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• Revenue: $82.1 million for 2024, representing 25% growth.

• Q4 Revenue: $22.4 million, a 35% increase year-over-year.

• US Revenue: $14.5 million in Q4, up 32% year-over-year.

• International Revenue: $5.5 million in Q4, a 19% increase year-over-year.

• Product Revenue: $14.7 million in Q4, up 45% year-over-year.

• Software and Other Services Revenue: $7.6 million in Q4, a 20% increase year-over-year.

• Gross Profit: $13.7 million in Q4, a 45% increase year-over-year.

• Gross Margin: 61% in Q4, up from 57% in the prior year period.

• Adjusted EBITDA Loss: $38.9 million for 2024, a 42% improvement from 2023.

• Operating Expenses: 16% reduction for the full year 2024.

• Cash and Cash Equivalents: $92.8 million at year-end 2024.

• 2025 Revenue Guidance: $96 million to $100 million, approximately 20% growth.

• 2025 Adjusted EBITDA Loss Guidance: $37 million to $42 million.

• Warning! GuruFocus has detected 5 Warning Signs with BFLY.

Release Date: February 28, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Butterfly Network Inc (NYSE:BFLY) reported a 25% increase in revenue for 2024, reaching $82.1 million, with a significant improvement in adjusted EBITDA by 42%.

• The launch of the iQ3 device was a commercial success, representing 50% of 2024 sales and receiving the prestigious Prix Galien Award.

• Butterfly Network Inc (NYSE:BFLY) expanded its international presence with EU MDR certification for iQ+ and iQ3, facilitating European and Asian market penetration.

• The company successfully raised $81.7 million in a follow-on offering, providing a financial bridge to cash flow independence.

• Butterfly Network Inc (NYSE:BFLY) is actively developing strategic partnerships, including five new partners in areas like neuroscience and generative AI, expected to contribute revenue in 2025.

Negative Points

• Despite revenue growth, Butterfly Network Inc (NYSE:BFLY) still reported an adjusted EBITDA loss of $38.9 million for 2024.

• The company faces ongoing challenges with higher production and warranty costs impacting gross margins.

• Butterfly Network Inc (NYSE:BFLY) has not yet included potential revenue from new initiatives like Octiv or HomeCare in its 2025 guidance, indicating uncertainty in these areas.

• The transition from pilot to commercial revenue in the HomeCare channel remains uncertain, with no specific timeline provided.

• The company is still awaiting the EU Commission's decision on the revocation process for lead exemption in piezoelectric handheld ultrasound devices, which could impact future operations.