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BURLINGTON, Mass. & NEW YORK - Butterfly Network, Inc. (NYSE: NYSE:BFLY), known for its portable ultrasound technology, announced today it has initiated a public offering of its Class A common stock. The company also plans to provide underwriters a 30-day option to purchase an additional 15% of the shares sold in the offering.
The proceeds from the sale are earmarked for the development and commercialization of new and existing products and services, along with general corporate purposes. The company maintains a strong liquidity position with a current ratio of 4.66, indicating substantial cash reserves to support its operations. For deeper insights into Butterfly Network’s financial health and growth prospects, InvestingPro offers comprehensive analysis through its exclusive Pro Research Report, available for over 1,400 US stocks.
Bookrunners for the offering include TD Cowen, William Blair, and Lake Street Capital Markets. The offering is contingent on market conditions, and there are no guarantees regarding the completion or the specifics of the offering.
The sale is being conducted under a shelf registration statement filed with the Securities and Exchange Commission (SEC) on August 8, 2023, which became effective on August 22, 2023. Pertinent documents, such as the preliminary prospectus supplement and the accompanying prospectus, will be accessible on the SEC’s website.
Butterfly Network is a digital health company that revolutionized medical imaging with its Ultrasound-on-Chip™ technology and software solutions. While the company has achieved significant technological milestones, InvestingPro analysis indicates it faces profitability challenges, with analysts not expecting positive earnings this year. InvestingPro subscribers have access to 8 additional key insights about BFLY’s financial outlook and market position. Since launching its first handheld, single-probe, whole-body ultrasound system in 2018, Butterfly has released subsequent models, with the iQ3 in 2024 receiving the Best Medical (TASE:PMCN) Technology award at the 2024 Prix Galien USA Awards.
The company’s products are designed to make healthcare more accessible and affordable worldwide, and are currently available to healthcare professionals in various regions including Africa, Asia, Europe, and the Americas.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, and any sales will be conducted in compliance with applicable state and jurisdictional securities laws.
The information contained in this article is based on a press release statement from Butterfly Network, Inc.
In other recent news, Butterfly Network has seen a flurry of activity from analysts and has reported promising financial results. Oppenheimer maintained its Outperform rating on Butterfly Network and raised its price target from $3.75 to $5.00, citing a strategic shift that could enhance the company’s revenue potential. This sentiment was echoed by TD Cowen, which raised its price target to $4.50, highlighting the launch of the iQ3 as a key driver for this optimistic valuation.
Butterfly Network also reported a significant increase in its third-quarter revenue for 2024, reaching a record $20.6 million, marking a 33% year-over-year growth. The company also updated its revenue guidance for 2024, expecting 20% growth, and outlined its strategic initiatives aimed at achieving long-term financial targets.
Butterfly Network anticipates a 35% year-over-year revenue increase for the fourth quarter ending December 31, 2024. The company’s preliminary data suggests a strong finish for 2024 and a positive outlook for 2025. These recent developments underscore Butterfly Network’s robust business momentum, with strong demand across all sales channels and the successful launches of the iQ3 in both U.S. and international markets. The company’s strategic initiatives have positioned it well to capitalize on the expanding handheld ultrasound market.
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