Butterfly Network (NYSE:BFLY) Announces Earnings Results, Exceeds Estimates

Butterfly Network (NYSE:BFLY) announced its quarterly earnings results on Friday, bringing some positive news to investors. The company reported an earnings per share (EPS) of ($0.08) for the quarter, which exceeded analysts' expectations of ($0.09) by a margin of $0.01, according to RTT News. In terms of revenue, Butterfly Network generated $20.56 million for the quarter, surpassing the predicted $19.12 million made by analysts.

However, the company continues to face challenges, evidenced by its negative net margin of 153.29% and a negative return on equity of 43.77%. In comparison to the same quarter last year, when the company reported an EPS of ($0.13), this quarter shows improvement.

Stock Performance Update

On the same day that earnings results were announced, Butterfly Network's stock price rose by 14.0%. During trading hours on Friday, the stock climbed $0.25, reaching a price of $2.03. The volume of shares traded was considerably higher than average, with 7,872,590 shares exchanging hands compared to the typical volume of 1,881,832 shares. The company's stock has a 50-day moving average of $1.68 and a 200-day moving average of $1.22, with its previous year’s low being $0.67 and high at $2.20. Currently, Butterfly Network holds a market capitalization of $431.52 million, with a price-to-earnings (P/E) ratio of -3.98 and a beta of 2.18.

Insider Trading Moves

In related news, significant insider activity was noted at Butterfly Network. Director Larry Robbins purchased 244,774 shares on August 30th, at an average price of $1.07 per share. This transaction totaled approximately $261,908.18, bringing his total ownership to 9,955,144 shares valued around $10,652,004.08. Additionally, CEO Joseph DeVivo acquired 104,000 shares on August 7th at an average cost of $0.95 per share, amounting to a total purchase of $98,800.00, increasing his ownership to 7,009,221 shares valued at $6,658,759.95. Insider ownership currently stands at 27.28%.

Analysts’ Ratings Update

In a separate note, Lake Street Capital has initiated coverage on Butterfly Network, giving the stock a "buy" rating along with a price target of $3.00.

About Butterfly Network

Butterfly Network, Inc. specializes in developing and manufacturing innovative ultrasound imaging solutions, both domestically and internationally. The company's product range includes the Butterfly iQ, a handheld, multifunction ultrasound device capable of performing whole-body imaging through a single probe, as well as other devices like Butterfly iQ+ and iQ3, which can integrate with existing clinical workflows and are accessible on various digital platforms. They also offer Butterfly iQ+ Vet, designed specifically for veterinary use.

Earnings, Stocks, Financials