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Butterfly Network(BFLY) - 2025 Q1 - Earnings Call Presentation
2025-05-02 12:02
Financial Performance - Revenue for Q1 2025 reached $21.2 million, a 20% increase compared to $17.7 million in Q1 2024[10] - Gross margin improved to 63%, up 4.8 percentage points from 58.2% in Q1 2024[10] - Operating expenses decreased by 3% from $32.9 million to $31.8 million[10] - Adjusted EBITDA loss improved by 31%, from $(13.2) million to $(9.1) million[10] - Cash and cash equivalents increased to $155.2 million, up from $88.8 million[10] - The company reaffirmed its 2025 revenue guidance of $96 - $100 million, representing approximately 20% growth, and an EBITDA loss of $37 - $42 million[11] Business Updates - The company is focused on medical education, hospital systems, and international expansion within its core POCUS business[6,7,8] - Butterfly signed 5 partners in the portfolio and has over 25 prospects in the pipeline[14] - Two new partners were signed in Q1, bringing the total to 23 portfolio companies, with the first partners on track to commercialize FDA-cleared apps this year[17] - Butterfly HomeCare is piloting virtual chronic care management with a leading Medicare Advantage provider, showing early results with no rehospitalizations for patients with congestive heart failure[22]
Butterfly Network(BFLY) - 2024 Q4 - Earnings Call Transcript
2025-02-28 22:33
Financial Data and Key Metrics Changes - In 2024, Butterfly Network reported revenue of $82.1 million, representing a 25% increase year-over-year, while adjusted EBITDA loss improved by 42% to $38.9 million [9][43][49] - The fourth quarter of 2024 saw revenue of $22.4 million, the highest quarterly result in the company's history, marking a 35% increase compared to the prior year [38][39] - Gross profit for Q4 2024 was $13.7 million, a 45% increase from the prior year, with gross profit margin rising to 61% from 57% [42] Business Line Data and Key Metrics Changes - Product revenue in Q4 2024 was $14.7 million, up 45% year-over-year, driven by higher average selling prices and volume [40] - Software and other services revenue reached $7.6 million in Q4 2024, a 20% increase compared to the prior year, although the mix decreased by approximately four percentage points [40] Market Data and Key Metrics Changes - U.S. revenue in Q4 2024 was $14.5 million, a 32% increase year-over-year, while international revenue increased by 19% to $5.5 million [39] - The launch of the iQ3 device accounted for 50% of overall sales in units and 58% of probe revenue in 2024 [13] Company Strategy and Development Direction - Butterfly Network aims to expand its digital ecosystem and enhance accessibility to ultrasound technology, targeting a vision where every healthcare provider has a personal imaging device [10][11] - The company is focusing on scaling its core POCUS business and expanding into new markets, including home care and veterinary applications [22][23][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revenue target of $96 million to $100 million for 2025, representing approximately 20% growth, while maintaining fiscal discipline [49] - The company is optimistic about the potential of its HomeCare and Octiv businesses, which are expected to contribute significantly to future revenue [66][68] Other Important Information - Butterfly Network raised $81.7 million from a follow-on offering in January 2025, providing a bridge to cash flow independence [48] - The company has signed 21 partners in its Butterfly Garden initiative, with six expected to go commercial in 2025 [24] Q&A Session Summary Question: Update on confidence level for $500 million revenue target - Management is bullish about growth initiatives and believes they are on track to achieve the long-term revenue target [62][64] Question: Steps required to transition HomeCare from pilot to revenue - The transition involves training on-site personnel and utilizing telemedicine for scalability, with a 90-day process for training [75][79] Question: Update on wearable technology development - The wearable is in development, with a focus on building market demand before launching the product [88][90] Question: Details on HomeCare pilot and patient involvement - 18 nurses were trained across two facilities, with a pilot designed for 200 patients, and no readmissions reported so far [92][95] Question: Hardware developments and iQ station update - The company is actively working on next-generation hardware and the iQ station, which will expand into the lower-end cart business [97][100]
Butterfly Network(BFLY) - 2024 Q4 - Earnings Call Transcript
2025-02-28 17:05
Financial Data and Key Metrics Changes - In 2024, Butterfly Network reported revenue of $82.1 million, representing a 25% increase year-over-year, while adjusted EBITDA loss improved by 42% to $38.9 million [9][43] - The fourth quarter of 2024 saw revenue of $22.4 million, the highest quarterly result in the company's history, marking a 35% increase compared to the prior year [38] - Gross profit for Q4 2024 was $13.7 million, a 45% increase from the prior year, with gross profit margin rising to 61% from 57% [42] Business Line Data and Key Metrics Changes - The iQ3 product accounted for 50% of overall sales in units and 58% of probe revenue in 2024, with higher average selling prices compared to previous devices [13] - Product revenue in Q4 2024 was $14.7 million, a 45% increase year-over-year, while software and other services revenue was $7.6 million, up 20% [40] - Total annual recurring revenue grew slightly, led by an 8% increase in enterprise software subscription ARR [41] Market Data and Key Metrics Changes - U.S. revenue in Q4 2024 was $14.5 million, a 32% increase from the prior year, driven by higher average selling prices and strong demand [39] - International revenue increased by 19% year-over-year to $5.5 million, driven by higher probe volume [39] - The company received EU MDR for iQ+ and iQ3, facilitating access to new markets in Europe and Asia [18] Company Strategy and Development Direction - Butterfly Network aims to expand its digital ecosystem and enhance accessibility to ultrasound technology, targeting a vision where every healthcare provider has a personal imaging device [10] - The company is focusing on scaling its core POCUS business and developing software improvements for data management workflows [22] - Strategic initiatives include expanding partnerships within the Butterfly Garden and commercializing chip technology through Octiv [23][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term growth targets, emphasizing the importance of the HomeCare and Octiv businesses as significant growth drivers [62][66] - The company plans to maintain fiscal discipline while investing in growth initiatives, projecting 2025 revenue of $96 million to $100 million, representing approximately 20% growth [49] - Management highlighted the successful pilot programs in HomeCare, indicating potential for significant cost savings and improved patient care [31][34] Other Important Information - Butterfly Network raised $81.7 million from a follow-on offering in January 2025, providing a bridge to cash flow independence [48] - The company is actively developing a wearable ultrasound device, with plans to integrate it into the HomeCare model as market demand grows [88][90] Q&A Session Summary Question: Update on confidence level for reaching $500 million revenue target - Management is bullish about growth initiatives and believes they are on track to achieve long-term revenue goals, particularly in the core business and new areas like Octiv and HomeCare [62][64] Question: Steps required to transition HomeCare from pilot to revenue-generating franchise - The transition involves training on-site personnel and utilizing telemedicine for scalability, with a 90-day process for training expected [75][79] Question: Update on wearable ultrasound program - The wearable device is in development, with a focus on building market demand before launching the product [88][90] Question: Details on HomeCare pilot and patient involvement - The pilot involves training 18 nurses across two facilities, with an initial target of 200 patients, and no readmissions reported so far [92][95] Question: Hardware developments and iQ station update - The company is working on next-generation hardware and the iQ station, which will expand into the lower-end cart business [97][99] Question: Clarification on revenue guidance - The 2025 revenue guidance does not include new revenue streams from Octiv or HomeCare, only existing contracts [104][105]