Butterfly Network (NYSE:BFLY) Releases Quarterly Earnings Results

Butterfly Network (NYSE:BFLY) announced its quarterly earnings results on Friday. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01, RTT News reports. Butterfly Network had a negative net margin of 153.29% and a negative return on equity of 43.77%. The company had revenue of $20.56 million for the quarter, compared to the consensus estimate of $19.12 million. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. Butterfly Network updated its FY 2024 guidance to EPS.

Butterfly Network Price Performance

NYSE:BFLY opened at $2.03 on Friday. The firm has a 50 day simple moving average of $1.68 and a 200-day simple moving average of $1.22. The firm has a market cap of $431.53 million, a PE ratio of -4.41 and a beta of 2.17. Butterfly Network has a 1-year low of $0.67 and a 1-year high of $2.20.

Analysts Set New Price Targets

Separately, Lake Street Capital started coverage on shares of Butterfly Network in a research report on Tuesday, September 10th. They issued a “buy” rating and a $3.00 price objective for the company.

Insider Activity

In other news, Director Larry Robbins acquired 244,774 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was acquired at an average price of $1.07 per share, with a total value of $261,908.18. Following the completion of the transaction, the director now directly owns 9,955,144 shares in the company, valued at approximately $10,652,004.08. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Larry Robbins purchased 244,774 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average price of $1.07 per share, with a total value of $261,908.18. Following the completion of the transaction, the director now owns 9,955,144 shares of the company’s stock, valued at approximately $10,652,004.08. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph Devivo purchased 104,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average cost of $0.95 per share, with a total value of $98,800.00. Following the transaction, the chief executive officer now directly owns 7,009,221 shares of the company’s stock, valued at $6,658,759.95. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 27.28% of the company’s stock.

About Butterfly Network

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.