Butterfly Network, Inc. SEC 10-Q Report

Butterfly Network, Inc., a leading digital health company known for its innovative handheld ultrasound technology, has released its Form 10-Q report for the third quarter of 2024. The report highlights the company's financial and operational performance, showcasing growth in revenue and improvements in cost management, alongside strategic business developments.

Financial Highlights

• Total Revenue: $23.4 million, an increase of 8.8% compared to the same period in 2024, driven by higher product sales.
• Gross Profit: $14.9 million, representing 63.7% of total revenue, an improvement from 58.6% in the prior year, due to efficiency improvements in manufacturing.
• Loss from Operations: $(16.1) million, reflecting a decrease in operating expenses as a percentage of revenue from 138.8% to 132.5%.
• Net Loss and Comprehensive Loss: $(13.8) million, improved from $(15.7) million in the prior year, due to increased revenue and cost management.
• Net Loss Per Common Share: $(0.06), improved from $(0.07) in the prior year, reflecting better cost control and increased revenue.

Business Highlights

• Revenue Segments: The company reported a product revenue increase driven by the higher selling price of the iQ3 probe and semiconductor chip deliveries to partners. Software and other services revenue saw a slight decrease due to reduced implementation revenue, although subscription revenue increased.
• Geographical Performance: The United States remains the primary market, contributing significantly to total revenue. International sales also showed growth, particularly in probe sales volume.
• Sales Units: Units fulfilled decreased by 5.1% compared to the previous year, primarily due to lower probe sales volume in the US, offset by higher international and veterinary sales.
• New Product Launches: The iQ3 probe, launched in the US in early 2024 and internationally later that year, continues to impact sales positively with its higher selling price.
• Future Outlook: The company plans to continue investing in its business to grow revenue, with a focus on expanding its healthcare system software offerings and developing relationships with larger healthcare systems.

SEC Filing: Butterfly Network, Inc. [ BFLY ] - 10-Q - Aug. 01, 2025