As you might know, Butterfly Network, Inc. (NYSE:BFLY) just kicked off its latest first-quarter results with some very strong numbers. Results overall were credible, with revenues arriving 5.1% better than analyst forecasts at US$18m. Higher revenues also resulted in lower statutory losses, which were US$0.10 per share, some 5.1% smaller than the analysts expected. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.

Taking into account the latest results, the current consensus from Butterfly Network's two analysts is for revenues of US$76.3m in 2024. This would reflect a notable 12% increase on its revenue over the past 12 months. The loss per share is expected to greatly reduce in the near future, narrowing 27% to US$0.42. Before this latest report, the consensus had been expecting revenues of US$72.9m and US$0.45 per share in losses. So there seems to have been a moderate uplift in analyst sentiment with the latest consensus release, given the upgrades to both revenue and loss per share forecasts for this year.

It will come as no surprise to learn thatthe analysts have increased their price target for Butterfly Network 13% to US$3.38on the back of these upgrades.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Butterfly Network's past performance and to peers in the same industry. The analysts are definitely expecting Butterfly Network's growth to accelerate, with the forecast 16% annualised growth to the end of 2024 ranking favourably alongside historical growth of 8.4% per annum over the past three years. Compare this with other companies in the same industry, which are forecast to grow their revenue 8.1% annually. Factoring in the forecast acceleration in revenue, it's pretty clear that Butterfly Network is expected to grow much faster than its industry.

The Bottom Line

The most obvious conclusion is that the analysts made no changes to their forecasts for a loss next year. Pleasantly, they also upgraded their revenue estimates, and their forecasts suggest the business is expected to grow faster than the wider industry. We note an upgrade to the price target, suggesting that the analysts believes the intrinsic value of the business is likely to improve over time.

Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have analyst estimates for Butterfly Network going out as far as 2026, and you can see them free on our platform here.

However, before you get too enthused, we've discovered 4 warning signs for Butterfly Network that you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.