Core Insights - The article highlights two stocks that have seen significant insider buying, indicating strong confidence from company executives in their future performance [2][6]. Group 1: Bill.com Holdings (BILL) - Bill.com Holdings is a cloud accounting and paperwork software provider for small- and medium-sized businesses, with its stock currently priced at $54.69, reflecting a 3.68% gain on the day, a 2.53% increase over the week, and a 23.18% rise in the past month [3][6]. - Recent insider purchases include CFO John Retting buying 21,124 shares for $1.04 million, Board member Brian Jacobs acquiring 25,000 shares for $1.34 million, and CEO Rene Lacerte purchasing 42,248 shares for $2.1 million [3][6]. Group 2: Butterfly Network (BFLY) - Butterfly Network focuses on democratizing medical imaging with its portable Ultrasound-on-Chip technology, currently trading at $1.51, which is up 26.89% on the day, 56.27% for the week, and 49.50% for the month [4][5]. - Larry Robbins, a Board member, recently bought 1,676,869 shares for over $1.68 million, demonstrating strong conviction in the company's future prospects [5][6].

Financial Data and Key Metrics Changes - Butterfly Network reported Q2 2024 revenue of $21.5 million, representing a 16% year-over-year growth, marking the highest quarterly revenue in the company's history [7][23] - Adjusted EBITDA loss improved to $8.1 million from a loss of $17 million in the same period last year, driven by higher revenue and cost reductions [27] - Gross profit was $12.6 million, a 15% increase compared to $10.9 million in Q2 2023, with gross margin percentage remaining relatively flat at 59% [26] Business Line Data and Key Metrics Changes - Product revenue was $14.6 million, up 19% year-over-year, primarily driven by higher average selling prices and volume, with approximately 50% of total volume being iQ3 [25] - Software and other services revenue was $6.9 million, a 10% increase year-over-year, but the mix decreased to 32% of total revenue [25][26] - Total annual recurring revenue (ARR) was flat year-over-year, with enterprise software subscription ARR growing 24% [26] Market Data and Key Metrics Changes - U.S. revenue was $14.8 million, a 3% increase year-over-year, but grew 25% when excluding large medical school deals from the previous year [24] - International revenue increased 57% year-over-year to $5.2 million, driven by higher probe volume, although average selling price was lower due to a higher mix of sales to distributors [24] Company Strategy and Development Direction - The company aims to accelerate growth in its core business, expand market accessibility, invest in R&D, and execute strategies to drive profitability [6] - Butterfly is focusing on building a sustainable revenue model through partnerships with medical schools and expanding its presence in international markets [13][20] - The company is developing an AI ecosystem through partnerships, enhancing its competitive position in the ultrasound market [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting broad-based revenue growth and strong clinical acceptance across multiple specialties [38] - The company anticipates continued double-digit growth in 2024 and beyond, with a focus on operational efficiencies and extending cash runway into 2027 [31][30] - Management noted the importance of AI in expanding ultrasound usage and improving patient care, particularly in low-resource settings [48] Other Important Information - Butterfly regained compliance with the New York Stock Exchange minimum bid price rule [30] - The company is actively working on overturning the exemption for hazardous substances in ultrasound devices in Europe, which could significantly impact the market [21][22] Q&A Session Summary Question: Insights on iQ3 launch success and international expectations - Management noted broad-based success in the U.S. with 75% of sales being iQ3, and expressed excitement about the upcoming launch in Europe [38][40] Question: Sales pipeline and revenue contributions from Butterfly Garden - Management indicated that the sales pipeline coverage is at a high level, providing confidence for future growth, with expectations for revenue contributions from Butterfly Garden partners to build in 2025 [42][45] Question: Clarification on volume and price metrics - Management clarified that the 37% volume growth excludes large grant-based deals from the previous year, demonstrating strong core demand for products [53][54] Question: iQ3 contribution metrics - Approximately 50% of total volume in the quarter was iQ3, with about 75% domestically [56]

Butterfly Network, Inc. (BFLY) came out with a quarterly loss of $0.05 per share versus the Zacks Consensus Estimate of a loss of $0.10. This compares to loss of $0.14 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 50%. A quarter ago, it was expected that this company would post a loss of $0.12 per share when it actually produced a loss of $0.07, delivering a surprise of 41.67%. Over the last four quarters, the company has s ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39292 Butterfly Network, Inc. (Exact name of registrant as specified in its charter) Delaware 84-4618156 (Stat ...

Exhibit 99.1 Butterfly Network Reports Second Quarter 2024 Financial Results Reports Record Quarterly Revenue Raises Full Year Adjusted EBITDA Guidance ● Delivered record quarterly Revenue of $21.5 million in Q2, representing 16% YoY growth ● Reduced Q2 Net Loss by 45% and Net Cash Used in Operations by 62% ● Successfully launched medical school Campus Essentials program ● Launched iQ3 in Canada and expanded into new markets in Southeast Asia ● Filed for revocation of the RoHS handheld piezoelectric crystal ...

UltraSight and Butterfly have partnered to increase patient access to cardiac care by enabling more healthcare professionals to perform cardiac ultrasound. Subject to regulatory approvals and authorizations, UltraSight aims to integrate and deploy its real-time AI guidance software on Butterfly's imaging platform and build the software for use with Butterfly's single-probe, whole-body handheld ultrasound system. "Joining the Butterfly Garden marks an important moment in our mission to revolutionize cardiac ...

The stock has declined 3.7% year to date compared with the industry's 16.6% decline. The S&P 500 Index has increased 10.3% in the same period. The launch of the iQ+ Bladder represents a strategic move for Butterfly Network, expanding its market reach and solidifying its position as a leader in portable ultrasound technology. By entering the bladder scanning market, Butterfly has demonstrated its ability to adapt to evolving healthcare needs and diversify its product offerings. This expansion is likely to ha ...

The medical info systems industry is thriving due to the growing demand for contactless services. The industry witnessed exponential growth during the pandemic era. Even in the post-pandemic period, remote healthcare, a paperless environment and distant treatment paved the way for digital services.The medical info systems industry comprises companies that develop and market healthcare information systems. These companies offer software and hardware solutions to healthcare providers with secure access to rea ...

Financial Data and Key Metrics - Revenue growth of 14% in Q1 2024, exceeding expectations, with full-year revenue guidance raised to $75-80 million, representing 15-20% growth [5][24] - Gross profit increased by 12% to $10.2 million in Q1 2024, with gross margin remaining relatively flat at 58% [18] - Adjusted EBITDA loss improved by $9.1 million to $13.2 million in Q1 2024, driven by higher revenue and cost reductions [23] - Cash and cash equivalents stood at $117 million as of March 31, 2024, with a cash runway extending into 2026 [16][138] Business Line Performance - Product revenue increased by 28% to $11.3 million in Q1 2024, driven by higher volume and average selling prices [142] - Software and services revenue decreased slightly to $6.4 million in Q1 2024, but enterprise software upsells grew 25% from Q4 2023 [11][12] - ScanLab contributed significantly to Q1 success, enhancing medical education and training with AI-guided tools [13][141] Market Performance - U.S. sales grew 19% to $12.2 million in Q1 2024, driven by increased volume and higher average selling prices [15] - International sales grew 14% to $4.2 million in Q1 2024, despite the absence of iQ3 and EU MDR certification [51] - iQ3 launch in the U.S. saw over 1,200 units sold, with half being new users and half trade-in upgrades [37] Strategic Direction and Industry Competition - The company is focusing on iQ3-driven growth, global expansion, and medical school adoption, with additional opportunities in the veterinary market [6][130] - iQ3 is positioned as a competitive product with superior image quality and cost advantages compared to cart-based systems [38][60] - The company is exploring non-dilutive financing options, such as grants and licensing deals, to extend its cash runway [2][45] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth, driven by iQ3 adoption and new product launches [52][134] - The company is optimistic about the European market, with iQ3 expected to gain approval and potentially benefit from the RoHS directive [22][29] - Management highlighted the potential of home care initiatives, with revenue opportunities expected to materialize in 2025 [75][102] Other Important Information - The company received a non-compliance notice from the NYSE due to its stock price falling below $1, but it plans to regain compliance through business execution [16][133] - Butterfly Garden and Powered by Butterfly programs are expected to generate meaningful revenue over the next five years [87][127] Q&A Session Summary Question: Adoption curve of iQ3 compared to previous products - The adoption curve for iQ3 is difficult to compare directly with previous products due to different market conditions and the simultaneous presence of iQ+ [66][73] Question: Revenue potential from home care initiatives - The company is focusing on service revenue and success-based models for home care, with potential revenue streams starting in 2025 [26][27] Question: Non-dilutive financing and path to profitability - The company is exploring non-dilutive financing options, such as licensing deals, to extend its cash runway and reach profitability by 2027 [101][131] Question: Key areas of uptake for iQ3 - Cardiology has shown strong uptake for iQ3, with cardiologists appreciating the high-quality imaging capabilities [106] Question: RoHS directive and its impact - The company is confident about the RoHS directive potentially banning lead-based handheld ultrasound devices in the EU by 2025, which would benefit Butterfly [29][109] Question: Revenue capture potential with Compass software - Hospitals using Butterfly probes and Compass software have seen significant revenue capture, with some achieving 60-80% reimbursement rates [96][120]

Critical Accounting Policies and Significant Judgments and Estimates The Company did not identify any significant recently issued accounting pronouncements that may potentially impact our financial position and results of operations. 23 Foreign Exchange Risk Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and pro ...