Butterfly Network Reports Quarterly Earnings, Surpassing Estimates

Butterfly Network (NYSE:BFLY) announced its quarterly earnings results on Friday, showcasing a better-than-expected performance. The company recorded earnings per share (EPS) of ($0.08) for the quarter, which exceeded the analysts' consensus estimate of ($0.09) by a margin of $0.01, according to reports.

In terms of revenue, Butterfly Network reported $20.56 million for the quarter, well above the analysts' expectations of $19.12 million. However, the company's financial health revealed challenges, as it faced a negative net margin of 153.29% and a return on equity of -43.77%. Last year, the company reported a wider loss of ($0.13) earnings per share for the same quarter, indicating a slight improvement in performance.

Stock Performance and Market Activity

Following the earnings announcement, Butterfly Network's stock saw a notable increase of 14.0%. Shares traded up to $2.03 during Friday's session, with a total of 7,872,590 shares changing hands, significantly higher than the average volume of 1,881,832. The stock has recently had a 50-day moving average of $1.68 and a 200-day moving average of $1.22. Over the past year, BFLY has traded between a low of $0.67 and a high of $2.20, suggesting notable volatility.

Insider Transactions and Ownership

In other news regarding company operations, Director Larry Robbins made a significant purchase of 244,774 shares of Butterfly Network stock on August 30th at an average price of $1.07 per share, amounting to a total of $261,908.18. Post-purchase, Robbins holds approximately 9,955,144 shares valued at around $10.65 million. Similarly, CEO Joseph Devivo purchased 104,000 shares on August 7th for $0.95 per share, totaling $98,800. These transactions highlight continued insider confidence, as they represent a 0.00% increase in both executives’ respective holdings.

Analyst Ratings

On the research front, Lake Street Capital recently initiated coverage of Butterfly Network, giving it a "buy" rating with an optimistic price target of $3.00. This suggests a favorable outlook from some analysts despite the current challenges the company faces.

Company Overview

Butterfly Network, Inc specializes in the development, manufacture, and commercialization of ultrasound imaging solutions both in the United States and internationally. Their products include the Butterfly iQ, a handheld ultrasound system used for full-body imaging, and the Butterfly iQ+ which integrates clinical workflow and is accessible via mobile and various computer systems. Additionally, they offer the Butterfly iQ+ Vet, designed specifically for veterinary medicine.

This reporting has been generated to convey the latest and most relevant earnings results and stock activity for Butterfly Network (NYSE:BFLY), providing insights into its market performance and future outlook.

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