Butterfly Network posts increase in Q1 revenues, net loss grows

2020 10 07 17 49 8031 Butterfly Network I Q 20201007173521

Point-of-care ultrasound developer Butterfly Network reported a solid start to the year with a 25% increase in first-quarter revenue, although the company's net loss grew markedly compared with a year ago.

The company's first-quarter (end-March 31) revenue increased 25.2% to $15.6 million from $12.4 million in the first quarter of 2021. Product revenue increased 14.8% to $11 million from $9.6 million in the first quarter of 2021, and subscription revenue increased 60.1% to $4.6 million from $2.8 million over last year, the company said.

The company's net loss grew for the period, however. Butterfly reported a net loss of $44.5 million, compared with a net loss of $700,000 in the corresponding quarter of 2021.

Recent highlights for the company include an announcement that Petco Health and Wellness Company and Butterfly will work together to bring Butterfly iQ+ Vet to more than 200 Petco clinical locations across the U.S.

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