By Jasmine Li
Shares of Butterfly Network climbed after the company narrowed its third-quarter losses and raised its outlook for the year.
The Burlington, Mass. company's stock rose 10.11% to $1.96 in Friday premarket trading. Shares are up almost 65% this year as of market close on Thursday.
Butterfly Network, which makes AI-powered ultrasound technology, posted a net loss of $16.9 million, compared with $27.4 million in the same quarter a year ago.
On an adjusted basis, the company posted a loss of 5 cents per share, compared with 7 cents per share in the same quarter a year ago. Analysts polled by FactSet had expected a loss of 8 cents per share.
The medical technology company logged revenue of $20.6 million, a 33% increase from $15.4 million a year ago.
Butterfly Network raised its outlook for the year and now expects to generate revenue of $79 million to $81 million. It previously forecasted $75 million to $80 million.
Butterfly Network said it plans to create Octiv, a wholly-owned subsidiary, to bring its proprietary chip to new sectors and increase access to new investors. In the fourth quarter, the company will begin a pilot for virtual chronic care management to improve heart failure outcomes through AI-powered imaging.
Write to Jasmine Li at jasmine.li@wsj.com
(END) Dow Jones Newswires
November 01, 2024 08:19 ET (12:19 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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