Butterfly Network(BFLY) - 2024 Q3 - Quarterly Results

Revenue Growth and Performance - Delivered quarterly revenue of $20.6 million, representing 33% YoY growth[1] - Product revenue increased 55% YoY to $13.5 million, driven by a 37% increase in units fulfilled[10] - Software and other services revenue increased 5% YoY to $7.0 million[10] - Total revenue for Q3 2024 increased to $20.56 million, up 33.3% from $15.42 million in Q3 2023[22] - Raised full-year revenue guidance to $79 million to $81 million, representing over 20% growth[14] Profitability and Gross Margin - Gross profit increased to $12.2 million, with gross margin decreasing to 59.5% from 60.8%[11] - Gross profit for Q3 2024 rose to $12.23 million, a 30.4% increase from $9.38 million in Q3 2023[22] - Adjusted gross margin for Q3 2024 was 60.0%, slightly down from 60.8% in Q3 2023[25] - Adjusted gross profit for Q3 2024 was $12.33 million, up 31.4% from $9.38 million in Q3 2023[25] Net Loss and Operating Expenses - Reduced Q3 net loss by 38% and net cash used in operations by 50%[1] - Net loss improved to $16.9 million from $27.4 million in the prior year period[13] - Net loss for Q3 2024 improved to $16.92 million, down 38.2% from $27.37 million in Q3 2023[22] - Operating expenses decreased 30% YoY to $29.5 million[12] - Total operating expenses for Q3 2024 were $29.48 million, a 29.7% reduction from $41.95 million in Q3 2023[22] - Research and development expenses for Q3 2024 decreased to $8.84 million, down 27.1% from $12.13 million in Q3 2023[22] - Net loss for Q3 2024 was $16.9 million, compared to $27.4 million in Q3 2023, showing a 38.2% improvement[26] - Adjusted net loss for Q3 2024 was $(10.2) million, compared to $(14.6) million in Q3 2023, a 30.1% improvement[26] Cash Flow and Financial Position - Cash, cash equivalents, and restricted cash totaled $97.8 million as of September 30, 2024[14] - Cash and cash equivalents decreased to $93.76 million as of September 30, 2024, from $134.44 million at the end of 2023[23] - Net cash used in operating activities for the first nine months of 2024 was $38.59 million, a 55.0% improvement from $85.72 million in the same period of 2023[24] - Accounts receivable increased to $20.62 million as of September 30, 2024, up 53.7% from $13.42 million at the end of 2023[23] Adjusted Metrics and Non-GAAP Measures - Adjusted EBITDA for Q3 2024 was $(8.4) million, compared to $(12.5) million in Q3 2023, reflecting a 32.4% improvement[26] - Adjusted EPS for Q3 2024 was $(0.05), compared to $(0.07) in Q3 2023, indicating a 28.6% improvement[26] - Stock-based compensation for Q3 2024 was $4.4 million, compared to $6.8 million in Q3 2023, a 35.3% decrease[26] - Interest income for Q3 2024 was $(1.2) million, compared to $(1.9) million in Q3 2023, a 35.8% decrease[26] - Depreciation and amortization for Q3 2024 was $2.6 million, compared to $4.0 million in Q3 2023, a 35.0% decrease[26] - Weighted average shares used to compute adjusted EPS for Q3 2024 was 212.8 million, compared to 206.7 million in Q3 2023, a 2.9% increase[26] Market Expansion and Product Launches - Launched iQ3 in Europe and opened new markets in Indonesia, the Netherlands, and Belgium[1]