current portion of vendor advances
15,042
15,276
Operating lease assets
14,233
15,675
Other non-current assets
5,760
6,422
Total assets
$
256,082
$
304,274
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
4,250
$
5,090
Deferred revenue, current
16,139
15,625
Accrued purchase commitments, current
131
131
Accrued expenses and other current
liabilities
27,695
23,425
Total current liabilities
48,215
44,271
Deferred revenue, non-current
7,315
7,394
Warrant liabilities
2,685
826
Operating lease liabilities
20,398
22,835
Other non-current liabilities
8,637
8,895
Total liabilities
87,250
84,221
Commitments and contingencies
Stockholders’ equity:
Class A common stock $.0001 par value;
600,000,000 shares authorized at December 31, 2024 and December 31,
2023; 188,626,154 and 181,221,794 shares issued and outstanding at
December 31, 2024 and December 31, 2023, respectively
19
18
Class B common stock $.0001 par value;
27,000,000 shares authorized at December 31, 2024 and December 31,
2023; 26,426,937 shares issued and outstanding at December 31, 2024
and December 31, 2023
3
3
Additional paid-in capital
970,940
949,670
Accumulated deficit
(802,130
)
(729,638
)
Total stockholders’ equity
$
168,832
$
220,053
Total liabilities and stockholders’
equity
$
256,082
$
304,274
BUTTERFLY NETWORK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In
thousands) (Unaudited)
Year ended December
31,
2024
2023
Cash flows from operating activities:
Net loss
$
(72,492
)
$
(133,700
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation, amortization, and
impairments
10,342
10,574
Non-cash interest expense
1,256
—
Write-down of inventories
15
21,083
Stock-based compensation expense
21,032
27,480
Change in fair value of warrant
liabilities
1,859
(4,544
)
Gain on lease termination
—
(214
)
Other
1,102
633
Changes in operating assets and
liabilities:
Accounts receivable
(8,503
)
(162
)
Inventories
2,218
(34,135
)
Prepaid expenses and other assets
1,304
2,979
Vendor advances
(2,498
)
17,091
Accounts payable
(841
)
(1,875
)
Deferred revenue
435
2,206
Accrued purchase commitments
—
(2,015
)
Change in operating lease assets and
liabilities
(750
)
(635
)
Accrued expenses and other liabilities
3,814
(3,586
)
Net cash used in operating
activities
(41,707
)
(98,820
)
Cash flows from investing activities:
Purchases of marketable securities
—
(297
)
Sales of marketable securities
—
76,484
Purchases of property, equipment, and
intangible assets, including capitalized software
(2,694
)
(5,783
)
Sales of property and equipment
36
10
Net cash provided by (used in)
investing activities
(2,658
)
70,414
Cash flows from financing activities:
Proceeds from exercise of stock options
and warrants
64
228
Proceeds from employee stock purchase
plan
495
—
Payments to tax authorities for restricted
stock units withheld
(739
)
—
Payments on technology license
commitment
(1,315
)
—
Net cash provided by (used in)
financing activities
(1,495
)
228
Net decrease in cash, cash equivalents,
and restricted cash
(45,860
)
(28,178
)
Cash, cash equivalents, and restricted
cash, beginning of period
138,650
166,828
Cash, cash equivalents, and restricted
cash, end of period
$
92,790
$
138,650
Supplementary disclosure of non-cash
investing and financing activities
Acquisition of property, equipment, and
intangible assets, including capitalized software
$
470
$
9,247
BUTTERFLY NETWORK, INC.
ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN (In
thousands) (Unaudited)
Three months ended December
31,
Year ended December
31,
2024
2023
2024
2023
Revenue
$
22,351
$
16,516
$
82,056
$
65,900
Cost of revenue
8,617
29,052
33,225
49,044
Gross profit (loss)
$
13,734
$
(12,536
)
$
48,831
$
16,856
Gross margin
61.4
%
(75.9
%)
59.5
%
25.6
%
Add:
Write-downs and write-offs of
inventories
—
21,891
97
21,891
Adjusted gross profit
$
13,734
$
9,355
$
48,928
$
38,747
Adjusted gross margin
61.4
%
56.6
%
59.6
%
58.8
%
Depreciation and amortization
$
1,536
$
1,458
$
6,398
$
5,585
% of revenue
6.9
%
8.8
%
7.8
%
8.5
%
BUTTERFLY NETWORK, INC.
ADJUSTED EBITDA AND ADJUSTED EPS (In thousands, except
share and per share amounts) (Unaudited)
Included on the condensed consolidated
statements of operations and comprehensive loss as:
Three months ended December
31,
Year ended December
31,
2024
2023
2024
2023
Net loss
Net loss
$
(18,102
)
$
(44,121
)
$
(72,492
)
$
(133,700
)
Stock-based compensation
R&D, S&M, and G&A
5,238
6,556
21,032
27,480
Write-downs and write-offs of
inventories
Cost of revenue
—
21,891
97
21,891
Change in fair value of warrant
liabilities
Change in fair value of warrant
liabilities
1,033
(620
)
1,859
(4,544
)
Other
Other
426
316
4,065
18,164
Other expense (income), net
Other income (expense), net
526
(254
)
13
2
Adjusted net loss
(10,879
)
(16,232
)
(45,426
)
(70,707
)
Interest income
Interest income
(997
)
(1,736
)
(5,020
)
(7,450
)
Interest expense
Interest expense
334
—
1,261
—
Provision (benefit) for income taxes
Provision for income taxes
(109
)
—
(32
)
82
Depreciation and amortization
Cost of revenue, R&D, S&M, and
G&A
2,507
2,242
10,342
10,574
Adjusted EBITDA
$
(9,144
)
$
(15,726
)
$
(38,875
)
$
(67,501
)
Adjusted EPS
$
(0.05
)
$
(0.08
)
$
(0.21
)
$
(0.34
)
Weighted average shares used to compute
adjusted EPS
213,389,209
207,274,099
211,682,760
205,385,544
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250228890565/en/
Investors Heather Getz Chief Financial and Operations
Officer, Butterfly investors@butterflynetwork.com
Butterfly Network (NYSE:BFLY)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025
Butterfly Network (NYSE:BFLY)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025