Butterfly Network Q2 revenue $21.5M (record), net loss down 45%, raises EBITDA guidance

Butterfly Network, Inc.

2024-Q2 EPS reported -$0.18 revenue$39,143,000

Record quarterly revenue of $21.5M, up 16% YoY; product revenue $14.6M (+19%) and software $6.8M (+10%).
Net loss $15.7M vs $28.7M prior year, down 45%; Adjusted EBITDA loss $8.1M vs $17.0M.
Raised FY 2024 adjusted EBITDA guidance to loss $(50)M-$(45)M from $(55)M-$(50)M; revenue guidance affirmed $75M-$80M.
Regained NYSE minimum bid price compliance on July 31, 2024, after 30 consecutive trading days above $1.00.
Launched iQ3 in Canada, added new AI partners, and achieved $10M annualized cost reduction extending cash runway into 2027.

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