This sale was part of a "sell-to-cover" policy to meet tax withholding obligations related to the vesting of restricted stock units. According to InvestingPro data, BFLY maintains strong liquidity with a current ratio of 4.66 and holds more cash than debt on its balance sheet. Get access to 8 more exclusive ProTips and comprehensive analysis with InvestingPro. Following the transaction, Getz retains ownership of 2,669,333 shares in the company. This sale was part of a "sell-to-cover" policy to meet tax withholding obligations related to the vesting of restricted stock units. According to InvestingPro data, BFLY maintains strong liquidity with a current ratio of 4.66 and holds more cash than debt on its balance sheet. Get access to 8 more exclusive ProTips and comprehensive analysis with InvestingPro. Following the transaction, Getz retains ownership of 2,669,333 shares in the company.
In other recent news, Butterfly Network reported a significant increase in its third-quarter revenue for 2024, reaching a record $20.6 million, a 33% year-over-year growth. This financial performance was largely driven by a surge in product sales, particularly the iQ3 probes, and improved average selling prices. The company also updated its revenue guidance for 2024, forecasting a 20% growth.
In addition, Butterfly Network announced the formation of a new subsidiary, Octiv, aimed at commercializing ultrasound technology in new sectors. Furthermore, the company is on track to reach cash flow breakeven by 2027 and aims to achieve $500 million in revenue within five years.
Despite these positive developments, Butterfly Network reported an adjusted EBITDA loss of $8.4 million. However, the company is making strategic steps towards growth, including the Butterfly HomeCare pilot and the formation of the Octiv subsidiary. These recent developments reflect Butterfly Network's commitment to growth and market expansion.
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