Butterfly Network (NYSE:BFLY) Reports Earnings, Surpassing Expectations

Butterfly Network (NYSE:BFLY) announced its quarterly earnings results on Friday, indicating a performance that exceeded analysts' expectations. The company reported an earnings per share (EPS) of ($0.08) for the quarter, surpassing the consensus estimate of ($0.09) by $0.01. According to financial reports, Butterfly Network generated a revenue of $20.56 million for the quarter, which also beat analyst predictions of $19.12 million.

Despite this positive news, Butterfly Network has faced challenges, reflected in its financial metrics. The company reported a negative net margin of 153.29% and a negative return on equity of 43.77%. Last year, during the same quarter, Butterfly encountered a more substantial loss, reporting an EPS of ($0.13).

Additionally, Butterfly Network updated its full-year guidance for 2024, aiming for improved performance.

Butterfly Network Stock Performance

On Friday, shares of Butterfly Network saw a notable increase, rising 14.0%. The stock traded up by $0.25 during the day, reaching $2.03. A total of 7,872,590 shares were exchanged, significantly higher than the average volume of 1,881,832 shares. The company's stock has shown volatility over the past year with a 50-day moving average of $1.68 and a 200-day moving average of $1.22, marking a low of $0.67 and a high of $2.20.

Insider Activity and Ownership

In recent insider news, Director Larry Robbins acquired 244,774 shares of Butterfly Network on August 30th at an average price of $1.07 per share, totaling approximately $261,908. Following this purchase, Robbins now holds 9,955,144 shares valued at around $10,652,004.08, reflecting a minimal change in ownership percentage. Similarly, CEO Joseph Devivo bought 104,000 shares on August 7th for $0.95 per share, a total of $98,800. This acquisition brought his total ownership to 7,009,221 shares, valued at $6,658,759.95.

It is also reported that approximately 27.28% of Butterfly Network's stock is owned by insiders.

Analyst Opinions

In a recent development, Lake Street Capital initiated coverage of Butterfly Network in a research note, giving the stock a 'buy' rating along with a price target of $3.00.

Company Overview

Butterfly Network, Inc. specializes in the development, manufacture, and commercialization of ultrasound imaging technology in both domestic and international markets. Some of its prominent products include Butterfly iQ, a handheld ultrasound system, and Butterfly iQ+ and iQ3 devices, which are designed for whole-body imaging. These innovative tools integrate seamlessly into clinical workflows and can be accessed on smartphones, tablets, and various hospital computer systems.

Overall, the latest earnings report and stock performance indicate an optimistic shift for Butterfly Network, but challenges remain for sustained growth in the future.

Earnings, Stocks, Finance