Butterfly Network reports financial results for Q1

By AuntMinnie.com staff writers

May 11, 2023 -- Butterfly Network is reporting financial results for the first quarter of the 2023 fiscal year, which ended March 31.

The company posted total revenue for the quarter of $15.5 million, flat from the previous year's first quarter of $15.6 million. It also reported a gross profit of $9.1 million, compared with the gross profit of $8.3 million in the first quarter of 2022.

Butterfly's net loss for the quarter was $33.5 million, compared to a net loss of $44.5 million in the previous year's first quarter.

Among highlights the company listed for the quarter include receiving clearance from the U.S. Food and Drug Administration for the Auto B-Line Counter, as well as beginning a multiyear contract with High Quality Medical Education, an emergency airway management and point-of-care ultrasound (POCUS) organization based in Minnesota.

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