Q1 2024 Butterfly Network Inc Earnings Call Transcript
Key Points
- Butterfly Network Inc reported a 14% revenue growth in Q1 2024, reaching $17.7 million, marking the highest first quarter in the company's history.
- The successful launch of IQ three, which received FDA clearance and was introduced ahead of schedule, significantly contributed to the quarter's performance.
- International revenue grew by 14%, driven by improved execution from distributors and strong performance from the international direct team.
- Butterfly Network Inc has extended its cash runway into 2026 due to ongoing efforts to streamline operations and become more cash-efficient.
- The company is actively expanding its product offerings and markets, with plans to launch IQ three in Canada and Europe later in 2024.
- Software and services revenue was slightly down in Q1 2024, primarily due to lower individual subscription renewals.
- The company received a notification from the NYSE about non-compliance with the standard requiring a 30-day stock price moving average of at least $1.
- Despite the strong quarter, Butterfly Network Inc still reported an adjusted EBITDA loss of $13.2 million for Q1 2024.
- The company faces challenges in maintaining and growing its stock price to reflect its business value and avoid potential delisting.
- Butterfly Network Inc is still in the process of exploring non-dilutive financing options to extend its cash runway and pathway to profitability.
Good afternoon. Thank you for attending the butterfly network First Quarter 2024 earnings call.
My name is Victoria, and I'll be your moderator today.
All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star followed by one on your telephone keypad. I would now like to pass the conference over to your host, Heather Getz. You may proceed.
Heather.
Good afternoon, and thank you for joining us today. Earlier today, butterfly released financial results for the first quarter ended March 31st, 2024 and provided a business update the release and earnings presentation, which includes a reconciliation of management's use of non-GAAP
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
