Three months after becoming a publicly-traded company, Butterfly Network (NYSE: BFLY) reported growing revenue and narrowing losses in Q1.
The handheld ultrasound system company, however, also projected losses of –$135 million to –$155 million in 2021, just a bit better than the –$162.7 million lost in 2020. Butterfly Network said today that it expects full-year revenue of $76 million to $80 million, representing 64% to 73% growth year-over-year.
Investors reacted by sending BFLY shares down more than –16% to $9.37 apiece by late afternoon trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.
“This year is off to a great start with healthy growth and increased customer excitement about the insights delivered by Butterfly’s unique technology and our potential to advance medical imaging beyond current use cases,” Butterfly CEO Dr. Todd Fruchterman said in a news release,
“During the quarter we made excellent progress expanding our commercial and organizational capabilities, driving partnerships that expand our reach across different care settings and specialties, as well as creating a dedicated team to transform veterinary medicine,” Fruchterman said.
Guilford, Conn.–based Butterfly Network, in fact, has nearly doubled its sales force. The company also recently announced a partnership with Sientra (NSDQ:SIEN) to aid plastic surgeons in breast implant evaluations.
Butterfly Network reported a loss of –$690,000 off $12.4 million in revenue for the quarter ended March 31, versus a loss of –$24.4 million off $8.7 million in revenue in Q1 2020.
The company went public in February through a special purpose acquisition company (SPAC) deal with Longview Acquisition Corp.