Butterfly Network Inc (BFLY, Financial), a digital health company transforming care with handheld, whole-body ultrasound and intuitive software, announced its financial results for the quarter ended September 30, 2023, on November 2, 2023.
Financial Highlights
Butterfly Network's total revenue for Q3 2023 was $15.4 million, down from $19.6 million in the same quarter of the previous year. The decrease in revenue was primarily due to lower probe sales and the impact of a one-time Gates Foundation agreement.
The company reported a gross profit of $9.4 million, compared to $11.0 million in Q3 2022. The total gross margin increased to 60.8% from 56.0% in the prior year period, primarily due to a higher average selling price and a higher proportion of subscription revenues.
Operating expenses were $41.9 million, down 26.4% from $57.0 million in Q3 2022, due to reductions in force and non-payroll spend rationalization across all areas. The net loss for the quarter was $27.4 million, a significant improvement from a net loss of $54.7 million in the same period last year.
Operational Highlights and Future Outlook
Butterfly Network's CEO, Joe DeVivo, highlighted the company's strategic initiatives and partnerships, including the recent partnership with Forest Neurotech and the launch of the Butterfly Garden ecosystem. The company also made substantial progress on its education priority by announcing the Butterfly Certified program and ScanLab.
Despite the challenges, the company remains optimistic about its growth prospects. The company's guidance for the Fiscal Year 2023 is based on current market conditions, the Company’s existing run-rate, resources and product offerings assuming no large one-time deals occur for the remainder of the year.
Financial Tables
The company's condensed consolidated statements of operations and comprehensive loss, balance sheets, and statements of cash flows provide a detailed view of its financial performance. The gross profit and gross margin table shows a gross margin increase to 60.8% from 56.0% in the prior year period. The adjusted EBITDA table shows a loss of $12.5 million, compared to a loss of $31.8 million in the prior year period.
Investors are encouraged to review these financial tables for a comprehensive understanding of Butterfly Network Inc (BFLY, Financial)'s financial performance.
Explore the complete 8-K earnings release (here) from Butterfly Network Inc for further details.
