Shares of Butterfly Network Inc (NYSE: BFLY) surged 10.72% in pre-market trading on Friday, following the company's better-than-expected fourth quarter 2024 earnings and record quarterly revenue.

The medical imaging technology company reported Q4 2024 revenue of $22.4 million, up 35% year-over-year, beating analyst estimates. This was driven by strong product sales growth of 45% and a higher selling price for its next-generation iQ3 ultrasound probe. Butterfly also reduced its Q4 net loss by 59% and net cash used in operations by a significant 76%.

For fiscal 2024, Butterfly delivered 25% topline growth and achieved key milestones across its core ultrasound and AI-powered software businesses. With a successful $81.7 million capital raise in January 2025, the company is well-positioned to invest in growth initiatives while maintaining a path to cash flow independence.

Butterfly provided upbeat 2025 revenue guidance of $96-$100 million, representing approximately 20% growth, backed by accelerating demand for its innovative ultrasound solutions. The strong financial performance and positive outlook signaled continued execution on Butterfly's vision of making advanced medical imaging more accessible globally.