Q3 2024 Butterfly Network Inc Earnings Call Transcript
Key Points
- Butterfly Network Inc (BFLY) reported a 33% year-over-year revenue growth for Q3 2024, marking the highest third-quarter revenue in the company's history.
- The company successfully reduced its cash use to the lowest level in its history while maintaining investment in key growth areas.
- Butterfly Network Inc (BFLY) expanded its market presence internationally, launching in new markets such as Indonesia, Netherlands, and Belgium, and successfully launched IQ3 in Europe.
- The company is making significant strides in medical education with the introduction of the Scan Lab AI training app, which is being adopted by universities like Kansas City University.
- Butterfly Network Inc (BFLY) is forming a wholly-owned subsidiary, Octave, to commercialize and monetize its ultrasound-on-chip technology in non-competitive industries, potentially providing a new revenue stream.
- Despite the revenue growth, Butterfly Network Inc (BFLY) reported an adjusted EBITDA loss of $8.4 million for Q3 2024.
- The gross margin percentage decreased slightly to 59.5% due to a lower proportion of higher-margin software and other services revenues.
- The company faces challenges in maintaining software revenue growth, as product revenue growth outpaced software revenue with the launch of IQ3.
- Butterfly Network Inc (BFLY) is still in the early stages of its home care pilot, which may take time to demonstrate significant financial impact.
- The company is navigating regulatory challenges in the European Union regarding the ROSS compliance and exemption process, which could impact future operations.
Hello everyone and welcome to the Butterfly Network Q3 2024 earnings call. My name is Carla and I will be coordinating your call today.
Oh, once the presentation is completed, you can register a question by pressing star followed by one on your telephone keypad. And if you change your mind, please press star followed by two. I will now hand you over to Heather Getz, Chief Financial and Operations Officer at Butterfly Network to begin. Heather. Please go ahead.
Good morning and thank you for joining us earlier today. Butterfly released financial results for the third quarter ended September 30th 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 investors section of the company's website at Ir dot Butterfly network dotcom.
I Heather Getz Chief Financial and Operations Officer
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