Now a publicly-traded company, Butterfly Network (NYSE:BFLY) reported full-year 2020 results that showed large losses even as sales grew for its whole-body imaging probes.
The Guilford, Conn.-based company posted losses of -$162.7 million or -$27.90 per share, on sales of $46.3 million for the full year ended Dec. 31, 2020, for a 63.2% bottom-line slide despite sales growth of 67.7%.
Results represented Butterfly Network’s first such financial report after completing a merger worth $859 million that saw Longview Acquisition Corp. take the company public. The company develops the Butterfly iQ system, a transducer that uses semiconductor technology to perform whole-body imaging using a single handheld probe.
The platform is powered by Butterfly’s proprietary Ultrasound-on-Chip technology and connects to a mobile device and uses AI to deliver advanced imaging.
“In 2020, Butterfly grew revenues by 68% to $46.3 million as probe sales continued to increase, driven by the further adoption of our technology by healthcare providers,” Butterfly Network president & CEO Dr. Todd Fruchterman said in a news release. “In the fourth quarter, we introduced the next-generation Butterfly probe, the iQ+, and more upgrades to our proprietary, patented technology platform.
“We are excited to see the demand for our comprehensive solution, which helps healthcare providers intercept disease and treat conditions earlier, and we expect will ultimately reduce the total cost of care while improving patient outcomes.”
Butterfly Network did not offer financial guidance for 2021.
BFLY shares were down -4.6% at $17.19 per share after hours upon the release of the earnings report yesterday. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down -0.5%.
Shares of Butterfly are now trading even lower, down -6.5% at 16.94 per share in midday trading today. The MedTech 100 Index is level for the day.