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Butterfly Network | 8-K: Butterfly Network Reports Fourth Quarter 2023 Financial Results

SEC announcement ·  Feb 28 22:32
Summary by Moomoo AI
On February 28, 2024, Butterfly Network, Inc., a digital health company known for its innovative ultrasound technology, announced its financial results for the fourth quarter and full year ended December 31, 2023. The company reported revenue of $65.9 million, exceeding expectations, and announced the launch of its next-generation device, the iQ3, and ScanLab in 2024. Butterfly Network successfully completed a cost reduction initiative, removing over $170 million in expenses and reducing its annual cash burn to approximately $60 million. The company also revealed plans for an Investor Day on March 18, 2024, at the New York Stock Exchange. Joseph DeVivo, Butterfly's Chairman and CEO, highlighted 2023 as a transition year, emphasizing the company's efforts in rightsizing the business and investing in growth channels. The early 2024 FDA clearance and launch...Show More
On February 28, 2024, Butterfly Network, Inc., a digital health company known for its innovative ultrasound technology, announced its financial results for the fourth quarter and full year ended December 31, 2023. The company reported revenue of $65.9 million, exceeding expectations, and announced the launch of its next-generation device, the iQ3, and ScanLab in 2024. Butterfly Network successfully completed a cost reduction initiative, removing over $170 million in expenses and reducing its annual cash burn to approximately $60 million. The company also revealed plans for an Investor Day on March 18, 2024, at the New York Stock Exchange. Joseph DeVivo, Butterfly's Chairman and CEO, highlighted 2023 as a transition year, emphasizing the company's efforts in rightsizing the business and investing in growth channels. The early 2024 FDA clearance and launch of the Butterfly iQ3, featuring advanced semiconductor chip technology, positions the company for growth. Butterfly Network also announced partnerships and agreements, such as with Mendaera and Forest Neurotech, and the expansion of its Butterfly Garden ecosystem. The company completed a significant cost reduction and reorganization, aiming to extend its cash runway into 2026 and reinvest in its sales team. Despite a net loss of $44.1 million for the quarter, the company's adjusted EBITDA loss improved compared to the previous year. Butterfly Network ended the year with $138.7 million in cash, cash equivalents, and restricted cash, and provided guidance for low double-digit revenue growth and an adjusted EBITDA loss of $60 million to $50 million for fiscal year 2024.

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