Why the price jumped today
- The Butterfly Network Inc (NYSE: BFLY) share price rose over 15% during today’s intraday trading. That’s why it happened.
Butterfly Network Inc’s (NYSE: BFLY) share price rose over 15% during today’s intraday trading. Investors are responding positively to the company’s third quarter 2021 results.
Highlights for Q3 2021:
– Reported revenue of $ 14.6 million for the quarter ended September 30, 2021, an increase of 44.3% over the $ 10.1 million for the third quarter of 2020.
– Reported gross margin of minus $ 5.1 million and gross margin of minus 35%. In the third quarter, the adjusted gross margin which excludes a non-recurring loss on purchase commitments was 49.3%.
– Appointment of a new member to the Board of Directors and a Senior Vice President, Regulation and Quality to support Butterfly’s growth strategy.
– Addition of distribution partnerships in the Middle East, India, Pakistan and Chile. The distribution partnership in Pakistan will focus on improving health outcomes for pregnant women.
– Announced an exclusive strategic partnership with Caption Health to enable earlier detection and management of disease with AI-based guidance and diagnostics for improved cardiac assessment.
– Launched Butterfly iQ + Vet, expanded to 19 new veterinary markets and added a large-scale partnership.
Financial guidelines 2021
– Revenues are expected to be around $ 60 million to $ 62 million, or about 30-34% year-over-year growth.
– The gross margin should be around 28% to 30%. The adjusted gross margin should be around 48% to 50%.
– The net loss is expected to be approximately ($ 65) million to ($ 75) million. The loss in Adjusted EBITDA is expected to be approximately $ (125) million to $ (135) million.
“Our journey to make Butterfly an indispensable advanced assessment tool for better clinical decision making is well advanced. As a young public company, we continue to generate substantial year-over-year growth, demonstrate increasing market momentum and are assured by consistent signals from the industry that our strategy is right. As we continue to invest in our foundation, bring innovative new solutions to market, and prove Butterfly’s differentiated clinical and economic value, we anticipate accelerated growth in 2022 and beyond. “
– Dr. Todd Fruchterman, President and CEO of Butterfly
Disclaimer: This content is intended for informational purposes. Before you make an investment, you need to do your own analysis.