The following is a summary of the Butterfly Network, Inc. (BFLY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Butterfly Network reported a Q1 2024 revenue of $17.7 million, marking a 14% increase, driven by a 22% rise in probe volume.
The company noted an adjusted EBITDA loss of $13.2 million for Q1 2024, down significantly from the $22.3 million loss last year.
The company expects a 15% to 20% revenue growth for 2024, upgrading the forecast from earlier expected low double-digit growth.
The company managed to decrease its cash requirements and is exploring non-dilutive financing options to extend the company's financial runway.
Business Progress:
Butterfly Network successfully launched iQ3, a product gaining acceptance in multiple medical fields, and has a robust line of new products and services.
iQ3 global rollout is in progress, with entry into Canada and Europe planned in 2024.
Progress has been made to incorporate their technology into medical schools, including selling to five schools in Q1.
Innovation in the company continues with new features planned for the iQ+ product and a new offering - iQ+ bladder, set to launch in the U.S this quarter.
A new home care offering is in the pipeline, expected to start in 2025.
Positive feedback has been received from healthcare operators, who reported quicker, more effective diagnoses with Butterfly's technology.
Butterfly Network is making substantial investments in a semiconductor program for varied applications of ultrasound technology.
The company noted it is reducing cash burn and is confident in recapturing their momentum.
More details: Butterfly Network IR
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