Butterfly Network Reports Earnings, Surpasses Estimates

Butterfly Network (NYSE:BFLY) released its quarterly earnings results on Friday, revealing that the company reported an earnings per share (EPS) of ($0.08) for the quarter. This result surpassed analysts' consensus expectations of ($0.09) by $0.01, according to reports.

The company showcased a revenue of $20.56 million for the quarter, which exceeded projections set by analysts of $19.12 million. Despite beating earnings estimates, Butterfly Network faced challenges, exhibiting a negative net margin of 153.29% and a negative return on equity (ROE) of 43.77%. In the same quarter last year, the company had a much more significant loss, reporting ($0.13) EPS.

Stock Performance

Following the earnings announcement, Butterfly Network's stock experienced a notable uptick, trading up by 14% to a price of $2.03 during the session on Friday. In total, 7,872,590 shares changed hands, significantly surpassing the average trading volume of 1,881,832 shares. The company has recorded a 50-day moving average of $1.68 and a 200-day moving average of $1.22. Over the past year, the stock's values ranged from a low of $0.67 to a high of $2.20, giving it a market capitalization of approximately $431.52 million. Presently, the stock's price-to-earnings ratio stands at -3.98, and its beta is 2.18.

Insider Activity and Shareholding

In other news, further developments emerged regarding insider trading at Butterfly Network. Director Larry Robbins conducted a transaction on August 30, purchasing 244,774 shares at an average price of $1.07 per share, totaling around $261,908. Following this purchase, Robbins now holds 9,955,144 shares, valued at approximately $10,652,004. Additionally, CEO Joseph DeVivo acquired 104,000 shares on August 7 at an average cost of $0.95 per share, amounting to $98,800. After this acquisition, DeVivo's total share ownership reached 7,009,221, valued at $6,658,760. Currently, insiders hold 27.28% of the company's stock.

Analyst Ratings

On a related note, industry analysts continue to evaluate Butterfly Network's future prospects. Lake Street Capital initiated coverage on the stock with a 'buy' rating and a target price set at $3.00.

About Butterfly Network

Butterfly Network, Inc. specializes in developing, manufacturing, and commercializing ultrasound imaging solutions both domestically and internationally. Its notable products include Butterfly iQ, a handheld and single-probe ultrasound system, as well as the Butterfly iQ+ and iQ3 devices, designed for whole-body imaging. These devices integrate seamlessly into clinical workflows and are accessible via smartphones, tablets, and nearly any hospital computer system.

earnings, stocks, analysis