Guilford, Connecticut–based Butterfly Network’s shares are trading up more than 18% at $7.48 apiece as of late afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.
The handheld ultrasound technology developer projects revenue between $17.9 million and $18.9 million, representing an increase of approximately 14% to 21% over the same quarter in 2020. Revenue for the full year is expected to range between $61.5 million and $62.5 million, marking an uptick of 33% to 35% over full-year 2020 and falling within or potentially ahead of the company’s guidance of $60 million to $62 million.
Analysts on Wall Street had projected $17 million in fourth-quarter revenues and $60.54 million for the full year, meaning the company, which started trading publicly less than one year ago after a SPAC merger, expects to outperform projections for both the fourth quarter of 2021 and the full year.
“Our team has performed well during the fourth quarter, with revenue exceeding our expectations,” Butterfly Network President & CEO Dr. Todd Fruchterman said in a news release. “Having announced our first enterprise-wide institutional deployment with the University of Rochester Medical Center, we are even more energized about Butterfly’s transformational potential to advance the practice of better medicine everywhere as we begin 2022.”