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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 1, 2024

Butterfly Network, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-39292

84-4618156

(State or other jurisdiction of
incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

1600 District Avenue
Burlington, MA


01803

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (781) 557-4800

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, par value $0.0001 per share

BFLY

The New York Stock Exchange

Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share

BFLY WS

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company         

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02.    Results of Operations and Financial Condition.

On November 1, 2024, Butterfly Network, Inc. (the “Company”) issued a press release announcing its results for the third quarter ended September 30, 2024 and providing a business update. A copy of the press release is furnished as Exhibit 99.1 hereto.

The information in this Item 2.02 (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing

Item 9.01    Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit No.

    

Description

99.1

 

Press Release dated November 1, 2024

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

Forward-Looking Statements

Certain statements, estimates, targets and projections in this Current Report on Form 8-K may constitute “forward-looking statements” within the meaning of the federal securities laws. The words “anticipate,” “believe,” continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding the Company’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. the Company gives no assurance that any expectations set forth in this Current Report on Form 8-K will be achieved. Various risks and uncertainties (some of which are beyond the Company’s control) or other factors could cause actual future results, performance or events to differ materially from those described herein. Some of the factors that may impact future results and performance may include, without limitation: the Company’s ability to regain compliance with the continued listing standards of the NYSE within the applicable cure period, the Company’s ability to continue to comply with applicable listing standards of the NYSE, and other important factors discussed in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and in other filings that the Company makes with the Securities and Exchange Commission. These filings address other important risks and uncertainties that could cause actual results and events to differ materially from those contained in the forward-looking statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    

BUTTERFLY NETWORK, INC.

By:

/s/ Heather C. Getz, CPA

Name:

Heather C. Getz, CPA

Title:

Executive Vice President and Chief Financial & Operations Officer

Date: November 1, 2024

Exhibit 99.1

Butterfly Network Reports Third Quarter 2024 Financial Results

Delivered Quarterly Revenue of $20.6mm, 33% YoY Growth

Raises Full Year Revenue and Adjusted EBITDA Guidance

Delivered quarterly Revenue of $20.6 million in Q3, representing 33% YoY growth
Reduced Q3 Net Loss by 38% and Net Cash Used in Operations by 50%
Launched iQ3 in Europe and opened new markets in Indonesia, the Netherlands, and Belgium
Announced the formation of Octiv™, a wholly owned subsidiary focused on bringing Butterfly’s chip to new sectors

BURLINGTON, Mass. & NEW YORK--(BUSINESS WIRE) -- Butterfly Network, Inc. (NYSE: BFLY) (“Butterfly” or the “Company”), a digital health company transforming care with portable, semiconductor-based ultrasound technology and intuitive software, today announced financial results for the third quarter ended September 30, 2024, and provided a business update.

Joseph DeVivo, Butterfly's President, Chief Executive Officer and Chairman commented, “The Butterfly team is proud to report a fifth consecutive quarter in which we met or exceeded expectations. Our third quarter delivered growth of 33% versus 2023, while reducing cash use to a historic low. This success came from consistent, repeatable execution across all channels, driven by great products and a dedicated team. We’ve caught our stride and continue to gain momentum; with this, we are pleased to be giving improved guidance today on the top and bottom line.

DeVivo continued, "What’s more, while delivering strong results today, the Butterfly team has also kept our eye on the future. We remain fully committed to the strategic growth pillars we introduced at our March 2024 Investor Day. We look forward to sharing details of our operational and strategic highlights during today’s conference call, including announcing new developments in our Butterfly HomeCare services business, and an exciting opportunity to fully capitalize on our Powered by Butterfly™ chip licensing program.”

Recent Operational and Strategic Highlights:

Butterfly’s Return-on-Investment Validation: Published a case study demonstrating that University of Rochester Medical Center’s system-wide deployment of Butterfly is enhancing patient care and financial performance. Additional research by Dr. Stephen Erickson at Jefferson Healthcare shows Butterfly devices pay for themselves quickly for individual practitioners, as well.

Medical Education Progress: Announced Kansas City University as the first U.S. medical school to leverage Butterfly ScanLab™ as the foundation of its POCUS curriculum.

International Market Expansion: Launched Butterfly iQ3 in Europe, and opened new markets in Indonesia, the Netherlands, and Belgium.

Butterfly Veterinary Advancements: Announced data from Kansas State University with Beef Cattle Institute on chute-side management of bovine respiratory disease, confirming the value of Butterfly in creating a new decision-making process for cattle operations globally.


Butterfly Garden Growth: Signed two new Butterfly Garden partners, bringing the portfolio to 17 companies. On October 28, 2024, HeartFocus by Deski announced the commercial launch of its AI-powered cardiac training app.

Butterfly HomeCare Pilot Announcement: In the fourth quarter 2024, Butterfly HomeCare is set to begin a pilot for virtual chronic care management with a leading Medicare Advantage provider to improve heart failure outcomes through AI-powered imaging.

Octiv™ Subsidiary Formation Announcement: as a next step to monetize the full value of Powered by Butterfly™, the Company plans to form Octiv – a wholly-owned subsidiary dedicated to bringing Butterfly’s proprietary chip to new sectors. With the creation of Octiv, the Company’s goal is to increase access to capital from new investors, while unlocking value for current Butterfly shareholders.

European Union’s Restriction of Hazardous Substances (RoHS) Update: Butterfly leadership met with the officials responsible for the RoHS exemptions revision on September 11, 2024 in Brussels. During the discussion, Butterfly’s revocation was welcomed with significant support from the European Commission representatives. Subsequently, on October 23, 2024, Butterfly re-submitted its revocation request, providing additional information and details suggested by the European Commission.

Three Months Ended September 30, 2024 Financial Results

Revenue: Total revenue was $20.6 million, up 33% from $15.4 million in the third quarter of 2023. U.S. revenue was $13.1 million, up 27% from prior year, driven by the recently launched next-generation iQ3 probe’s higher selling price and increased enterprise software revenue. International revenue increased 36% year-over-year to $5.2 million, with new geographies contributing revenue. Other revenue contributed $2.3 million.

Product revenue was $13.5 million, an increase of 55% versus the prior year period, driven by the 37% increase in units fulfilled year-over-year and the iQ3’s higher selling price.
Software and other services revenue was up 5% year-over-year at $7.0 million. Software and other services mix was 34% of revenue and decreased by 9 percentage points versus the prior year due to the higher product revenue achieved this quarter. Enterprise as a percentage of software revenue increased 5 percentage points year-over-year.

Gross profit: Gross profit was $12.2 million versus $9.4 million in the prior year period, and adjusted gross profit was $12.3 million versus $9.4 million in the prior period. Gross margin decreased to 59.5% from 60.8% in the prior year period, and adjusted gross margin decreased to 60.0% from 60.8% in the prior year period. These decreases are primarily due to the higher cost to manufacture iQ3 including efficiencies in starting a new line and warranty expense; product mix, reflecting a higher proportion of product revenues; and higher amortization which reduced margin by approximately 90 basis points, largely offset by higher average selling prices.

Operating expenses: Operating expenses were $29.5 million, down 30% from $41.9 million in the prior year period, due to previously announced reductions in force, as well as non-payroll spending rationalization across all areas.


Total operating expenses excluding stock-based compensation and Other expense were $23.4 million, compared to $25.9 million in the third quarter of 2023, representing a decrease of 10%.

Net loss: Net loss was $16.9 million, compared to $27.4 million in the prior year period.

Adjusted EBITDA: Adjusted EBITDA loss was $8.4 million, compared to $12.5 million in the prior year period.

Adjusted EPS: Adjusted EPS was ($0.05), compared to ($0.07) in the prior year period.

Cash, cash equivalents, and restricted cash: Cash, cash equivalents, and restricted cash were $97.8 million as of September 30, 2024.

Guidance

Increased Revenue Guidance and improved Adjusted EBITDA guidance for the Fiscal Year 2024 to:

Revenue guidance of $79 million to $81 million or over 20% growth
Improved adjusted EBITDA guidance by $5 million to a loss of $42 million - $40 million

Reconciliation of GAAP to Adjusted

Reconciliations of gross margin to adjusted gross margin and of net loss to adjusted EBITDA and adjusted EPS for the three and nine months ended September 30, 2024, and 2023 is provided in the financial schedules that are part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Non-GAAP Financial Measures.”

Conference Call

A conference call and webcast to discuss third quarter 2024 financial performance and operational progress is scheduled for 8:00 am ET on November 1, 2024. The conference call will be broadcast live in listen-only mode via a webcast on Butterfly’s Investor Relations website at Events & Presentations. Individuals interested in listening to the conference call on your telephone may do so by dialing approximately ten minutes prior to start time:

US domestic callers: +1 (833) 470-1428

Global Dial-In Numbers:

https://www.netroadshow.com/events/global-numbers?confId=71022

Access Code: 668983

After the live webcast, the call will be archived on Butterfly’s Investor Relations page. In addition, a telephone replay of the call will be available until November 15, 2024, by dialing:

U.S. (Toll-Free): +1 866-813-9403
U.S. / International (Tolled): +1 929-458-6194
Access Code: 736364


About Butterfly Network

Founded by Dr. Jonathan Rothberg in 2011, Butterfly Network is a digital health company with a mission to democratize medical imaging by making high-quality ultrasound affordable, easy-to-use, globally accessible, and intelligently connected, including for the 4.7 billion people around the world lacking access to ultrasound. Butterfly created the world's first handheld single-probe, whole-body ultrasound system using semiconductor technology, Butterfly iQ. The company has continued to innovate, leveraging the benefits of Moore’s Law, to launch its second-generation Butterfly iQ+ in 2020, and third generation iQ3 in 2024 – each with increased processing power and performance enhancements. The disruptive technology has been recognized by TIME’s Best Inventions, Fast Company’s World Changing Ideas, CNBC Disruptor 50, and MedTech Breakthrough Awards, among other accolades. With its proprietary Ultrasound-on-Chip™ technology, intelligent software, and educational offerings, Butterfly is paving the way to mass adoption of ultrasound for earlier detection and remote management of health conditions around the world. Butterfly devices are commercially available to trained healthcare practitioners in areas including, but not limited to, parts of Africa, Asia, Australia, Europe, the Middle East, North America and South America; to learn more about available countries, visit: https://www.butterflynetwork.com/choose-your-country.

Non-GAAP Financial Measures

In addition to providing financial measures based on generally accepted accounting principles in the United States of America (“GAAP”), we provide additional financial measures that are not prepared in accordance with GAAP (“non-GAAP”). The non-GAAP financial measures included in this press release are adjusted gross profit, adjusted gross margin, adjusted EBITDA, and adjusted EPS. We present non-GAAP financial measures in order to assist readers of our financial statements in understanding the core operating results that our management uses to evaluate the business and for financial planning purposes. Our non-GAAP financial measures provide an additional tool for investors to use in comparing our financial performance over multiple periods.

The non-GAAP financial measures included in this press release are key performance measures that our management uses to assess our operating performance. These non-GAAP measures facilitate internal comparisons of our operating performance on a more consistent basis. We use these performance measures for business planning purposes and forecasting. We believe that these non-GAAP measures enhance an investor’s understanding of our financial performance as they are useful in assessing our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business.

The non-GAAP financial measures included in this press release may not be comparable to similarly titled measures of other companies because they may not calculate these measures in the same manner. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. When evaluating the Company’s performance, you should consider adjusted gross profit, adjusted gross margin, adjusted EBITDA, and adjusted EPS alongside other financial performance measures prepared in accordance with GAAP, including gross profit, gross margin, net loss, and EPS.

The non-GAAP financial measures do not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP. In this press release, we have provided reconciliations of adjusted gross profit to gross profit, adjusted gross margin to gross margin, and adjusted EBITDA and adjusted EPS to net loss,


the most directly comparable GAAP financial measures. Reconciliations of our non-GAAP financial measures to corresponding GAAP measures are not available on a forward-looking basis because we are unable to predict with reasonable certainty the non-cash component of employee compensation expense, changes in our working capital needs, variances in our supply chain, the impact of earnings or charges resulting from matters we consider not to be reflective, on a recurring basis, of our ongoing operations, and other such items without unreasonable effort. These items are uncertain, depend on various factors, and could be material to our results computed in accordance with GAAP. Management strongly encourages investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Our actual results may differ from our expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, our expectations with respect to financial results, future performance, commercialization and plans to deploy our products and services, development of products and services, and the size and potential growth of current or future markets for our products and services. Forward-looking statements are based on our current beliefs and assumptions and on information currently available to us. These forward-looking statements involve significant known and unknown risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside our control and are difficult to predict. Factors that may cause such differences include, but are not limited to: our ability to grow and manage growth effectively; the success, cost, and timing of our product and service development activities; the potential attributes and benefits of our products and services; the degree to which our products and services are accepted by healthcare practitioners and patients for their approved uses; our ability to obtain and maintain regulatory approval for our products, and any related restrictions and limitations of any approved product; our ability to identify, in-license, or acquire additional technology; our ability to maintain our existing license, manufacturing, supply, and distribution agreements; our ability to compete with other companies currently marketing or engaged in the development of products and services that we are currently marketing or developing; changes in applicable laws or regulations; the size and growth potential of the markets for our products and services, and our ability to serve those markets, either alone or in partnership with others; the pricing of our products and services, and reimbursement for medical procedures conducted using our products and services; our estimates regarding expenses, revenue, capital requirements, and needs for additional financing; our financial performance; our ability to raise financing in the future; and other risks and uncertainties indicated from time to time in our most recent Annual Report on Form 10-K or in subsequent filings that we make with the Securities and Exchange Commission. We caution that the foregoing list of factors is not exclusive. We caution you not to place undue reliance upon any forward-looking statements, which speak only as of the date of this press release. We do not undertake or accept any obligation or undertake to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, or circumstances on which any such statement is based.


Contacts:

Investors
Heather Getz

Chief Financial and Operations Officer, Butterfly
investors@butterflynetwork.com


BUTTERFLY NETWORK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share amounts)

(Unaudited)

Three months ended September 30, 

Nine months ended September 30, 

    

2024

    

2023

    

2024

    

2023

Revenue:

  

  

  

  

Product

$

13,538

$

8,753

$

39,478

$

29,874

Software and other services

 

7,023

 

6,668

 

20,227

 

19,510

Total revenue

20,561

15,421

59,705

49,384

Cost of revenue:

  

  

  

  

Product

6,065

3,929

17,739

13,765

Software and other services

2,263

2,110

6,870

6,226

Total cost of revenue

8,328

6,039

24,609

19,991

Gross profit

12,233

9,382

35,096

29,393

Operating expenses:

Research and development

8,844

12,130

28,975

44,409

Sales and marketing

9,607

9,012

29,713

28,776

General and administrative

9,353

11,560

29,868

37,239

Other

1,675

9,243

3,639

17,848

Total operating expenses

29,479

41,945

92,195

128,272

Loss from operations

(17,246)

(32,563)

(57,099)

(98,879)

Interest income

1,221

1,903

4,023

5,714

Interest expense

(319)

(928)

Change in fair value of warrant liabilities

(1,239)

3,511

(826)

3,924

Other income (expense), net

717

(217)

517

(256)

Loss before provision for income taxes

(16,866)

(27,366)

(54,313)

(89,497)

Provision for income taxes

 

58

 

2

 

78

 

82

Net loss and comprehensive loss

$

(16,924)

$

(27,368)

$

(54,391)

$

(89,579)

Net loss per common share attributable to Class A and B common stockholders, basic and diluted

$

(0.08)

$

(0.13)

$

(0.26)

$

(0.44)

Weighted-average shares used to compute net loss per share attributable to Class A and B common stockholders, basic and diluted

212,774,085

206,740,234

211,109,792

204,749,108


BUTTERFLY NETWORK, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)

    

September 30, 

    

December 31, 

    

2024

    

2023

    

Assets

  

  

Current assets:

  

  

Cash and cash equivalents

$

93,758

$

134,437

Accounts receivable, net

 

20,621

 

13,418

Inventories

 

73,271

 

73,022

Current portion of vendor advances

4,351

2,815

Prepaid expenses and other current assets

 

7,492

 

7,571

Total current assets

199,493

231,263

Property and equipment, net

21,176

25,321

Intangible assets, net

9,266

10,317

Non-current portion of vendor advances

 

15,082

 

15,276

Operating lease assets

14,606

15,675

Other non-current assets

 

5,649

 

6,422

Total assets

$

265,272

$

304,274

Liabilities and stockholders’ equity

 

Current liabilities:

 

  

 

  

Accounts payable

$

3,651

$

5,090

Deferred revenue, current

 

16,425

 

15,625

Accrued purchase commitments, current

 

131

 

131

Accrued expenses and other current liabilities

22,585

23,425

Total current liabilities

42,792

44,271

Deferred revenue, non-current

7,035

7,394

Warrant liabilities

1,652

826

Operating lease liabilities

21,030

22,835

Other non-current liabilities

10,931

8,895

Total liabilities

83,440

84,221

Commitments and contingencies

Stockholders’ equity:

Class A common stock $.0001 par value; 600,000,000 shares authorized at September 30, 2024 and December 31, 2023; 186,557,521 and 181,221,794 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

19

18

Class B common stock $.0001 par value; 27,000,000 shares authorized at September 30, 2024 and December 31, 2023; 26,426,937 shares issued and outstanding at September 30, 2024 and December 31, 2023

3

3

Additional paid-in capital

965,839

949,670

Accumulated deficit

(784,029)

(729,638)

Total stockholders’ equity

181,832

220,053

Total liabilities and stockholders’ equity

$

265,272

$

304,274


BUTTERFLY NETWORK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Nine months ended September 30, 

2024

2023

Cash flows from operating activities:

Net loss

    

$

(54,391)

    

$

(89,579)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

Depreciation, amortization, and impairments

 

7,835

 

8,332

Non-cash interest expense

926

Write-down of inventories

15

Stock-based compensation expense

15,794

20,924

Change in fair value of warrant liabilities

826

(3,924)

Gain on lease termination

(214)

Other

945

(478)

Changes in operating assets and liabilities:

 

Accounts receivable

(8,158)

711

Inventories

 

(264)

 

(34,046)

Prepaid expenses and other assets

681

2,354

Vendor advances

(1,342)

15,646

Accounts payable

(1,440)

1,092

Deferred revenue

441

(423)

Accrued purchase commitments

(1,934)

Change in operating lease assets and liabilities

(549)

(671)

Accrued expenses and other liabilities

94

(3,509)

Net cash used in operating activities

(38,587)

(85,719)

Cash flows from investing activities:

 

  

 

  

Purchases of marketable securities

(297)

Sales of marketable securities

76,484

Purchases of property, equipment, and intangible assets, including capitalized software

 

(2,286)

 

(3,271)

Sales of property and equipment

36

10

Net cash (used in) provided by investing activities

(2,250)

72,926

 

 

Cash flows from financing activities:

 

 

Proceeds from exercise of stock options and warrants

 

 

228

Net cash provided by financing activities

228

Net decrease in cash, cash equivalents, and restricted cash

(40,837)

(12,565)

Cash, cash equivalents, and restricted cash, beginning of period

138,650

166,828

Cash, cash equivalents, and restricted cash, end of period

$

97,813

$

154,263


BUTTERFLY NETWORK, INC.

ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN

(In thousands)

(Unaudited)

Three months ended September 30, 

Nine months ended September 30, 

2024

2023

2024

2023

Revenue

    

$

20,561

    

$

15,421

    

$

59,705

    

$

49,384

Cost of revenue

 

8,328

 

6,039

 

24,609

 

19,991

Gross profit

$

12,233

$

9,382

$

35,096

$

29,393

Gross margin

59.5

%

60.8

%

58.8

%

59.5

%

    

    

    

    

Add:

 

  

 

  

 

  

 

  

Write-downs and write-offs of inventories

 

97

 

 

97

 

Adjusted gross profit

$

12,330

$

9,382

$

35,193

$

29,393

Adjusted gross margin

60.0

%

60.8

%

58.9

%

59.5

%

Depreciation and amortization

$

1,632

$

1,448

$

4,862

$

4,127

% of revenue

7.9

%

9.4

%

8.1

%

8.4

%


BUTTERFLY NETWORK, INC.

ADJUSTED EBITDA AND ADJUSTED EPS

(In thousands, except share and per share amounts)

(Unaudited)

Included on the condensed consolidated statements of operations and comprehensive loss as:

Three months ended September 30, 

Nine months ended September 30, 

2024

2023

2024

2023

Net loss

Net loss

    

$

(16,924)

    

$

(27,368)

    

$

(54,391)

    

$

(89,579)

Stock-based compensation

R&D, S&M, and G&A

 

4,411

 

6,815

 

15,794

 

20,924

Write-downs and write-offs of inventories

Cost of revenue

 

97

 

97

Change in fair value of warrant liabilities

Change in fair value of warrant liabilities

1,239

(3,511)

826

(3,924)

Other

Other

1,675

9,243

3,639

17,848

Other expense (income), net

Other income (expense), net

 

(717)

 

217

 

(517)

 

256

Adjusted net loss

(10,219)

(14,604)

(34,552)

(54,475)

Interest income

Interest income

 

(1,221)

 

(1,903)

 

(4,023)

 

(5,714)

Interest expense

Interest expense

 

319

 

 

928

 

Provision for income taxes

Provision for income taxes

 

58

 

2

 

78

 

82

Depreciation and amortization

Cost of revenue, R&D, S&M, and G&A

 

2,618

 

4,027

 

7,835

 

8,332

Adjusted EBITDA

 

$

(8,445)

 

$

(12,478)

 

$

(29,734)

 

$

(51,775)

Adjusted EPS

$

(0.05)

$

(0.07)

$

(0.16)

$

(0.27)

Weighted average shares used to compute adjusted EPS

212,774,085

206,740,234

211,109,792

204,749,108


v3.24.3
Document and Entity Information
Nov. 01, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Nov. 01, 2024
Entity File Number 001-39292
Entity Registrant Name Butterfly Network, Inc.
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 84-4618156
Entity Address State Or Province MA
Entity Address, Address Line One 1600 District Avenue
Entity Address, City or Town Burlington
Entity Address, Postal Zip Code 01803
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
City Area Code 781
Local Phone Number 557-4800
Entity Emerging Growth Company false
Entity Central Index Key 0001804176
Amendment Flag false
Common Class A [Member]  
Document Information [Line Items]  
Title of 12(b) Security Class A common stock, par value $0.0001 per share
Trading Symbol BFLY
Security Exchange Name NYSE
Warrant [Member]  
Document Information [Line Items]  
Title of 12(b) Security Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share
Trading Symbol BFLY WS
Security Exchange Name NYSE

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