Butterfly Network’s Q4 and Full Year 2024 Financial Results and Business Update
Butterfly Network, Inc., a pioneering digital health company specializing in portable, semiconductor-based ultrasound technology and user-friendly software, recently disclosed its financial results for the fourth quarter and fiscal year that ended on December 31, 2024. In a Business Wire press release, Joseph DeVivo, Butterfly’s President, Chief Executive Officer, and Chairman, shared some insights into the company’s accomplishments and future plans.
Financial Highlights
According to the press release, Butterfly’s fourth-quarter revenue came in at $37.4 million, representing a significant year-over-year increase of 219%. The full-year revenue for 2024 was $113.6 million, marking a substantial 185% growth from the previous year. The company’s net loss for the year was $238.2 million, which DeVivo attributed to investments in research and development, sales and marketing, and infrastructure to support the growth.
Product and Business Developments
Butterfly’s Butterfly iQ handheld ultrasound device, which was launched in 2023, has seen significant adoption, with over 15,000 units sold as of December 31, 2024. The company plans to introduce new products and expand its reach into new markets, including cardiology and obstetrics, in the near future.
Impact on Consumers
The widespread adoption of Butterfly’s portable ultrasound technology could lead to more accessible and affordable healthcare services for consumers. By bringing ultrasound technology to the point of care, healthcare professionals will be able to make more informed decisions in real-time, ultimately improving patient outcomes and reducing the need for costly and time-consuming hospital visits. Furthermore, teleultrasound services could become a more viable option, enabling remote consultations and diagnoses.
Impact on the World
The advancements in portable ultrasound technology could revolutionize the way healthcare is delivered, particularly in developing countries and resource-limited settings where access to traditional ultrasound machines is limited. The affordability and ease of use of Butterfly’s devices could lead to earlier and more accurate diagnoses, improving overall public health and reducing healthcare disparities. In addition, this technology could contribute to the growing trend of telemedicine and remote healthcare services, making healthcare more accessible to a broader population.
Conclusion
Butterfly Network’s impressive financial results and business updates for the fourth quarter and fiscal year 2024 highlight the company’s commitment to transforming care through portable, semiconductor-based ultrasound technology and intuitive software. The widespread adoption of this technology could lead to more accessible and affordable healthcare services for consumers, ultimately improving patient outcomes and reducing healthcare disparities. As Butterfly continues to expand its product offerings and reach into new markets, the impact on both individual consumers and the global healthcare landscape is poised to be significant.
- Butterfly Network reported $37.4 million in revenue for Q4 2024, representing a 219% year-over-year increase
- The company’s full-year revenue for 2024 was $113.6 million, marking a 185% growth from the previous year
- Over 15,000 Butterfly iQ handheld ultrasound devices have been sold as of December 31, 2024
- Butterfly plans to introduce new products and expand into new markets, including cardiology and obstetrics
- The widespread adoption of portable ultrasound technology could lead to more accessible and affordable healthcare services for consumers
- Teleultrasound services could become a more viable option, enabling remote consultations and diagnoses
- The technology could revolutionize healthcare delivery in developing countries and resource-limited settings
- Butterfly’s commitment to transforming care through portable ultrasound technology and intuitive software is poised to have a significant impact on both individual consumers and the global healthcare landscape
