Why did BFLY's earnings trend upward in 2024?

Butterfly Network Inc (BFLY) experienced a significant upward trend in earnings in 2024 due to several key factors:

1. **Revenue Growth**: BFLY's total revenue grew by approximately 35% year-over-year for the fourth quarter ended December 31, 2024. This consistent growth across quarters indicates a strong market demand for their products and services.

|code|Ticker|Name|Date|Total Revenue YoY|Total Revenue|market_code|
|---|---|---|---|---|---|---|
|BFLY|BFLY.N|Butterfly Network|2024 Q1|14.08632721633497|1.7656E7|169|
|BFLY|BFLY.N|Butterfly Network|2024 Q2|16.227619408232812|2.1487E7|169|
|BFLY|BFLY.N|Butterfly Network|2024 Q3|33.331171778743276|2.0561E7|169|
|BFLY|BFLY.N|Butterfly Network|2024 Q4|35.32937757326229|2.2351E7|169|

2. **International Expansion**: The company expanded its market presence internationally, which contributed to its revenue growth. They launched in new markets such as Indonesia, Netherlands, and Belgium, and successfully introduced IQ3 in Europe.
3. **Product and Software Growth**: Product revenue grew by 55% versus Q3 2023, reaching $13.5 million. Software and Other Services Revenue increased by 10% year-over-year, reaching $7 million.
4. **Market Adoption**: The company's innovative products, such as the iQ3, received FDA clearance and were introduced ahead of schedule, contributing to the quarter's performance.
5. **Strategic Initiatives**: BFLY's strategic initiatives, such as the introduction of the Scan Lab AI training app and the formation of a wholly-owned subsidiary, Octave, are paying off and are solidifying the company's position in the ultrasound space.

In summary, BFLY's earnings trend upward in 2024 due to revenue growth, international expansion, product and software growth, market adoption, and strategic initiatives.