Published on 28 Feb 2024 on GuruFocus.com via Yahoo Finance
Butterfly Network Inc (BFLY) Faces Headwinds Amid Transition: A Dive into Q4 2023 Earnings
Revenue: Total revenue declined to $16.5 million in Q4 2023 from $19.0 million in Q4 2022.Gross Margin: Adjusted gross margin improved to 56.6% from 54.5% year-over-year, despite a gross loss due to inventory write-down.Operating Expenses: Operating expenses decreased by 42% year-over-year to $34.2 million, reflecting cost rationalization efforts.Net Loss: Net loss widened to $44.1 million in Q4 2023 from $33.7 million in Q4 2022.Adjusted EBITDA: Adjusted EBITDA loss improved to $15.7 million from $27.7 million year-over-year.Liquidity: Cash, cash equivalents, and restricted cash totaled $138.7 million as of December 31, 2023.
Warning! GuruFocus has detected 5 Warning Signs with BFLY.
On February 28, 2024, Butterfly Network Inc (NYSE:BFLY) released its 8-K filing, detailing the financial results for the fourth quarter and full year ended December 31, 2023. The company, known for its innovative handheld ultrasound technology, faced a challenging year with a strategic focus on cost savings and product development.