Butterfly Network (NYSE:BFLY) shares got a boost today on third-quarter results that came in ahead of the consensus forecast.
Shares of BFLY rose 7% to $1.91 apiece in midday trading today.
The Burlington, Massachusetts-based handheld ultrasound company reported losses of $16.9 million. That equals 8¢ per share on sales of $20.6 million for the three months ended Sept. 30, 2024.
Butterfly Network recorded a 38.2% bottom-line gain on a sales increase of 33.3%.
Adjusted to exclude one-time items, losses per share came in at 5¢. That landed 4¢ ahead of expectations on Wall Street. Sales also topped estimates as experts forecast $19 million in revenue.
Butterfly also announced its Butterfly HomeCare pilot program for virtual chronic care management. In collaboration with a leading Medicare Advantage provider, it aims to improve heart failure outcomes through AI-powered imaging.
“The Butterfly team is proud to report a fifth consecutive quarter in which we met or exceeded expectations,” said Joseph DeVivo, Butterfly president, CEO and chair. “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.”
Butterfly increased its full-year revenue guidance to between $79 million to $81 million, marking over 20% growth from 2023.
