Q2 2024 Butterfly Network Inc Earnings Call Transcript
Key Points
- Butterfly Network Inc (BFLY) achieved the highest quarterly revenue in its history with $21.5 million, marking a 16% year-over-year growth.
- The company successfully launched the iQ3 in Canada and plans to expand its international reach with a launch event in London.
- Butterfly Network Inc (BFLY) has reduced its annual cash burn to under $50 million and extended its cash runway into 2027.
- The company is seeing strong demand for its products, with a 37% increase in volume excluding large deals from the previous year.
- Butterfly Network Inc (BFLY) is building a robust AI ecosystem with 15 Butterfly Garden partners, enhancing its competitive edge in the ultrasound market.
- The company faced a challenging comparison due to two large non-recurring medical school deals from the previous year.
- Despite revenue growth, the gross margin percentage remained flat at 59% due to higher software amortization and inefficiencies associated with the iQ3 launch.
- The company is still operating at a loss, with an adjusted EBITDA loss of $8.1 million for the quarter.
- International revenue growth was partially offset by lower average selling prices due to a higher mix of sales to distributors.
- Butterfly Network Inc (BFLY) faces significant competition and regulatory challenges, particularly in its efforts to revoke exemptions for competitors under the RoHS directive.
Good evening. Thank you for attending the Butterfly Network Second Quarter 2024 Earnings Call. My name is Megan, 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-answer at the end. (Operator Instructions)
I would now like to pass the conference over to Heather Getz with Butterfly Network. Please go ahead.
Good afternoon and thank you for joining us. Earlier today, Butterfly released financial results for the second quarter ended June 30, 2024 and provided a business update. The release and earnings presentation, which include a reconciliation of management's use of non-GAAP financial measures compared to the most applicable GAAP measures are currently available on the investor section of the company's website at ir.butterflynetwork.com.
I, Heather Getz, Chief Financial and Operations Officer of Butterfly alongside Joseph DeVivo, Butterfly's Chairman and Chief
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