Increases in both product and subscription revenue propelled point-of-care ultrasound developer Butterfly Network to a 21.3% increase in revenue in its fourth quarter.
For the period (end-December 31), Butterfly had revenue of $19 million, up from $15.7 million in the fourth quarter of 2020. Product revenue climbed 15.1% to reach $14.5 million, while subscription revenue grew 46.2% to reach $4.6 million. The company had a fourth-quarter net loss of $15.2 million, down from $22.9 million in the same period a year ago.
For 2021, Butterfly had revenue of $62.6 million, up 35.3% from the $46.2 million produced in 2020. The firm had $47.9 million in product revenue, an increase of 24.8% over the previous year. It also had $14.7 million in subscription revenue, up 89.5% compared with 2020. Butterfly had a 2021 net loss of $32.4 million, compared with a net loss of $162.7 million for 2020.
Looking ahead, Butterfly expects 2022 revenue will range between approximately $83 million and $88 million, representing about 33% to 41% annual growth. Net loss is expected to be between approximately $225 million and $245 million.
![Examples of ultrasound findings and techniques. (A) Images in a 39-year-old male patient with a mass in the left thigh. The mass is heterogeneous on the B-mode US image (compared with the patient in D) and showed increased microvascularity (superb microvascular imaging [SMI]) and shear-wave elastography (SWE) values. Undifferentiated pleomorphic sarcoma was diagnosed at biopsy (with pleomorphic rhabdomyosarcoma in surgical specimen). (B) Images in an 18-year-old male patient with a mass in the left leg. The mass is hypoechoic on the B-mode image, with no other findings suggestive of malignancy. The lesion is in contact with the cortex of the tibia, which is slightly irregular. CT revealed a doubtful anteromedial tibial erosion. The microvascular study demonstrated high vascularization, suggestive of malignancy. Periosteal Ewing sarcoma was diagnosed with both histologic and immunohistochemical confirmation. (C) Images in a 69-year-old female patient with a lump growing on the outside of the left leg. Multiple SWE examinations were performed (please note the high values obtained in the measurements, whereas the color map highlights the stiffness relative to adjacent tissues). SMI showed areas of increased vascularization to target for sampling. Undifferentiated spindle cell sarcoma was diagnosed at biopsy, with residual leiomyosarcoma in the surgical specimen after neoadjuvant therapy. (D) Images in a 56-year-old female patient with a mass in the right thigh. The mass is heterogeneous at both B-mode ultrasound (similar to patient A) and MRI (coronal T2-weighted spectral attenuated inversion recovery [SPAIR]; T1-weighted pre-contrast and postcontrast imaging), which even shows uptake after the administration of paramagnetic contrast material, which is traditionally suggestive of malignancy. Low values at SMI and elastography are suggestive of benignity. Spindle cell lipoma was diagnosed at biopsy, with atypical spindle cell lipomatous tumor in the surgical specimen.](https://img.auntminnie.com/mindful/smg/workspaces/default/uploads/2026/08/images-radiol250278fig2.APCFLSvX6p.jpg?auto=format%2Ccompress&dpr=2&fit=crop&h=167&q=70&w=250)
