BFLY shares were down more than 9% at $5.16 per share by later afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.
The Guilford, Connecticut–based handheld ultrasound technology developer posted losses of $15.2 million, or 8¢ per share, on sales of nearly $19 million for the three months ended Dec. 31, 2021, for a 33% bottom-line gain despite remaining in the red on sales growth of 21.3%.
Butterfly Network’s losses per share of 8¢ came in 18¢ ahead of expectations on Wall Street, where analysts were looking for sales of $17 million.
“We have made significant progress in our first year as a public company,” Butterfly Network President and CEO Dr. Todd Fruchterman said in a news release. “As we invest and grow in 2022, we are innovating to bring valuable clinical insights to every care setting worldwide and advancing our vision to make Butterfly as ubiquitous as the stethoscope.”
Butterfly Network said it expects fiscal 2022 revenues to range between $83 million and $88 million, with net losses expected to fall between $225 million and $245 million. Analysts on average have predicted $81.56 million in revenue this year.