Butterfly Network Q1 revenue flat at $15.5M; net loss narrows to $33.5M

Butterfly Network, Inc.

2023-Q1 EPS reported -$0.17 revenue$15,476,000

Total revenue $15.5M flat YoY; product revenue down 19.7% to $8.8M, software/services up 45.4% to $6.6M.
Gross margin improved to 58.7% from 53.6% on higher ASP and subscription mix; operating expenses down 23.7% to $44.1M.
Net loss $33.5M vs $44.5M YoY; adjusted EBITDA loss $22.3M vs $39.7M; cash $198M.
Received FDA clearance for AI-enabled Auto B-Line Counter for lung assessment.
Signed multi-year rollout with HQ Med Ed to over 100 rural hospitals; large deployment with largest US medical school.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Butterfly Network, Inc. reported the quarter ended March 31, 2023 results: revenue $15.5 million, net income $33.5 million.

Period: the quarter ended March 31, 2023
Revenue: $15.5 million
Net income: $33.5 million
Result: reported results

Exact text from the filing

First Quarter 2023 Financial Results First quarter total revenue of $15.5 million was flat from $15.6 million in the first quarter of 2022. Our U.S. direct sales channel saw a 15% increase led by software and other services as well as increases in our global health business. These increases were offset by lower eCommerce, International, and Vet. Product revenue decreased 19.7% to $8.8 million from $11.0 million in the first quarter of 2022. Software and other services revenue increased 45.4% to $6.6 million from $4.6 million in the first quarter of 2022. Gross profit for the first quarter was $9.1 million, compared to gross profit of $8.3 million in the first quarter of 2022. Total gross margin for the first quarter was 58.7%, compared to 53.6% in the first quarter of 2022. This increase was primarily due to a higher average selling price, in addition to product mix, reflecting a higher proportion of subscription revenues. Also contributing to the increased margin was higher manufactur

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Source: SEC EDGAR

accession 0001558370-23-009272

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