Butterfly Network projects 35% Q4 revenue growth

BURLINGTON, Mass & NEW YORK - Butterfly Network, Inc. (NYSE: NYSE:BFLY), a company specializing in portable ultrasound technology, anticipates a 35% year-over-year revenue increase for the fourth quarter ending December 31, 2024. This figure, revealed today, is a preliminary estimate and has not been audited.

President, CEO, and Chairman Joseph DeVivo remarked on the company's performance, attributing the growth to consistent execution, product excellence, and a dedicated team. CFO and COO Heather Getz announced intentions to report audited results for the fourth quarter and full year of 2024 in late February and to provide financial guidance for 2025 at that time. Based on InvestingPro's Fair Value analysis, the stock currently appears to be trading near its fair value, with analysts setting price targets between $3 and $4.50.

The company's preliminary data suggests a strong finish for 2024 and a positive outlook for 2025, with an emphasis on maintaining fiscal discipline while pursuing revenue growth. These preliminary results are part of a business update that will be presented by DeVivo at the 43rd J.P. Morgan Healthcare Conference on January 16, 2025.

Investors should note that the reported preliminary revenue growth is based on information currently available and is subject to change following the completion of Butterfly's financial statement closing procedures. The unaudited figures are provided by the company's management, and Deloitte & Touche LLP has not expressed an opinion on this preliminary data.

Butterfly Network's forward-looking statements are subject to various risks and uncertainties, and actual results may differ from current projections. Factors that could influence these results include product acceptance, regulatory approval, market potential, competition, and financial conditions.

The company, founded in 2011, is known for its Butterfly iQ, the first handheld, single-probe whole-body ultrasound system, with subsequent generations iQ+ and iQ3 released in 2020 and 2024, respectively. This technology aims to make medical imaging more accessible and affordable globally. The company holds more cash than debt on its balance sheet, positioning it well for future growth. For comprehensive analysis of BFLY and 1,400+ other stocks, investors can access detailed Pro Research Reports through InvestingPro's premium subscription.

This financial update is based on a press release statement provided by Butterfly Network, Inc.

In other recent news, Butterfly Network continues to demonstrate strong business performance, with TD Cowen expressing a positive outlook on the company. The firm's analysts have raised the stock target to $4.50, citing sustained momentum from the global launch of the iQ3, Butterfly Network's latest product. They anticipate these advancements to persist into 2025 and beyond, with a target for the company to reach cash flow breakeven by 2027 and to achieve an annual revenue run rate of $500 million within the next five years.

Butterfly Network has also posted record Q3 revenue for 2024, reaching $20.6 million, marking a 33% year-over-year growth. The company's financial performance was bolstered by a substantial rise in product sales, particularly the iQ3 probes, and improved average selling prices. Butterfly Network also updated its 2024 revenue guidance, expecting 20% growth.

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. The creation of a new subsidiary, Octiv, to commercialize ultrasound technology in new sectors, further highlights Butterfly Network's innovative approach to growth.

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