Butterfly Network (NYSE:BFLY) Issues Quarterly Earnings Results

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

Butterfly Network Stock Performance

BFLY stock traded up $0.25 during trading on Friday, hitting $2.03. The stock had a trading volume of 7,872,590 shares, compared to its average volume of 1,881,832. Butterfly Network has a 1-year low of $0.67 and a 1-year high of $2.20. The stock has a market cap of $431.52 million, a price-to-earnings ratio of -3.98 and a beta of 2.18. The company’s 50 day moving average price is $1.68 and its two-hundred day moving average price is $1.22.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital began coverage on Butterfly Network in a research note on Tuesday, September 10th. They issued a “buy” rating and a $3.00 target price on the stock.

Insider Transactions at Butterfly Network

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