Butterfly Network Reports Earnings, Surpasses Expectations

Butterfly Network (NYSE:BFLY) announced its quarterly earnings results on Friday. The company reported losses of ($0.08) per share, which is better than the analysts' estimate of ($0.09), beating expectations by $0.01. This marks a slight improvement compared to the same quarter in the previous year when the company reported earnings of ($0.13) per share.

The firm reported revenue of $20.56 million for the quarter, surpassing analyst expectations of $19.12 million. However, Butterfly Network continues to face challenges, as indicated by a negative net margin of 153.29% and a negative return on equity of 43.77%.

Recent Stock Performance

Following the earnings announcement, Butterfly Network's stock experienced a notable increase, rising by 14.0% to reach $2.03 during trading hours on Friday. Approximately 7,872,590 shares changed hands, significantly higher than the average trading volume of 1,881,832 shares. Currently, the stock holds a market capitalization of $431.52 million, a price-to-earnings ratio of -3.98, and a beta of 2.18. The company’s 50-day moving average stands at $1.68, while its 200-day moving average is $1.22. Over the past year, the stock has fluctuated between a low of $0.67 and a high of $2.20.

Insider Transactions

In related news, Director Larry Robbins acquired 244,774 shares of Butterfly Network stock on August 30th, purchasing them at an average price of $1.07 per share. This transaction totaled approximately $261,908. Following this acquisition, Robbins holds a total of 9,955,144 shares valued at around $10.65 million. Another insider, CEO Joseph Devivo, purchased 104,000 shares at an average price of $0.95 on August 7th, totaling $98,800. This move increased his holdings to 7,009,221 shares, valued at nearly $6.66 million. Currently, 27.28% of Butterfly Network’s stock is owned by insiders.

Analyst Ratings

As for the analysts' view on Butterfly Network, Lake Street Capital initiated coverage on the stock on September 10th, giving it a "buy" rating with a price target of $3.00.

About Butterfly Network

Butterfly Network, Inc. designs, manufactures, and markets ultrasound imaging solutions both in the United States and abroad. Its flagship product is the Butterfly iQ, a handheld whole-body ultrasound system that integrates seamlessly with clinical workflows and is accessible on smartphones, tablets, and various hospital computer systems. Additionally, the company offers Butterfly iQ+ and iQ3 devices and a veterinary version known as Butterfly iQ+ Vet.

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