Butterfly Q3 revenue up 34% to $19.6M but net loss widens; cuts FY revenue guide; CCO resigns

Butterfly Network, Inc.

2022-Q3 EPS reported -$0.68 revenue$54,407,000

Q3 revenue $19.6M (+34% YoY); product $13.2M, software/other $6.5M.
Net loss $54.7M vs $13.6M last year; adjusted EBITDA loss $32.9M.
Full-year 2022 revenue guidance revised to $73-76M; adjusted EBITDA loss reaffirmed $155-145M.
Gross margin improved to 56.0% from (35.0)%; adjusted gross margin 61.2%.
Chief Commercial Officer Stacey Pugh resigns effective Nov 24, 2022, not due to disagreement.

item 2.02 item 5.02 item 9.01

Executive movements

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Departed

Stacey Pugh

Chief Commercial Officer

BFLY · Butterfly Network, Inc.

Effective: 2022-11-24
Filed: November 3, 2022, 7:59 PM ET

On November 1, 2022, Stacey Pugh, Chief Commercial Officer of the Company, notified the Company of her resignation effective as of November 24, 2022 to pursue another opportunity.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Butterfly Network, Inc. reported the third quarter ended September 30, 2022 results: revenue $19.6 million, net income $54.7 million. Guidance lowered.

Period: the third quarter ended September 30, 2022
Revenue: $19.6 million
Net income: $54.7 million
Guidance: lowered
Result: reported results

Exact text from the filing

Butterfly Network, Inc. (NYSE: BFLY) (“Butterfly”), a digital health company transforming care with handheld, whole-body ultrasound, today announced financial results for the quarter ended September 30, 2022, and provided a business update. Highlights ● Reported total revenue of $19.6 million for the third quarter ended September 30, 2022, representing a 34.2% increase from $14.6 million for the third quarter ended September 30, 2021

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Stacey Pugh resigned as Chief Commercial Officer at Butterfly Network, Inc..

Action: resigned
Role: Chief Commercial Officer

Exact text from the filing

On November 1, 2022, Stacey Pugh, Chief Commercial Officer of the Company, notified the Company of her resignation effective as of November 24, 2022 to pursue another opportunity.

View on SEC.gov

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Butterfly Network, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-114230

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