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Steve Cashman, the Chief Business Officer of Butterfly Network, Inc. (NYSE:BFLY), reported the sale of 164,079 shares of Class A Common Stock on December 20, 2024. The shares were sold at a weighted average price of $3.064 per share, resulting in a total transaction value of approximately $502,738. The stock, which has shown remarkable momentum with a 188% year-to-date return according to InvestingPro data, currently trades at $3.4 per share, suggesting continued upward movement since the transaction.
The transaction was part of a "sell-to-cover" policy adopted by the company to satisfy tax withholding obligations related to the vesting of restricted stock units. This automatic sale was not at Cashman's discretion. Following this transaction, Cashman holds 1,835,921 shares in the company, representing a significant stake in this $719 million market cap company. InvestingPro analysis reveals 8 additional key insights about BFLY's financial health and market position, available in the comprehensive Pro Research Report.
In other recent news, Butterfly Network, Inc. recorded a substantial increase in its third-quarter revenue for 2024, reaching a record $20.6 million, which is a 33% year-over-year growth. This financial performance was primarily driven by a significant rise in product sales, specifically the iQ3 probes, and improved average selling prices. The company also updated its revenue guidance for 2024, projecting a 20% growth, and introduced strategic initiatives aimed at achieving long-term financial targets, including reaching cash flow breakeven by 2027 and generating $500 million in revenue within five years.
Butterfly Network's U.S. revenue grew by 27% to $13.1 million, while international revenue rose by 36% to $5.2 million. The company's product revenue, led by iQ3 probes, surged 55% to $13.5 million. Furthermore, Butterfly Network formed a new subsidiary, Octiv, to commercialize ultrasound technology in new sectors.
Despite these positive developments, the company reported an adjusted EBITDA loss of $8.4 million, although this is an improvement from the $12.5 million loss in Q3 2023. Looking ahead, Butterfly Network expects a 20% growth in 2024 revenue, with a forecast of $79 million to $81 million. The company also anticipates a 15% to 20% top-line growth in 2025.
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